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Thursday, Apr 03rd

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‘Nowhere on earth is safe’: Trump imposes tariffs on uninhabited islands near Antarctica

Uninhabited islands hit with tariffs

A group of barren, uninhabited volcanic islands near Antarctica, covered in glaciers and home to penguins, have been swept up in Donald Trump’s trade war, as the US president hit them with a 10% tariff on goods.

Heard Island and McDonald Islands, which form an external territory of Australia, are among the remotest places on earth, accessible only via a two-week boat voyage from Perth on Australia’s west coast. They are completely uninhabited, with the last visit from people believed to be nearly 10 years ago.

Nevertheless, Heard and McDonald Islands featured in a list released by the White House of countries that would have new trade tariffs imposed.

The Australian prime minister, Anthony Albanese, said on Thursday: “Nowhere on earth is safe.”

TVNL Comment: A freaking moron is in charge of the global economy.

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Asian markets plunge as world reels from Trump tariff announcement

Asian markets plunge

Gold has reached a record high while the yen has strengthened against the dollar and stock markets have slumped after Donald’s Trump’s unexpectedly aggressive tariff announcement. Here’s the latest on the markets courtesy of Reuters:

The high-flying tech sector was pummelled as manufacturing hubs in China and Taiwan faced new tariffs above 30%, bringing the total new levy to an eye-watering 54% on imports from China.

“The US effective tariff rate on all imports look to be the highest level in over a century,” said Citi’s global rates trading strategist, Ben Wiltshire.

Nasdaq futures tumbled 4% and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7%.

S&P 500 futures fell 3.3%, FTSE futures fell 1.8%, while European futures fell nearly 2%.

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Donald Trump announces new 25% tariffs on cars from overseas

25% tariffDonald Trump announced plans to impose sweeping 25% tariffs on cars from overseas on Wednesday, days before the US president is expected to announce wide-ranging levies on other goods from around the world.

“What we’re going to be doing is a 25% tariff for all cars that are not made in the United States,” Trump said in the Oval Office. “We start off with a 2.5% base, which is what we’re at, and go to 25%.”

The announcement drew swift condemnation from the European Union and from the Canadian prime minister, Mark Carney, who called it a “direct attack” on Canadian workers. “We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together,” Carney said.

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Fear and resignation after ‘world’s most powerful company’ pays Trump a $100 billion ‘protection fee’

Chip company pays protecction money to Trump

It was a surprise ceremony at the White House presided over by President Donald Trump to unveil a $100 billion investment from what he called the world’s most powerful company, Taiwan Semiconductor Manufacturing Company (TSMC).

But nearly 8,000 miles away, the mood was far from celebratory. Instead, the shock announcement last week has reignited fears in Taiwan about losing its crown jewel, its world-beating semiconductor industry, to the US due to political pressure.

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S&P 500 falls more than 10% below recent high as markets rattled by Trump

stock market loses 10 percent

The S&P 500, a key US stock market index, closed in correction territory on Thursday as the volatility of Donald Trump’s trade wars rattled investors.

The index closed more than 10% down from its 19 February peak as Wall Street approaches the end of a second week of pressure.

The technology-focused Nasdaq Composite also closed in correction last Thursday, while the Dow is over 9% down from its peak in December.

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Canada And The EU Swiftly Retaliate Against Trump's Steel And Aluminum Tariffs

steel and aluminum tariffsMajor trade partners swiftly hit back at President Donald Trump’s increased tariffs on aluminum and steel imports, imposing stiff new taxes on U.S products from textiles and water heaters to beef and bourbon.

Canada, the largest supplier of steel and aluminum to the U.S., said Wednesday it will place 25% reciprocal tariffs on steel products and also raise taxes on a host of items: tools, computers and servers, display monitors, sports equipment, and cast-iron products.

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‘Hit them where it hurts’: Americans boycott corporations to protest anti-DEI policies

Hit 'em where it hurts

On Friday, Americans across the country are participating in an economic boycott for 24 hours.

Organized by the People’s Union USA, a nonpartisan, grassroots organization, the boycott quickly picked up steam across social media, with thousands of users sharing posts with related hashtags. Participants are asked not to spend any money, and if they need to, it is recommended that they shop at a local, small business and pay in cash.

“February 28 is a symbolic start to economic resistance, a day where we show corporations and politicians that we control the economy,” reads the organization’s website. “The date itself is not tied to any historical event, it is the beginning of something bigger.”

Spurred by anger about companies rolling back their diversity, equity and inclusion (DEI) efforts, in response to large-scale government cuts by Donald Trump and Elon Musk’s so-called “department of government efficiency” (Doge), some consumers are attempting to show their discontent with their wallets.

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