Trump tariffs draw global promises of | Australian Markets

WHAT GOVERNMENTS WILL OR WON’T DO IN RESPONSE TO US TARIFFS

EUROPEAN UNION

European Commission President Ursula von der Leyen stated the EU is finalising a bundle of measures in response to US tariffs on metal and is “now preparing for further countermeasures to protect our interests and our businesses if negotiations fail”. Trump focused the EU with a 20 per cent reciprocal tariff.

CHINA

China’s commerce ministry stated Beijing “firmly opposes” the reciprocal tariffs and “will take countermeasures to safeguard its own rights and interests,” after Trump imposed a 34 per cent reciprocal tariff on the nation.

JAPAN

Japanese Trade Minister Yoji Muto known as the reciprocal tariffs “extremely regrettable” and stated Tokyo would urge the US to exempt Japan from tariff measures. Japan would contemplate its response, he stated, in a “bold and speedy manner”. Japan faces a 24 per cent reciprocal tariff.

SOUTH KOREA

Acting President Han Duck-soo ordered emergency help measures for affected companies, together with vehicles, the industry ministry stated, after Trump’s tariff announcement included a 25 per cent charge on South Korea.

SINGAPORE

Trade minister and deputy prime minister Gan Kim Yong stated the nation wouldn’t impose countermeasures towards 10 per cent baseline tariffs, regardless of such recourse being accessible underneath the US-Singapore Free Trade Agreement. “We have decided not to do so because imposing retaliatory import duties will just add cost to our imports from the US”.

CANADA

Prime Minister Mark Carney stated Canada was “going to fight these tariffs with countermeasures” and would “act with purpose and with force”. Goods from Canada and Mexico will not be subject to the latest tariffs as a result of Trump’s prior 25 per cent fentanyl-related duties stay in place on their items, together with 10 per cent for Canadian power and potash. A tariff exemption for items compliant with the US-Mexico-Canada Agreement on trade will proceed indefinitely.

MEXICO

President Claudia Sheinbaum stated on Wednesday that Mexico wouldn’t pursue a “tit-for-tat on tariffs” however would relatively announce a “comprehensive program” on Thursday.

UNITED KINGDOM

Prime minister Keir Starmer stated the UK would proceed to work on a trade deal with the US and that a trade warfare was “not in our national interest”. However, he stated he would strike a deal provided that it was the precise one and “nothing is off the table” for the UK’s response. The UK, dealing with the bottom levy charge on imports of 10 per cent, later revealed an indicative record of items that would probably be included in any retaliatory tariff response.

BRAZIL

The authorities of Latin America’s largest economic system Brazil, which Trump slapped with a 10 per cent tariff, stated it was “evaluating all possible actions to ensure reciprocity in bilateral trade, including resorting to the World Trade Organisation.” Earlier within the day, Brazil’s Congress authorised a invoice that establishes a legal framework for Brazil to reply to potential unilateral trade measures concentrating on its items and companies, together with countermeasures similar to tariffs.

ISRAEL

Israeli Finance Minister Bezalel Smotrich stated he was convening ministry officers to formulate a course of motion to guard Israel’s economic system from impending 17 per cent tariffs.