Trump defiant as tariffs send world markets into panic

Trump defiant as tariffs send world markets into panic
US President Donald Trump and his son Eric Trump drive in a golf cart after arriving in Marine One on the ninth hole at Trump National Doral Miami on April 03, 2025 in Doral, Florida. (Getty Images via AFP)
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Updated 04 April 2025
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Trump defiant as tariffs send world markets into panic

Trump defiant as tariffs send world markets into panic
  • Trump dismissed the turmoil, insisting, “It’s going to be a booming economy. It’s going to be amazing”
  • “Let Donald Trump run the global economy. He knows what he’s doing,” says commerce chief amid howls of protest even from some Republicans

WASHINGTON: Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump’s trade war, while the White House insisted the US economy will emerge victorious.
The S&P 500 dropped 4.8 percent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 percent and the Dow Jones 4.0 percent.
Shock waves also tore through markets in Asia and Europe in the wake of Trump’s Wednesday announcement, while foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.
Trump slapped 10 percent import duties on all nations and far higher levies on imports from dozens of specific countries — including top trade partners China and the European Union.
Separate tariffs of 25 percent on all foreign-made cars also went into effect and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
Trump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resorts, that stocks will “boom.”

 

 

The 78-year-old president says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
“It’s what is expected,” he said of the market reaction. “The patient was very sick. The economy had a lot of problems.”
“It went through an operation. It’s going to be a booming economy. It’s going to be amazing.”

Trump ‘knows what he’s doing’

Amid howls of protest abroad and from even some of Trump’s Republicans, Commerce Secretary Howard Lutnick urged patience.
“Let Donald Trump run the global economy. He knows what he’s doing,” he said on CNN. “You’ve got to trust Donald Trump in the White House.”




Commerce Secretary Howard Lutnick leaves after doing a television interview outside the White House on April 2, 2025, in Washington. (AP) 

But China demanded that the tariffs be immediately canceled and vowed countermeasures, while France and Germany warned that the EU could hit back at US tech firms.
French President Emmanuel Macron called for suspending investment in the United States until what he called the “brutal” new tariffs had been “clarified.”
The 27-nation EU and other countries also sought to negotiate as they refrained from immediate retaliation.
Italy’s Prime Minister Giorgia Meloni called for “frank discussion on the substance with the Americans.”
Beijing said it was “maintaining communication” with Washington over trade issues, and EU trade chief Maros Sefcovic planned to speak with US counterparts on Friday.
However, Brazil’s president vowed to take “all appropriate measures.”
Gold — a safe-haven investment — hit a new record price, oil fell and the dollar slumped against other major currencies.
The head of the World Trade Organization, which helps manage global trading, warned the upheaval may lead to contraction of “one percent in global merchandise trade volumes this year.”

 

 

’You can’t fight the US’

Trump is brushing off warnings about triggering a global economic slowdown and politically damaging price rises at home.
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as “bad policy.”
“Preserving the long-term prosperity of American industry and workers requires working with our allies, not against them,” he said.
It remains unclear to what extent Trump is using the tariffs shock to engage in negotiations on trade deals — or whether he really intends to try to force all competitors to play by US rules.
He said he would negotiate “as long as they are giving something that is good.”
But earlier, White House spokeswoman Karoline Leavitt told CNN that the president made it clear that “this is not a negotiation.”
And Lutnick also struck a hard line, saying, “You can’t really fight with the United States.”
“You’re going to lose. We are the sumo wrestler of this world.”

Trump reserved some of the heaviest blows for what he called “nations that treat us badly.”
That included an additional 34 percent on goods from China — bringing the new added tariff rate there to 54 percent.
The figure for the European Union was 20 percent, and 24 percent on Japan.
For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including on another key ally, Britain, which will come into effect on Saturday while the higher duties will kick in on April 9.
 


Beijing bites back at US tariffs by curbing Hollywood film imports

Beijing bites back at US tariffs by curbing Hollywood film imports
Updated 58 min 25 sec ago
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Beijing bites back at US tariffs by curbing Hollywood film imports

Beijing bites back at US tariffs by curbing Hollywood film imports
  • Hollywood’s share in China’s box office drops to 5 percent
  • Domestic films dominate China’s box office, accounting for 80 percent of revenue

BEIJING: China said on Thursday it would immediately restrict imports of Hollywood films in retaliation for President Donald Trump’s escalation of US tariffs on imported Chinese goods, targeting one of the most high-profile American exports.
Industry analysts said the financial impact was likely to be minimal, however, because Hollywood’s box office returns in China have declined significantly in recent years.
After three decades during which China imported 10 Hollywood movies per year, Beijing’s National Film Administration said Trump’s tariff actions would further sour domestic demand for US cinema in China.
“We will follow market rules, respect the audience’s choices, and moderately reduce the number of American films imported,” the NFA said on its website.
Hollywood studios once looked to China, the world’s second-largest film market, to help boost box office performance of movies. But domestic movies increasingly have outperformed Hollywood’s fare in China, with “Ne Zha 2” this year eclipsing Pixar’s “Inside Out 2” to become the highest-grossing animated film of all time.
Chris Fenton, author of “Feeding the Dragon: Inside the Trillion Dollar Dilemma Facing Hollywood, the NBA, and American Business,” said limiting US-made films was a “super high-profile way to make a statement of retaliation with almost zero downside for China.”
Hollywood films account for only 5 percent of overall box office receipts in China’s market. And Hollywood studios receive only 25 percent of ticket sales in China, compared with double that in other markets, Fenton said.
“Such a high-profile punishment of Hollywood is an all-win motion of strength by Beijing that will surely be noticed by Washington,” Fenton added.
Trump did not jump to Hollywood’s defense. “I think I’ve heard of worse things,” the president said when asked about China’s restrictions.
Many Hollywood celebrities supported Trump’s Democratic opponent in last year’s election.
One entertainment industry source predicted that big Hollywood blockbusters, which continue to attract moviegoers in China, may still reach the big screen. Walt Disney’s Marvel superhero movie “Thunderbolts,” which kicks off the summer blockbuster season, recently received permission to debut in China on April 30.
It was not clear if China would approve the entry of other major releases this summer, such as Paramount’s “Mission Impossible — The Final Reckoning,” which may mark Tom Cruise’s last appearance in the long-running franchise, Warner Bros’ new “Superman” movie from “Guardians of the Galaxy” filmmaker James Gunn, and Marvel’s new take on “The Fantastic Four.

On China’s all-time box office list, only one imported film ranks in the top 20 — “Avengers: Endgame,” with revenue of 4.25 billion yuan ($579.83 million). (Social Media)

Limited impact
IMAX said it expects the slate for its large-format screens, which includes Hollywood, Chinese and international films, would not be materially impacted by the restrictions.
“We continue to expect a strong year for IMAX in China, coming off our highest-grossing first quarter ever in the country,” an IMAX spokesperson said in a statement to Reuters.
Seth Shafer, principal analyst at S&P Global Market Intelligence Kagan, predicted the restrictions would have limited impact.
“Only roughly 25 percent of domestic wide-release films are now released in China and that percentage has dropped steadily over time due to increasing competition from China’s local film production industry,” Shafer said. “For domestic films that do get a release in China, typically less than 10 percent of the film’s global gross box office revenue comes from China.”
“Captain America: Brave New World,” a Marvel film released in February, took in $14.4 million in China out of its $413 million in global receipts.
In the past, imports including “Titanic” and “Avatar” became box office smashes in the Chinese market, making actors such as Leonardo DiCaprio and directors such as James Cameron household names among Chinese film lovers across generations.
Since 2020, Chinese-made films have consistently accounted for around 80 percent of annual box office revenue, up from around 60 percent previously.
On China’s all-time box office list, only one imported film ranks in the top 20 — “Avengers: Endgame,” with revenue of 4.25 billion yuan ($579.83 million). The remaining films in the top 20 are all domestic productions.


Helicopter crashes into New York’s Hudson River, all six aboard killed

Helicopter crashes into New York’s Hudson River, all six aboard killed
Updated 11 April 2025
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Helicopter crashes into New York’s Hudson River, all six aboard killed

Helicopter crashes into New York’s Hudson River, all six aboard killed

A tourist helicopter crashed into New York City’s Hudson River on Thursday, killing all six aboard including three children, New York Mayor Eric Adams said.
The victims, the pilot and five passengers, were believe to include a family from Spain, Adams told a press conference.
The New York Helicopters tour aircraft departed at 2:59 p.m. and later lost control, hitting the water upside down near Lower Manhattan at around 3:15 p.m. and becoming submerged in the river, officials said.
The pilot, another two adults and three children were on board, an official told reporters.
New York City Police divers and FDNY divers helped remove the victims from the water. Four were pronounced dead at the scene, while two others were taken to area hospitals where they succumbed to their injuries. The helicopter hit the water inverted, officials said.
The Federal Aviation Administration said the helicopter was a Bell 206. The FAA and the National Transportation Safety Board will investigate, with the NTSB leading the investigation.
A New York City Police spokesperson said that police boats had assisted in the rescue efforts on the Hudson.
News video of the crash site showed several emergency and police boats circling around a patch of river where the helicopter was submerged.
The accident took place in the river off the Tribeca neighborhood. New York police said residents should expect emergency vehicles and traffic delays in the surrounding areas. 


US national intelligence head says MLK and RFK assassination records will soon be public

US national intelligence head says MLK and RFK assassination records will soon be public
Updated 11 April 2025
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US national intelligence head says MLK and RFK assassination records will soon be public

US national intelligence head says MLK and RFK assassination records will soon be public

WASHINGTON: Documents related to the 1968 assassinations of civil rights icon Martin Luther King Jr. and Sen. Robert F. Kennedy will soon be made public as more than 100 people have been working “around the clock” to scan them, US Director of National Intelligence Tulsi Gabbard said during a Cabinet meeting Thursday.
The documents had been in boxes in storage for decades, Gabbard said.
“I’ve had over 100 people working around the clock to scan the paper around Sen. Robert F Kennedy’s assassination, as well as Martin Luther King Jr.’s assassination ... They have never been scanned or seen before,” she said. “We’ll have those ready to release here within the next few days.”
When Kennedy’s son, Health Secretary Robert F. Kennedy Jr., who also was at the meeting, was asked by President Donald Trump about the impending release of the documents, he said, “I’m very grateful to you Mr. President.”
Trump asked Gabbard if the health secretary had any concerns about releasing the documents.
“His response is, ‘Put it out. The world needs to know the truth,’” Gabbard said.
Searches were also being done of storage lockers at the FBI, CIA and other agencies to see if other documents can be found, Gabbard said.
“We want to get it all out,” Trump said.
The Office of the Director of National Intelligence did not immediately respond to questions seeking information about the effort to identify records about the MLK or RFK assassinations.
Trump had signed an executive order in January after taking office calling for the release of governmental documents related to the assassinations.
King and Robert F. Kennedy were assassinated within two months of each other in 1968.
King was outside a motel in Memphis, Tennessee, on April 4, 1968, when shots rang out. The civil rights leader, who had been in town to support striking sanitation workers, was set to lead marches and other nonviolent protests there.
James Earl Ray pleaded guilty to assassinating King. He later though renounced that plea and maintained his innocence up until his death.
Robert F. Kennedy, then a New York senator, was fatally shot on June 5, 1968, at the Ambassador Hotel in Los Angeles moments after giving his victory speech for winning California’s Democratic presidential primary. His assassin, Sirhan Sirhan, was convicted of first-degree murder and is serving life in prison.
Earlier this week Gabbard announced the creation of a task force that will consider whether the government should declassify material about several other issues of public interest, including the origins of COVID-19, federal efforts to influence online speech and investigations into mysterious health symptoms reported by some US diplomats and government employees that were once dubbed ” Havana syndrome.” Gabbard’s office did not specify how the task force would be appointed or when it expects to submit its recommendations.


China, North Korea and Russia military cooperation raises threats in the Pacific, US official warns

China, North Korea and Russia military cooperation raises threats in the Pacific, US official warns
Updated 11 April 2025
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China, North Korea and Russia military cooperation raises threats in the Pacific, US official warns

China, North Korea and Russia military cooperation raises threats in the Pacific, US official warns
  • China is providing extensive assistance to Russia to help Moscow “rebuild its war machine”, US Indo-Pacific Command chief tells Senate military committee
  • Senator likewise warned that Trump's plan to shrink US troop presence in Korea and Japan will sow “seeds of doubt” about America’s stability and trustworthiness

WASHINGTON: The top US commander in the Pacific warned senators Thursday that the military support China and North Korea are giving Russia in its war on Ukraine is creating a security risk in his region as Moscow provides critical military assistance to both in return.
Admiral Samuel Paparo, head of US Indo-Pacific Command, told the Senate Armed Services Committee that China has provided 70 percent of the machine tools and 90 percent of the legacy chips to Russia to help Moscow “rebuild its war machine.”
In exchange, he said, China is potentially getting help in technologies to make its submarines move more quietly, along with other assistance.
Senators pressed Paparo and Gen. Xavier Brunson, commander of US Forces Korea, on China’s advances in the region, including threats to Taiwan. And they also questioned both on the US military presence in South Korea, and whether it should be shielded from personnel cuts..
Both said the current US force there and across the Indo-Pacific is critical for both diplomacy in the region and America’s national security, as ties between Russia and China grow. The US has 28,500 forces in South Korea.
Paparo said North Korea is sending “thousands, maybe hundreds of thousands of artillery shells” and hundreds of short-range missiles to Russia. The expectation, he said, is that Pyongyang will get air defense and surface-to-air missile support.
“It’s a transactional symbiosis where each state fulfills the other state’s weakness to mutual benefit of each state,” Paparo said.
In his opening comments, Sen. Roger Wicker of Mississippi, the Republican committee chairman, said the greater alignment of Russia, China and North Korea “should be of great concern to all in the West. This concern should then lead to action. If we are to maintain global peace and stability, we must continue taking steps now to rebuild our military and reestablish deterrence.”
Brunson said North Korea has shown the ability to send munitions and troops to Russia while advancing development of its own military capabilities, including hypersonics. Pyongyang, he said, “boasts a Russian-equipped, augmented, modernized military force of over 1.3 million personnel.”
North Korea’s efforts to develop advanced nuclear weapons and ballistic missiles ”pose a direct threat to our homeland and our allies,” Paparo added.
North Korea also has sent thousands of soldiers to fight with the Russians against Ukraine. And Ukrainian President Volodymyr Zelensky said Wednesday that Russia is actively recruiting Chinese citizens to fight alongside its forces in the Ukraine war. He said more than 150 such mercenaries are already active in the battle with Beijing’s knowledge.
China has called the accusation “irresponsible.”
In other comments, Sen. Jack Reed of Rhode Island, the ranking Democrat on the panel, said observers fear that President Donald Trump will “shrink the US troop presence in Korea and Japan, reduce our military exercises with both nations, and scale back plans for our Joint Force Headquarters in Japan.” Any such actions, he said, will sow “seeds of doubt” about America’s stability and trustworthiness.
He also questioned whether recent moves by the Pentagon to shift an aircraft carrier and Patriot missile battalion from the Pacific region to the Middle East have hurt military readiness in the Indo-Pacific command.
Paparo said he owes the defense chief and the president “constant vigilance” on that matter, including a persistent awareness on whether those forces could get back to the Pacific if there is suddenly a “higher priority threat” in his region.


Russia strikes kill at least two in Ukraine

Russia strikes kill at least two in Ukraine
Updated 11 April 2025
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Russia strikes kill at least two in Ukraine

Russia strikes kill at least two in Ukraine
  • Ukrainian officials said a Russian drone strike on a residential building in the city of Zhytomyr — west of Kyiv — killed one person, while a Russian missile attack on the central city of Dnipro killed another

KYIV: Russian strikes killed at least two people in Ukraine on Thursday and wounded over two dozen, Kyiv said, as Moscow claimed to have captured another village in the northwestern Sumy region.
Ukrainian officials said a Russian drone strike on a residential building in the city of Zhytomyr — west of Kyiv — killed one person, while a Russian missile attack on the central city of Dnipro killed another.
The attacks came despite the US pushing for an end of the conflict and holding separate talks with both Moscow and Kyiv — and as US President Donald Trump this week said he was unhappy with Russia for “bombing like crazy.”
Ukrainian President Volodymyr Zelensky said Russia had attacked Dnipro with a ballistic missile after a day of attacking several regions, saying it showed Russia “ignores diplomacy.”
Zelensky said in his evening address rescuers were still working at the site in Dnipro and that: “Unfortunately, one person was killed.”
The regional governor of the Dnipropetrovsk region Sergiy Lysak said the victim was a 42 year-old man and that eight people were also wounded in the attack.
Lysak also said shelling that lasted “all day” on the district of Nikopol, wounding 13 people. He published photographs of houses on fire.
Later on Thursday, the governor of the Zhytomyr region Vitaliy Bunechko said a drone strike on a “high rise building” killed one person.
“Five people are known to be wounded, including a child born in 2011,” Bunechko said, publishing a video of a residential building with a blackened wall and damaged balcony.
Zhytomyr lies some 140 kilometers (86 miles) west of Kyiv.
The attacks on Dnipro, Nikopol and Zhytomyr came after one dozen people were wounded in overnight Russian attacks on Kyiv and the southern Black Sea region of Mykolaiv.
AFP journalists in the capital heard air raid sirens and explosions ring out over the city during the attack.
“And all of this is happening almost a month after the United States proposed a complete ceasefire,” he said, adding that Russia “ignores diplomacy” and calling for a “tactic of pressure” on Moscow.
Kyiv air force said Thursday that Moscow launched 145 Iranian-made Shahed drones on Ukraine overnight, and that 85 of them were shot down by air defense.
Moscow said Kyiv had launched 42 drones into Russia at night, mostly on its border regions, but also on some regions near Moscow.
Russia also said it had captured another village in the northeastern Ukrainian region of Sumy, where Moscow is advancing since pushing Ukrainian troops out of most of its western Kursk region.
In a statement on social media, Russia’s defense ministry said its troops had “liberated” the village of Zhuravka, just over the Ukrainian border.
The claimed Russian advances in Sumy point to the broader difficulties of the Ukrainian army that has steadily lost ground in Russia’s Kursk region after launching their surprise incursion last August.
Zelensky said Thursday that the Sumy region is “subject to constant attacks by guided aerial bombs.”
Ukraine’s most senior military official Oleksandr Syrsky warned earlier this week that Russian forces had launched an offensive in Sumy and the neighboring region of Kharkiv.
Moscow and Kyiv have stepped up their aerial attacks despite recent attempts by the United States to bring both sides to talks to secure a halt to more than three years of fighting.