Economy

Trump tariffs live: Jaguar Land Rover pauses shipments to US as 10% tariff kicks in for UK

Donald Trump: ‘This is an economic revolution…hang tough’

President Donald Trump has said that the US needs to “hang tough” in light of his announcement to impose large tariffs on imports into America.

Posting on Truth Social on Saturday, Mr Trump admitted “it won’t be easy, but the end result will be historic”.

The full post said: “China has been hit much harder than the USA, not even close. They, and many other nations, have treated us unsustainably badly. We have been the dumb and helpless ‘whipping post’, but not any longer.

“We are bringing back jobs and businesses like never before. Already, more than five trillion dollars of investment, and rising fast. This is an economic revolution, and we will win. Hang tough, it won’t be easy, but the end result will be historic.

“We will make America great again.”

(AP)

Holly Bancroft5 April 2025 13:58

Breaking: Jaguar Land Rover confirms pause on US shipments

Jaguar Land Rover (JLR) has said it will “pause” shipments to the US as it works to “address the new trading terms” of president Donald Trump’s tariffs.

In a statement on Saturday, a JLR spokesperson said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid to longer-term plans.”

Holly Bancroft5 April 2025 13:53

Watch: Fox News puts new spin on markets slumping amid Trump tariffs

Fox News puts new spin on markets slumping amid Trump tariffs

Rebecca Whittaker5 April 2025 13:45

Why Bibles could soon get more expensive thanks to Trump’s policy

The CEO of HarperCollins Christian Publishing, which describes itself as the U.S.’s largest commercial Bible and Christian book publisher, told The Wall Street Journal that it had been “all hands on deck,” after the president announced the tariffs on Wednesday.

Bibles are typically printed on thin paper stock and with presses that are largely located outside the U.S., according to The Journal.

Read more by Mike Bedigan here:

Rebecca Whittaker5 April 2025 13:30

Cheese, wine and whiskey: How your shopping basket could be affected by Trump’s tariffs

But that in turn means that many might opt out of paying higher prices, while businesses in America might cancel orders coming in from overseas to avoid paying those extra costs. That might mean raising prices elsewhere to reduce their losses.

Cheese, wine, whiskey, beer and fish could soar in price as a result.

Read more from Karl Matchett here:

Becky Whittaker5 April 2025 13:15

China AI videos mock tariffs

China’s state-run media has taken to the internet with AI-generated videos, featuring dancing robots and fraught consumers, to scold US President Donald Trump and tariffs they say threaten high inflation and economic distress for Americans.

“‘Liberation Day’, you promised us the stars. But tariffs killed our cheap Chinese cars,” an automated female voice sings in a video on the website of China’s CGTN, a state-run English-language broadcaster, over a shot of a woman at a kitchen table staring at an empty fork.

The short clip, referring to Trump’s use of “Liberation Day” for the day of his tariff announcement, was captioned with a warning: “Track is AI-generated. The debt crisis? 100 percent human-made.”

Another video posted on X by the state-run news agency Xinhua, also generated by artificial intelligence, shows a robot named TARIFF that chooses to self-destruct rather than follow its creator’s orders for high tariffs that bring “trade wars and unrest”.

China has sharply criticised the U.S. tariffs, which have triggered the biggest stock market rout since the pandemic, and retaliated on Friday with import duties and export curbs of its own.

Economists say consumers are likely to see higher prices due to the trade war and that the US economy could enter a downturn.

However, the CGTN video, which displays lyrics in English and Chinese over images of car factories and humanoid robots dancing in burned-out streets, makes a more dire assessment.

“You taxed each truck, you taxed each tire. Midwest burnin’ in your dumpster fire,” the automated voice sings.

Rebecca Whittaker5 April 2025 13:15

How could Donald Trump’s tariffs affect UK households?

Rebecca Whittaker5 April 2025 13:00

Why did Russia escape Trump’s tariffs?

Almost no countries were spared from President Donald Trump’s sweeping tariffs; even small, uninhabited islands in the Indian Ocean were included in the exhaustive list. But one country was notably missing: Russia.

One of the United States’ largest adversaries was omitted from the list of countries slapped with even the 10 percent baseline tariff – a move that raised some eyebrows given Trump’s previously friendly relationship with Russian President Vladimir Putin.

Treasury Secretary Scott Bessent told Fox News on Wednesday that Russia was exempt because the U.S. doesn’t trade with them under heavy sanctions placed on the country after it invaded Ukraine in 2022.

Read more from Ariana Baio here:

Holly Bancroft5 April 2025 12:52

Turkey in good position after 10% tariff, vice president says

The relatively low 10 per cent baseline tariff that the US has applied to Turkey could favour Turkish exporters, Turkey’s vice president told broadcast media on Saturday.

Along with the baseline tariff that took effect on Saturday, U.S. President Donald Trump has announced higher levies on goods from 57 larger partners including China, European Union, Vietnam and Japan that are due to start next week.

The decision not to impose such levies on Turkey “seems to be to our advantage as of now, for access to the American market”, Vice President Cevdet Yilmaz told CNN Turk.

“There were already tariffs on iron, steel and aluminium (exports from Turkey to the U.S.). When (the U.S.) imposed similar tariffs on the others, there was an equalisation there, it was in our favour,” he added.

Mr Yilmaz said that as an importer, Turkey would also benefit from a drop in international commodity prices, including oil, following Mr Trump’s announcement.

Holly Bancroft5 April 2025 12:46

US should ‘stop using tariffs as weapon against China’, foreign ministry says

China has taken and will continue to take resolute measures to safeguard its sovereignty, security and development interests, the Chinese foreign ministry has said.

The US should “stop using tariffs as a weapon to suppress China’s economy and trade, and stop undermining the legitimate development rights of the Chinese people,” the ministry said.

Trump introduced additional 34 per cent tariffs on Chinese goods as part of steep levies imposed on most US trade partners, bringing the total duties on China this year to 54 per cent.

This prompted retaliation from China on Friday, including extra levies of 34 per cent on all US goods and export curbs on some rare earths, escalating the trade war between the world’s two largest economies.

Holly Bancroft5 April 2025 12:21

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