US President Donald Trump has announced that he is not considering pausing new tariffs, emphasizing his intention to use them as a negotiating tool with other countries. Speaking to reporters inside the Oval Office, Trump was direct: “We’re not looking at that,” refuting earlier reports that claimed Washington would impose a 90-day pause. Global stock markets, including Europe’s largest, have been experiencing turbulent days with significant losses.
European and Asian markets slumped for another consecutive trading day, sending shockwaves through global supply chains as a response to US tariffs. On Wall Street, despite some big swings throughout the day, the Dow Jones, S&P 500, and the tech-heavy Nasdaq experienced mixed outcomes, highlighting investor nervousness about ongoing White House policies. President Trump reiterated his threat to impose additional 50% tariffs on Chinese goods if Beijing did not withdraw its retaliatory measures by midday Tuesday.
The White House estimated that incoming tariffs on China could reach a total of 104%, contingent on the product. China’s US embassy countered by criticizing the US’s approach, stating it amounted to “unilateralism, protectionism, and economic bullying.”
“China will firmly safeguard its legitimate rights and interests,” China’s spokesman Liu Pengyu told CBS News, reaffirming their opposition to Washington’s “abuse of tariffs.”
Tech stocks, particularly the so-called “magnificent seven” which includes giants like Nvidia, Alphabet (Google), Amazon, Apple, Microsoft, Meta (Facebook), and Tesla, saw a varied performance.
Trump’s tariff strategy impacts markets
Apple, heavily reliant on Chinese assembly for its iPhones, is particularly vulnerable to US tariffs on Chinese goods. The company previously secured tariff exemptions during Trump’s first term but faces uncertainty this time around despite planning substantial investments in the US. Trump maintains his stance that imposing tariffs is the “only chance” other countries have to reset trade relationships, suggesting the policy will help reopen American factories and strengthen the US economy.
“We’re not taking care of our enemies anymore but we do take care of our friends,” the president said. White House economic adviser Stephen Miran supported Trump’s approach, encouraging nations to lower barriers to US exports as a means to escape reciprocal US tariffs. Miran also remarked on global market volatility and suggested deregulation policies to keep inflation under control.
The day saw mixed reactions from US markets, which closed after tumultuous trading sessions. The situation remains fraught with uncertainty as investors and nations alike grapple with the ramifications of ongoing tariff wars.
