Trump’s tariffs slam world markets in the biggest blow since the pandemic hit in 2020
ASIAN shares slid further Friday, April 4, 2025, after U.S. President Donald Trump’s tariffs sent shudders through financial markets at a level of shock unseen since the Covid-19 pummeled world markets in 2020.
Trump announced a minimum tariff of 10 percent on global imports, with the tax rate running much higher on products from certain countries like China and those from the European Union. Smaller, poorer countries in Asia were slapped with tariffs as high as 49 percent.
Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen. Even gold, a traditional safe haven that recently hit record highs, pulled lower after Trump announced his “Liberation Day” set of tariffs,’ which economists say carries the risk of a potentially toxic mix of weakening economic growth and higher inflation.
Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed for holidays, limiting the scope of Friday’s sell-off.
China car association says prices will go up
The China Association of Automobile Manufacturers called on the U.S. to “correct its wrong actions.” It said the tariffs “will further raise car prices, and impose additional burdens on consumers in various countries including Americans and have a negative impact on global economic recovery.”
China is one of the major exporters of
