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Thursday, Apr 03rd

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White House defends not including Russia, North Korea on tariffs

trumpThe White House on Thursday defended its decision to not include Russia, North Korea, Cuba or Belarus in the latest round of tariffs, which targeted dozens of global trading partners that were labeled the “worst offenders” when it came to trade barriers.

A White House official told The Hill in a statement that the four nations “are not subject to the Reciprocal Tariff Executive Order because they are already facing extremely high tariffs, and our previously imposed sanctions preclude any meaningful trade with these countries.”

The official added that Trump has “recently threatened to impose strong sanctions on Russia” to further explain leaving out Moscow.

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Dow sheds 1,700 points. S&P 500 and Nasdaq have worst day since 2020 on tariff worries

Stock MarketU.S. stock losses closed sharply lower, with the blue-chip Dow losing nearly 1,700 points and the broad S&P 500 tumbling about 275 points, after President Donald Trump unveiled his tariff plan late Wednesday.

Trump announced sweeping tariffs of at least 10% on all countries, effective April 5, and even higher levies for some countries to start soon. Some of China's neighbors and biggest trading partners such as Bangladesh, Vietnam, Laos and Cambodia were slapped with the highest tariffs. Some multinational companies have moved their supply chains to these countries as they looked to diversify away from China.

Shares of companies like Walmart, Target, Five Below, Gap, Dollar Tree and Amazon that import a bulk of their goods from Asia dropped.

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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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