🦅 The first day of tariffs takes effect.
President Trump has officially launched the heaviest tax blow in over 100 years. The U.S. imposes tariffs of up to 104% on Chinese goods, and from 20–50% on more than 60 countries with trade surpluses.
💣 This is the highest tax rate since 1909. Many experts worry that this could trigger a full-blown trade war if countries retaliate.
🇨🇳 China remains unusually silent. Unlike previous rounds of tariffs, this time Beijing has not announced an immediate response. But Vice Premier Li Qiang said: "We have enough tools to offset the impact and maintain economic stability."
🇨🇦 Canada imposed a retaliatory 25% tariff on U.S. cars right after midnight. France and Germany are calling for a strong response from the EU.
📦 Vietnam is subjected to a tax rate of 46%, Cambodia 49%, and the EU 20%. The basic tax rate of 10% for all partners has been in effect since Saturday.
💬 Trump said at the White House: "Money is pouring in like never before. The U.S. has been exploited for too long. Now is the time we take it back."
📉 The global market is shaken. Bonds are being sold off, and the 30-year U.S. yield soared to 4.98%. Asian stocks fell 4 out of 5 sessions. The S&P 500 reversed its gains after briefly rising on news of negotiations with South Korea.
📞 Trump called the South Korean leader to discuss trade surplus, LNG, shipbuilding, and military costs. South Korea said it is seeking a "big deal" with the U.S. Japan has also called Trump.
🏦 Wall Street is in turmoil. Jamie Dimon (JPMorgan) warned of the risk of "catastrophic fragmentation" in the alliance chain. Bill Ackman initially supported the tariffs but later changed his mind and advised to postpone. Elon Musk publicly argued with Peter Navarro.