Trump tariffs newest: Starmer warns ‘world as we knew it has gone’ – whereas EU readies retaliatory measures

There’s bother in Trumpland; Tesla CEO and head of the Division of Authorities Effectivity, Elon Musk, has taken public swipes at Donald Trump’s adviser on commerce and manufacturing, Peter Navarro, who helped form the president’s reciprocal tariff coverage that tanked markets the world over.

Musk is often vocal in his help and protection of the president, however has been quiet since Trump’s “Liberation Day” tariff announcement that killed $2.5 trillion from the U.S. inventory market — a lack of worth that price the Tesla CEO greater than $30bn, based on CNBC.

On X, which Musk owns, he took swipes at Navarro, a Harvard-educated economist who advises Trump on commerce. Navarro who was initially tapped for a spot within the White Home by Trump’s son-in-law, Jared Kushner, is the writer of books on China and the financial threats he says the nation poses to the U.S.

Donald Trump’s secretary of Commerce seemingly admitted on Sunday that US employees wouldn’t see long-lost manufacturing jobs return because of the president’s new tariff technique, which locations duties on practically all US imports.

Howard Lutnick appeared on CBS’s Face the Nation on Sunday and promised that “trillions” of {dollars} would circulate into the US within the type of new investments in America’s manufacturing sector. Margaret Brennan, the present’s host, questioned whether or not these factories could be “automated”, as Lutnick had mentioned beforehand.

Stating that the development of recent factories “takes years” and can do nothing to deliver down prices of shopper items for People within the brief time period, Brennan added: “You mentioned that robots are going to fill these jobs. So these aren’t union employee jobs.”

Nearly no international locations have been spared from President Donald Trump’s sweeping tariffs; even small, uninhabited islands within the Indian Ocean have been included within the exhaustive listing. However one nation was notably lacking: Russia.

One of many United States’ largest adversaries was omitted from the listing of nations slapped with even the ten p.c baseline tariff – a transfer that raised some eyebrows given Trump’s beforehand pleasant relationship with Russian President Vladimir Putin.

However different international locations, together with the uninhabited Heard Island and McDonald Islands, Cocos (Keeling) Islands, which have a inhabitants of 59 and Svalbard and Jan Mayen, islands within the Arctic Circle with roughly 2,000 individuals, have been hit with tariffs.

China has introduced 34 per cent tariffs on imported US items within the wake of president Donald Trump’s elevated taxes on Chinese language items coming into America.

Who will do one of the best or worst out of the commerce battle? Information correspondent Alicja Hagopian and political correspondent Millie Cooke have a look.

Beforehand, retaliatory tariffs from China solely lined particular industries resembling gas and agricultural merchandise. Now, all US exports to China can be hit.

The US imports much more from China than it exports. In 2024, items exported to China have been price $143.5bn, based on the US Commerce Consultant workplace.

In the meantime, the US purchased thrice as many items ($438.9bn) in the identical interval.

Tariffs that may make exporting items to America extra expensive may hit purchasing baskets within the UK as producers across the globe look to recoup the additional prices.

Donald Trump‘s levies imply industries worldwide are scrambling to evaluate what the affect on them can be and there’s no doubt that customers within the US will see costs there rise as producers cross on these prices to the client.

However that in flip implies that many would possibly choose out of paying increased costs, whereas companies in America would possibly cancel orders coming in from abroad to keep away from paying these additional prices. Which may imply elevating costs elsewhere to scale back their losses.

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The outlook for Prosecco, Brunello di Montalcino and different Italian wines in the US is more and more gloomy, producers and importers mentioned, following President Donald Trump’s imposition of a 20 per cent tariff on European imports.

Italy exports extra wine to the U.S. than every other nation. Final 12 months, it offered 2bn euros ($2.2bn) price of wines, spirits and vinegars within the U.S. market, 1 / 4 of its whole worldwide exports, based on commerce group Federvini.

Italian producers and US importers gathered at a wine honest in Verona, within the north-eastern Veneto area this weekend, mentioned enterprise had already been slowed by the worry of US tariffs and so they worry extra lasting harm because the duties take impact.

Below the introduced levies, Italian wine revenues would fall by some 323m euros per 12 months, mentioned Lamberto Frescobaldi, chairman of the Italian Wine Union foyer.

Wine merchants and producers are pinning their hopes on a deal between Europe and the U.S. to scrap or cut back the tariffs.

“Hopefully, the EU won’t retaliate – a commerce battle could be troublesome to navigate,” Simone Luchetti, president of US importer Banville, mentioned

A Downing Avenue spokesperson mentioned:“The Prime Minister spoke to the Prime Minister of Canada Mark Carney this night.

“They mentioned their dedication to working collectively to take care of world financial stability within the wake of the announcement from the US this week.

“An all-out commerce battle is in no-one’s curiosity, they agreed.

“Each agreed on the significance of free and open commerce between like-minded nations, and the Prime Minister acknowledged that buying and selling blocs such because the Complete and Progressive Settlement for Trans-Pacific Partnership can be necessary on this new world period.

“Prime Minister Carney thanked the Prime Minister for his management on Ukraine and reaffirmed his dedication to Canada taking part in a task within the Coalition of the Prepared.

“Wanting forward, the Prime Minister mentioned he was trying ahead to travelling to Canada for the G7 Summit in June. They agreed to remain in shut contact.”

There’s bother in Trumpland; Tesla CEO and head of the Division of Authorities Effectivity, Elon Musk, has taken public swipes at Donald Trump’s adviser on commerce and manufacturing, Peter Navarro, who helped form the president’s reciprocal tariff coverage that tanked markets the world over.

Musk is often vocal in his help and protection of the president, however has been quiet since Trump’s “Liberation Day” tariff announcement that killed $2.5 trillion from the U.S. inventory market — a lack of worth that price the Tesla CEO greater than $30bn, based on CNBC.

On X, which Musk owns, he took swipes at Navarro, a Harvard-educated economist who advises Trump on commerce. Navarro who was initially tapped for a spot within the White Home by Trump’s son-in-law, Jared Kushner, is the writer of books on China and the financial threats he says the nation poses to the U.S.

Greater than 50 nations have reached out to the White Home to start commerce talks since US president Donald Trump rolled out sweeping new tariffs, prime officers mentioned.

The officers defended levies that worn out practically $6 trillion in worth from US shares final week and downplayed financial fallout.

Mr Trump’s financial advisors tried to painting the tariffs as a savvy repositioning of the US within the world commerce order.

Neither Treasury Secretary Scott Bessent nor the opposite officers named the international locations or provided particulars in regards to the talks.