Foreign stock markets fell on Thursday morning after the announcement of President Donald Trump of a series of tariffs on United States business partners, including a minimum baseline rate of 10% in all nations.
The US business partners reacted to the announcement of Trump rates with condemnation and concern, warning that the measures could touch a long and expensive commercial war.
China – Hit with 34% of tariffs in China, it enters 20% of the rates announced above, urged the United States to “immediately cancel its unilateral tariff measures and properly resolve the differences with its commercial partners through the same dialogue,” said a spokesman for the Chinese Ministry of Commerce in a statement.
Tariffs “will endanger global economic development and supply chain stability,” they added.
The European Union, which now faces a 20%rate, is prepared to respond, “said the president of the European Commission, Ursula von der Leyen.” The universal tariffs announced by the United States are a great blow to companies and consumers around the world, “Von der in a position on Thursday.
“We always protect our interests and values,” he added. “We are also ready to participate. And to move from confrontation to negotiation.”
Currency merchants observe monitors near a screen that shows the pricing index of composite shares of Korea (Kospi) in the currency negotiation room of the KEB Hana Bank headquarters in Seoul, South Korea, on April 3, 2025.
Ahn Young-Joon/AP
Asian markets led the fall in the global stock market on Thursday morning. Japan’s Nikkei index fell 4% after the opening, Hong Kong Hang Seng index slid 2.4%, the South Korea Kospi fell 2.7% and Australia ASX 200 fell by 2%.
In Europe, the Pan-Continental index Stoxx 600 fell 1.5% to a minimum of two months. Germany’s Dax fell almost 2.5%, CAC 40 French fell 2.2%and the Ibex Index of Spain fell 1.5%. Great Britain’s FTSE index lost 1.5%.
The US markets closed before the presentation of Trump’s rose garden, but the futures of shares fell on Wednesday night. Dow Jones Futures collapsed 2.7%, s& P 500 Futures sank 3.9% and futures linked to Nasdaq 100 fell 4.7%.
European leaders quickly warned about possible blow effects.
In a Facebook publication, Italian Prime Minister Giorgia Meloni described the tariffs aimed at the “incorrect” European Union.
She added: “We will do everything possible to work for an agreement with the United States, with the aim of avoiding a commercial war that would inevitably weaken the West in favor of other world players.”
Vice Chancellor and Minister of Economy German, Robert Habeck, said Wednesday that he should be remembered as “inflation day” for US consumers. “The American mania for tariffs could trigger a spiral that could also attract countries to the recession and cause massive damage worldwide,” said Hayeck.
President Donald Trump makes a gesture while speaking during a commercial event at the Rose Garden at the White House, on April 2, 2025, in Washington, DC
Andrew Harnik/Getty Images
The British prime minister, Keir Starmer, said Trump “acted for his country, and that is his mandate. Today, I will act in the interests of Great Britain with mine.” The United Kingdom faces a 10% rate over all its assets.
“Clearly, there will be an economic impact of the decisions that the United States has taken, both here and worldwide,” added Starmer. “But I want to be clear: we are prepared, in fact, one of the great strengths of this nation is our ability to maintain a cold head.”
In Japan, the chief secretary of the Cabinet, Yoshimasa Hayashi, said that Tokyo “once again transmitted to the United States government that recent measures are extremely unfortunate and have strongly requested that they be reconsidered.” Japan faces 24% of Tarrffs.
The measures, he added, “could have a significant impact on economic relations between Japan and the United States, and ultimately on the global economy and the multilateral trade system as a whole.”
The interim president of South Korea, Han Duck-Soo, instructed the government to “shed all its capacities at its disposal to overcome this commercial crisis,” in a statement cited by the Yonhap news agency.
They have described Trump’s measures, which included 25% tariffs for all South Korean goods, as “very serious” and warned about “the approach to the reality of a global tariff war.”
The smallest nations also criticized Trump’s measures. The Vice Prime Minister of Fiji, Biman Prasad, criticized the 32% tariffs that were imposed on the nation of Pacific Island as “disproportionate” and “unfair.”
Jack Moore of ABC News, Leah Sarnoff, Will Gretsky and Joe Simonetti contributed to this report.
