Trump defiant as tariffs send world markets into panic

US President Donald Trump and his son Eric Trump drive in a golf cart after arriving in Marine One on the ninth hole at Trump National Doral Miami on April 03, 2025 in Doral, Florida. (Getty Images via AFP)
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Updated 04 April 2025
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Trump defiant as tariffs send world markets into panic

  • Trump dismissed the turmoil, insisting, “It’s going to be a booming economy. It’s going to be amazing”
  • “Let Donald Trump run the global economy. He knows what he’s doing,” says commerce chief amid howls of protest even from some Republicans

WASHINGTON: Wall Street led a global markets bloodbath Thursday as countries around the world reeled from President Donald Trump’s trade war, while the White House insisted the US economy will emerge victorious.
The S&P 500 dropped 4.8 percent in its biggest loss since 2020. The tech-rich Nasdaq plummeted 6.0 percent and the Dow Jones 4.0 percent.
Shock waves also tore through markets in Asia and Europe in the wake of Trump’s Wednesday announcement, while foreign leaders signaled readiness to negotiate but also threatened counter-tariffs.
Trump slapped 10 percent import duties on all nations and far higher levies on imports from dozens of specific countries — including top trade partners China and the European Union.
Separate tariffs of 25 percent on all foreign-made cars also went into effect and Canada swiftly responded with a similar levy on US imports.
Stellantis — the owner of Jeep, Chrysler and Fiat — paused production at some Canadian and Mexican assembly plants.
Trump dismissed the turmoil, insisting to reporters as he left for a weekend at his Florida golf resorts, that stocks will “boom.”

 

 

The 78-year-old president says he wants to make the United States free from reliance on foreign manufacturers, in a massive economic reshaping that he likened to a medical procedure.
“It’s what is expected,” he said of the market reaction. “The patient was very sick. The economy had a lot of problems.”
“It went through an operation. It’s going to be a booming economy. It’s going to be amazing.”

Trump ‘knows what he’s doing’

Amid howls of protest abroad and from even some of Trump’s Republicans, Commerce Secretary Howard Lutnick urged patience.
“Let Donald Trump run the global economy. He knows what he’s doing,” he said on CNN. “You’ve got to trust Donald Trump in the White House.”




Commerce Secretary Howard Lutnick leaves after doing a television interview outside the White House on April 2, 2025, in Washington. (AP) 

But China demanded that the tariffs be immediately canceled and vowed countermeasures, while France and Germany warned that the EU could hit back at US tech firms.
French President Emmanuel Macron called for suspending investment in the United States until what he called the “brutal” new tariffs had been “clarified.”
The 27-nation EU and other countries also sought to negotiate as they refrained from immediate retaliation.
Italy’s Prime Minister Giorgia Meloni called for “frank discussion on the substance with the Americans.”
Beijing said it was “maintaining communication” with Washington over trade issues, and EU trade chief Maros Sefcovic planned to speak with US counterparts on Friday.
However, Brazil’s president vowed to take “all appropriate measures.”
Gold — a safe-haven investment — hit a new record price, oil fell and the dollar slumped against other major currencies.
The head of the World Trade Organization, which helps manage global trading, warned the upheaval may lead to contraction of “one percent in global merchandise trade volumes this year.”

 

 

’You can’t fight the US’

Trump is brushing off warnings about triggering a global economic slowdown and politically damaging price rises at home.
Republican Senator Mitch McConnell broke ranks with Trump, slamming tariffs as “bad policy.”
“Preserving the long-term prosperity of American industry and workers requires working with our allies, not against them,” he said.
It remains unclear to what extent Trump is using the tariffs shock to engage in negotiations on trade deals — or whether he really intends to try to force all competitors to play by US rules.
He said he would negotiate “as long as they are giving something that is good.”
But earlier, White House spokeswoman Karoline Leavitt told CNN that the president made it clear that “this is not a negotiation.”
And Lutnick also struck a hard line, saying, “You can’t really fight with the United States.”
“You’re going to lose. We are the sumo wrestler of this world.”

Trump reserved some of the heaviest blows for what he called “nations that treat us badly.”
That included an additional 34 percent on goods from China — bringing the new added tariff rate there to 54 percent.
The figure for the European Union was 20 percent, and 24 percent on Japan.
For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including on another key ally, Britain, which will come into effect on Saturday while the higher duties will kick in on April 9.
 


Australia to toughen gun laws as it mourns deadly Bondi attack

Updated 16 December 2025
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Australia to toughen gun laws as it mourns deadly Bondi attack

  • Footage showed one man, identified by local media as fruit seller Ahmed al Ahmed, grabbing one of the gunmen as he fired
  • Prime Minister Anthony Albanese convened a meeting of leaders of Australia’s states and territories in response on Monday, agreeing with them “to strengthen gun laws across the nation”

SYDNEY: Australia’s leaders have agreed to toughen gun laws after attackers killed 15 people at a Jewish festival on Bondi Beach, the worst mass shooting in decades decried as antisemitic “terrorism” by authorities.
Dozens fled in panic as a father and son fired into crowds packing the Sydney beach for the start of Hanukkah on Sunday evening.
A 10-year-old girl, a Holocaust survivor and a local rabbi were among those killed, while 42 others were rushed to hospital with gunshot wounds and other injuries.
Prime Minister Anthony Albanese convened a meeting of leaders of Australia’s states and territories in response on Monday, agreeing with them “to strengthen gun laws across the nation.”
Albanese’s office said they agreed to explore ways to improve background checks for firearm owners, bar non-nationals from obtaining gun licenses and limit the types of weapons that are legal.
Mass shootings have been rare in Australia since a lone gunman killed 35 people in the town of Port Arthur in 1996, which led to sweeping reforms long seen as a gold standard worldwide.
Those included a gun buyback scheme, a national firearms register and a crackdown on ownership of semi-automatic weapons.
But Sunday’s shooting has raised fresh questions about how the two suspects — who public broadcaster ABC reported had possible links to the Daesh group — obtained the guns.

- ‘An act of pure evil’ -

Police are still unraveling what drove Sunday’s attack, although authorities have said it targeted Jews.
Albanese called it “an act of pure evil, an act of antisemitism, an act of terrorism on our shores.”
A string of antisemitic attacks has spread fear among Australia’s Jewish communities after the October 7, 2023, Hamas assault on Israel and the ensuing war in Gaza.
The Australian government this year accused Iran of orchestrating a recent wave of antisemitic attacks and expelled Tehran’s ambassador nearly four months ago.
But Israeli Prime Minister Benjamin Netanyahu accused Australia’s government of “pouring oil on the fire of antisemitism” in the months before the shooting, referring to Canberra’s announcement that it would recognize Palestinian statehood in August.
Other world leaders expressed revulsion, with US President Donald Trump condemning the “antisemitic attack.”
The gunmen opened fire on an annual celebration that drew more than 1,000 people to the beach to mark Hanukkah.
They took aim from a raised boardwalk at a beach packed with swimmers cooling off on the steamy summer evening.
Witness Beatrice was celebrating her birthday and had just blown out the candles when the shooting started.
“We thought it was fireworks,” she told AFP. “We’re just feeling lucky we’re all safe.”
Carrying long-barrelled guns, they peppered the beach with bullets for 10 minutes before police shot and killed the 50-year-old father.
The 24-year-old son was arrested and remains under guard in hospital with serious injuries.
Australian media named the suspects as Sajid Akram and his son Naveed Akram.
Tony Burke, the home affairs minister, said the father arrived in Australia on a student visa in 1998 and had become a permanent resident. The son was an Australia-born citizen.
Hours after the shooting, police found a homemade bomb in a car parked close to the beach, saying the “improvised explosive device” had likely been planted by the pair.
Rabbi Mendel Kastel said his brother-in-law was among the dead.
“We need to hold strong. This is not the Australia that we know. This is not the Australia that we want.”
Wary of reprisals, police have so far avoided questions about the attackers’ religion or ideological motivations.
Misinformation spread quickly online after the attacks, some of it targeting immigrants and the Muslim community.
Police said they responded to reports on Monday of several pig heads left at a Muslim cemetery in southwestern Sydney.

- Panic and bravery -

A brave few dashed toward the beach as the shooting unfolded, wading through fleeing crowds to rescue children, treat the injured and confront the gunmen.
Footage showed one man, identified by local media as fruit seller Ahmed al Ahmed, grabbing one of the gunmen as he fired.
The 43-year-old wrestled the gun out of the attacker’s hands, before pointing the weapon at him as he backed away.
A team of off-duty lifeguards sprinted across the sand to drag children to safety.
“The team ran out under fire to try and clear children from the playground while the gunmen were firing,” said Steven Pearce from Surf Life Saving New South Wales.
Bleeding victims were carried across the beach atop surfboards turned into makeshift stretchers.
On Monday evening, a flower memorial next to Bondi Beach swelled in size as mourners gathered.
Hundreds, including members of the Jewish community, sang songs, clapped and held each other.
Leading a ceremony to light a menorah candle, a rabbi told the crowd: “The only strength we have is if we bring light into the world.”