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U.S. President Donald Trump claimed that global leaders are scrambling to strike trade agreements with the United States as sweeping new tariffs take effect. Speaking at the National Republican Congressional Committee Dinner in Washington, Trump said, “These countries are calling us up, eager to make a deal.”
His remarks come as a new wave of tariffs, announced on April 2, went into force on Wednesday. The measures target a wide range of imported goods and have triggered rising tensions in global trade, with major economies now preparing countermeasures.
The United States has imposed tariffs as high as 104% on Chinese imports, with other countries, including members of the European Union, facing levies ranging between 11% and 50%.
Markets in Asia reacted sharply. Japan’s Nikkei index fell over 5%, the broader TOPIX dropped 4.6%, Hong Kong’s Hang Seng shed 4.3%, and Taiwan’s market plunged by more than 5.7% as the tariffs came into effect.
Trump also announced upcoming tariffs on pharmaceutical imports, stating, “We’re going to tariff our pharmaceuticals, and once we do that, they’re going to come rushing back into our country because we’re the big market.”
The President’s hardline stance on trade has drawn criticism from global partners and financial experts, who warn of increasing market volatility and strained diplomatic ties. Several countries have signaled plans to retaliate with tariffs of their own, potentially widening the trade conflict.
Despite the backlash, the Trump administration maintains that the tariffs are necessary to protect American industries and rebalance what it calls “unfair trade practices.”
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