Trump Tariffs Roil Markets, Treasury's Bessent Issues Warning on Retaliation
Bloomberg Daybreak: Asia Edition
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Show Notes
President Donald Trump imposed the steepest American tariffs in a century, stepping up his campaign to reshape the global economy and unnerving investors who see a trade war as a risk to US growth. Trump announced Wednesday he will apply at least a 10% tariff on all exporters to the US, with even higher duties on some 60 nations to counter large trade imbalances with the US. That includes some of the country’s biggest trading partners, such as China — which now faces a tariff of well above 50% on many goods — as well as the European Union, Japan and Vietnam. We get reaction from Bloomberg's Shawn Donnan, Senior Economics Writer for Bloomberg News in Washington.
Treasury Secretary Scott Bessent is urging US trading partners against taking retaliatory steps against Trump’s new set of tariffs. He spoke with Bloomberg's Annmarie Hordern following the tariff announcement.
Plus - China vowed to retaliate after being hit with Donald Trump’s biggest tariffs yet, which threaten to decimate trade between the world’s largest economies. The Chinese Ministry of Commerce condemned the US levies and pledged to hit back with unspecified measures in a statement Thursday, adding that the sweeping tariffs threatened the stability of global supply chains. We speak with Jenni Marsh, China EcoGov Team Leader for Bloomberg News.
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