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The uncertainty caused by Donald Trump's tariffs continued to wreak havoc to global stock markets. Banking and finance officials from Japan, China and South Korea have met to discuss the impact of the tariffs. Follow DW.
What you need to know Asian markets slumped on Friday, amid continuing volatility and uncertainty caused by Donald Trump's threat of tariffs. After making historic gains in the wake of Trump's announcement of a 90-day freeze, Wall Street resumed its freefall Thursday after the White House clarified the US will tax Chinese imports at 145%. Finance and central bank officials from China, Japan and South Korea met to discuss the impact of the tariffs on global trade Here are the latest developments related to Trump's tariffs on Friday, April 11: China raises tariffs on US goods to 125% In a tit-for-tat move, China said it would impose a 125% tariff on US goods starting Saturday, up from the previous 84%, the Finance Ministry announced on Friday.
Did Trump's manipulate the market with tariff announcement? Richard Painter, a former White House ethics lawyer, has told DW that an investigation should be opened to ascertain "who knew what the president's plan was on tariffs and if anybody made trades based on that information." On Wednesday, Donald Trump paused the massive tariffs he had just placed on dozens of countries. Stocks on Wall Street rose sharply following the announcement.
Earlier in the day, before the announcement, Trump had posted on Truth Social, "THIS IS A GREAT TIME TO BUY!!!" "The president has just created an appearance of market manipulation and that there might be insider trading when he's talking about buying and selling stocks at the same time as he's talking about US trade policy," Painter said. Asked whether it was wrong or maybe even illegal, Painter pointed out that it was unprecedented. "We have never had a president before weigh in on where to buy or sell stocks in particular.
We've never had this happen when the administration is about to announce such significant changes to economic policies," Painter said. He added, however, that there has been a problem of conflicts of interest in US politics for a long time, with elected officials thinking "they can trade on the stock market while making decisions that affect the stock market." "This is one of the reasons so many people distrust our government," he added.
Painter also said Trump should "avoid an economic crisis and an all-out trade war, which will result in an economic crisis." Asian stocks slump as tariff concerns continue despite Trump reversal Asian markets dropped on Friday, as a historic week of volatility continues amid uncertainty caused by Donald Trump's threat of tariffs on most of the US' trading partners, and a looming US trade war with China. The market jitters dragged Japan's Nikkei 225 index down around 5% at opening, giving back some of its gains after rallying over 9% on Thursday following Trump's tariff turnaround.
Stock markets in South Korea and Australia were also down by 1.6% and 2.1% respectively, while Sydney, Singapore, Taipei, Wellington, Jakarta and Manila were also in the red on Friday morning.
Recession fears fuel sell-off in global stocks To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Central bank, finance officials from China, Japan, South Korea discuss tariff impact Finance and central bank officials from China, Japan and South Korea met this week to discuss the potential impact of the tariffs on global trade. In a statement, the People's Bank of China said its Deputy Governor Xuan Changneng had attended a regular meeting between ASEAN and China, Japan and South Korea finance and central bank deputies in Malaysia this week. While Trump abruptly reversed course this week, announcing a 90-day pause on most tariffs , China is still facing a 145% levy on all its exports to the US.
China's central bank said in the statement that it would introduce a relatively loose monetary policy and try to restore confidence in its own financial markets. The officials also discussed the macroeconomic situation as well as regional financial cooperation, Reuters news agency reported. Welcome to our coverage Asian markets opened down on Friday, as uncertainty caused by US President Donald Trump 's threat of tariffs continues to spook investors.
After making historic gains on Thursday in the wake of Trump's announcement of a 90-day freeze on most tariffs, all major US indices dropped Thursday, as a burgeoning trade war between the US and China continues to escalate. Meanwhile, finance and central bank officials from China, Japan and South Korea met this week to discuss the impact of the tariffs on global trade. Trump takes trade war with China to next level To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video.
