Trump’s worldwide baseline 10% tariff kicks in as stock markets plummet & top bank warns of global recession
US President Trump's worldwide baseline 10 per cent tariff has kicked in as stock markets continue to tumble and a top bank warns of a global recession.
It comes after the Republican unleashed a searing warning and hits back at China for imposing revenge tariffs as he continues to wage war over the future of TikTok.
The initial 10 per cent baseline tariff took effect at US seaports, airports and customs warehouses at 12:01am ET, ushering in Trump's full rejection of the post-World War 2 system of mutually agreed tariff rates.
Higher tariffs against what the president dubbed the "worst offenders" like the EU with a 20 per cent rate and 24 per cent for China, are set to come into effect on 9 April.
Meanwhile a 25 per cent tariff imposed on all foreign cars imported into America began on Thursday.
Trump's sweeping tariffs wiped off $5 trillion from Wall Street and, despite the president insisting all is going well, a leading bank has warned there is a 60 per cent chance of a global recession.
Wall Street giant JP Morgan made the chilling warning: "There will be blood."
It comes after the president cried, "Only the weak will fail," while stocks nosedive and world leaders reel from the tariffs.
Trump has been outspoken since Chinese President Xi Jinping's decided to implement an additional 34% tariff on all American goods sold in China.
In a flurry of searing Truth Social posts, he wrote: "China played it wrong, they panicked - the one thing they cannot afford to do."
The president insisted that America can expect "great job numbers" as industries move to US soil and said, "It's already working."
"Hang tough, we can't lose," he wrote.
Trump also heated up tensions by extending the deadline of his TikTok deal by 75 days and asking for China's "good faith."
"We do not want TikTok to 'go dark.' We look forward to working with TikTok and China to close the deal," wrote the president.
Trump's posts came after China furiously raged that the global tariffs are "inconsistent with international trade rules" and asked the US government to cancel the tariff measures.
The Chinese foreign ministry said in a statement: "China has always been a staunch defender of the international economic and trade order and a staunch supporter of the multilateral trading system.
"We urge the US to immediately correct its wrong practices and cancel its unilateral tariff measures."
China’s Ministry of Commerce also confirmed the 11 firms being branded as "unreliable entities".
In a statement, they named two firms - Skaidio and BRINC, which are both involved in the construction of drones - and blamed their links with Taiwan for the new designation.
Meanwhile, China’s General Administration of Customs said that it would pause chicken imports from the biggest American exporters.
Read our Trump tariffs blog for the latest updates on Liberation Day...
Starmer and Macron concerned about tariff fallout
Britain's PM Keir Starmer and French President Emmanuel Macron discussed their concerns about the impact of Trump's tariffs when they spoke on Saturday.
According to the Prime Minister's office, they share similar concerns about the economic and security implications of the measures.
The Downing Street statement read: "They agreed that a trade war was in nobody's interests, but nothing should be off the table.
"The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia."
Credit: Getty Trump slams China after country accuses President of using tariffs 'as a weapon'
President Trump has dubbed his tariffs "AN ECONOMIC REVOLUTION" on social media after a spokesperson for China's foreign ministry took a swipe at the Republican and accused him of using tariffs "as a weapon".
The president said on Truth Social: "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!!!"
'DeepSeek AI to blame for market decline,' says US treasury sec
US Treasury Secretary Scott Bessent has jumped to Trump's defence amid the tariff chaos - blaming the plummet on China's AI app, DeepSeek.
He said in an interview with Tucker Carlson: "For everyone who thinks these market declines are all based on the President's economic policies, I can tell you that this market decline started with the Chinese AI announcement of DeepSeek."
DeepSeek is a large language model that can generate human-like responses to prompts, just like the famous ChatGPT.
DeepSeek claims their app performs "on par" with ChatGPTCredit: Rex
Jaguar Land Rover pausing car shipments to US amid tariff chaos
Jaguar Land Rover is pausing its shipments of Brit-made cars to the US, it confirmed.
The decision is to reportedly kick in from Monday as the booming vehicle company works out how to alleviate the whopping 25 per cent import tax imposed by President Trump.
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."
Range Rover on the manufacturing production lineCredit: Jaguar Land Rover 'US using tariffs as a weapon,' says China
China has accused the US of using tariffs "as a weapon" to squash Beijing's booming economy, according to state news agency Xinhua.
The country's foreign ministry also said that the US should "stop undermining the legitimate development rights of the Chinese people".
China had brutally responded to President Trump's 34 tariff with its own of the same gargantuan percentage on US imports.
'Trump tariffs seem to be to our advantage,' says Turkey
President Trump's tariffs "seem to be to our advantage," the vice president of Turkey said.
He told CNN Turk: "There were already tariffs on iron, steel and aluminium [exports from Turkey to the US].
"When [the US] imposed similar tariffs on the others, there was an equalisation there, it was in our favour."
Turkey's trade minister Omer Bolat said yesterday that the country's government looked to negotiate with the US to lift the 10 per cent tariffs.
He dubbed them the "best of the worst," comparing them to the higher tariffs dished out to other countries.
Argentinian president shows off Trump bromance amid tariff chaos
Argentina's right-wing present flew to Pal Beach for just 24 hours in order to receive an award honouring his libertarian agenda.
He also hopes to have a one-on-one chat with President Trump.
At the right-wing 'American Patrot' gala, Milei didn't hold back in shouting: "Make Argentina Great Again!"
Argentina's President Javier Milei arrives to speak before President-elect Donald Trump during an America First Policy Institute galaCredit: AP Netanyahu to speak about tariffs with Trump on Monday
Israeli Prime Minister Benjamin Netanyahu is to talk tariffs with President Trump on Monday, officials have revealed.
The visit was first reported by Axios and would mark the first meeting between Trump and a foreign leader in person to discuss a tariffs deal.
Three Israeli officials have confirmed the visit after Israel was hit with a 17 per cent tariff.
It is also likely the pair will discuss the war in Gaza.
Israeli Prime Minister Benjamin Netanyahu delivers a speech at Ludovika University of Public Service in Budapest Italy issues warning against counter-tariffs
Italy's economy minister Giancarlo Giorgetti has warned against any counter tariffs, adding that the country looks for a "de-escalation" with the US.
He said at a business forum near Milan: "We should avoid launching a policy of counter-tariffs that could be damaging for everyone and especially for us."
Italy is set to be hit with a 20 per cent tariff, just like the rest of the EU.
The country has a large trade surplus with the US.
Nissan Motor said to be considering moving some production to US
Motors company Nissan is said to be think about shifting some domestic production of US-bound vehicles to the US, the Nikkei reported.
The bombshell move would be a win for President Trump as, through the tariffs, he looks to reignite the US industry.
The move could occur as early as this summer.
Nissan, a Japanese automaker, is thought to be planning to reduce production at its factory in Fukuoka.
It would then look to shift manufacturing of its Rogue SUV to the US to avoid the wrath of Trump's tariffs, the report added.
Pictures: traders reel as stock markets plummet
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Credit: Rex 'Businesses aren't worried about tariffs,' says Trump
US President Trump said in a new social media post on Friday night that the tariffs will "supercharge" the economy - and suggested that he isn't concerned about any consequences.
He said: "Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy.
"Very important. Going on right now!!!"
UK PM Starmer to spend weekend in crunch talks with foreign leaders over tariffs
UK Prime Minister Sir Keir Starmer is to spend the weekend in tense talks with foreign leaders as the 10 per cent tariffs from the US come into effect.
Downing Street revealed that he had already spoken with his Australian and Italian counterparts last night, adding that all three agreed "an all-out trade war would be extremely damaging".
A spokesperson said that UK officials will look to "calmly continue with our preparatory work, rather than rush to retaliate".
JP Morgan: Trump tariffs to trigger US recession
Donald Trump’s trade war is set to tip the US into recession this year, according to JP Morgan.
The Wall Street giant has slashed its GDP forecast from 1.3% growth to a 0.3% contraction, warning the tariffs will squeeze consumer spending and ramp up inflation.
“We now expect real GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q) we now look for real GDP growth of -0.3pc, down from 1.3pc previously,” said chief US economist Michael Feroli in a note to clients.
He warned the downturn will drive unemployment up to 5.3% – a sharp rise from the current 4.2%.
The biggest hit will come mid-year, with the economy shrinking in both Q3 and Q4, Feroli said.
“The pinch from higher prices that we expect in coming months may hit harder than in the post-pandemic inflation spike, as nominal income growth has been moderating recently,” he added.
Heightened uncertainty will also make households less likely to dip into savings, further weakening spending.
Trump opens tariff talks with Vietnam, India and Israel
Donald Trump is in talks with Vietnam, India and Israel to strike bespoke trade deals that could ease upcoming tariffs.
A source familiar with the discussions told CNN the outreach marks the first wave of negotiations, as countries scramble to respond to Trump’s sweeping new levies set to kick in on April 9 at 12.01am ET.
While top Trump allies like Peter Navarro and VP JD Vance insist the tariffs are a permanent reset, others suggest Trump is ready to deal.
“I wouldn’t want to be the last country to try to negotiate with @realdonaldtrump,” Eric Trump posted on X.
“The first to negotiate will win — the last will absolutely lose. I have seen this movie my entire life.”
Speaking aboard Air Force One, Trump confirmed he’s open to talks: “Every country has called us. That’s the beauty of what we do, we put ourselves in the driver’s seat.”
He added: “As long as they are giving us something that’s good. For instance, with TikTok as an example, we have a situation with TikTok where China will probably say, ‘We’ll approve a deal, but will you do something on the tariffs?’ The tariffs give us great power to negotiate. They always have.”
Trump boasts ‘Oops, there will be no attack’ after US bombs Houthi terror soldiers ‘preparing to fight’ in drone strike
Donald Trump boasted “Oops, there will be no attack” after US forces struck Houthi terror soldiers reportedly preparing for battle.
The dramatic video shows the precise drone strike lighting up the sky as US forces took out the Yemeni militants last month.
Alongside a fiery video of the strikes, Trump posted on Truth Social: “These Houthis gathered for instructions on an attack. Oops, there will be no attack by these Houthis!
“They will never sink our ships again!”
Troops appeared to be assembling in a circle seen from above before they are wiped out by the Americans with pinpoint accuracy.
A massive blast hits the men on the ground, with a giant fireball engulfing the terrorists.
You can read the full story here
The Yemeni terror soldiers could be seen reportedly preparing for battleCredit: truthsocial 
But their training was interrupted by a major blitz by the AmericansCredit: truthsocial In case you missed it: a recap on the Trump tariffs aftermath
If you're just catching up, here's what happened in the aftermath of Trump's tariffs:
Global markets are in freefall for the second straight day after Donald Trump dropped a tariff bomb on Wednesday.
The former US president unveiled sweeping global tariffs, claiming they would push companies to manufacture in the US and “make America wealthy again.” But the shockwaves have been brutal.
Wall Street has taken the biggest beating – with today marking the worst two-day run since the pandemic.
The Dow plunged 1,900 points, while the S&P 500 and Nasdaq also tanked.
Across the pond, the FTSE 100 sank 4.95%, its worst daily drop since March 2020. European and Asian markets are also deep in the red.
Analysts say around $4.9trn (£3.8trn) has been wiped off global markets since Wednesday night.
World leaders are split – some firing back with countermeasures, others holding off. China’s not waiting around. It’s hit back with a 34% tariff of its own on US imports.
Trump blasted Beijing’s move as a “panic” response, but also struck a softer note, saying he hopes to “continue working in good faith” – and hinted a deal over TikTok could help ease the tension.
Downing Street says the UK won’t rush to retaliate, and the EU has branded the tariffs “damaging and unjustified”.
Credit: EPA White House hails Trump’s ‘economic prosperity’ amid market meltdown
Minutes after Wall Street wrapped its worst week in five years, the White House fired out a press release hailing Donald Trump’s latest “WEEK 11 WINS” and claiming he had unleashed “economic prosperity.”
Despite all three major US indexes plunging more than 5% this week, the release praised Trump’s leadership and trade crackdown.
“It was another highly successful week for the American people as President Donald J. Trump continues his relentless pursuit of strength, prosperity, and peace – and lays the foundation for America to be the global powerhouse for generations to come,” it said.
The statement also boasted that Trump had “implemented his bold plan for reciprocal trade as he seeks to reverse the decades of globalisation that has decimated our industrial base.”
'Starting to roar'
White House Press Secretary Karoline Leavitt had good news about the US economy after President Donald Trump's "Liberation Day" announcement saw stocks nosedive.
In a post on X, she wrote, "Great news! The economy is starting to roar with a strong 228,000 jobs added in the month of March - well ahead of the market's expectation.
"There was also a sharp increase in transportation, construction, and warehousing employment.
"The president's push to onshore jobs here in the United States is working.
"The Golden Age of America is on its way!"
IRS slashes nearly a quarter of its staff
The Internal Revenue Service is planning to eliminate nearly 25% of workers as part of Elon Musk's DOGE cuts in the height of tax season, according to records seen by The Washington Post.
Around 20,000 employees will be laid off in an effort to "increase the efficiency and effectiveness of the IRS," according to an email seen by the Post.
So far this year, 4,000 employees have accepted resignation offers, and another 7,000 workers were laid off in February.
It's unclear if the 25% reduction includes those who have already lost their jobs.
Markets have the worst day since 2020
On Friday, the stock market suffered its worst performing day since 2020, as anxious shareholders abruptly pulled investments in the face of a hazy economic future.
Hopes of negotiations shattered when China's commerce ministry announced a 34% levy on all US products, leading investors to yank their money away from companies with ties to the Eastern nation.
The Dow Jones Industrial Average dropped 2,231 points, which was the biggest decline since a global pandemic-fueled fall in June 2020.
The S&P 500, meanwhile, nosedived 5.97% - a dip that hasn't been matched since March 2020.
And Nasdaq Composite, which deals with many tech companies with China ties, dropped another 5.8% after already suffering a 6% dip on Thursday.
Technology companies drove the decline, with many investors urgently selling stocks in iPhone maker Apple, AI leader Nvidia, and EV producer Tesla.
Shareholders also raced away from companies like Boeing and Caterpillar, which are massive exporters to China.
Trump arrives at his golf tournament in Florida
President Donald Trump waves as he arrives at the Trump International Golf Club for a golf tournamentCredit: AP Trump's eerie warning
Two days after President Donald Trump announced his "Liberation Day" tariffs, he fumed, "Only the weak will fail," in an eerie Truth Social post.
Trump is entering the weekend battling a plunging stock market and rising tensions with China.
The Dow has nosedived 1,900 points, which is a brutal 4.6% drop.
And the S&P 500 is down 5.2%, while the tech-heavy Nasdaq Composite has tumbled 5.3%, as panic sweeps the markets.
Meanwhile, the Chinese foreign ministry announced a 34% revenge tax and accused the US of violating world trade rules.
"We urge the US to immediately correct its wrong practices and cancel its unilateral tariff measures," the ministry said.
Dow crashes 1,900 points as markets spiral
Wall Street is getting hammered for a second straight day, with US stocks plunging to their lowest levels of the session just after 1:20 p.m. ET.
The Dow has nosedived 1,900 points – a brutal 4.6% drop.
The broader S&P 500 is down 5.2%, while the tech-heavy Nasdaq Composite has tumbled 5.3%, as panic sweeps the markets.
EU blasts US tariffs as ‘damaging and unjustified’
The EU’s trade boss has slammed US tariffs as “damaging and unjustified” during tense talks with senior American officials.
Maros Sefcovic said he had “frank” discussions today with US commerce secretary Howard Lutnick and trade rep Jamieson Greer, sharing the update on X.
He said the EU-US trade relationship “needs a fresh approach” and stressed the bloc is ready for “meaningful negotiations” – but also “prepared to defend” its interests.
Maros Sefcovic, EU Commissioner for Trade and Economic Security, Interinstitutional Relations and TransparencyCredit: EPA