Tariffs: Global markets brace as US confirms China to be hit with 104% levies overnight
Trump’s total new levies climb to 104% on Chinese goods imported into US this year
The White House has confirmed China will be hit with a 104 per cent tariff rate from 12:01am ET on Wednesday.
Donald Trump’s press secretary confirmed that the measures will come into place after Beijing did not lift its retaliatory tariffs on US goods by a Tuesday noon deadline.
Earlier, the US president threatened to impose an extra 50 per cent levy on top of the existing 54 per cent tariff on Chinese imports, bringing the total levies on Chinese products imported to the US to over 100 per cent.
The Chinese foreign ministry vowed its country would “fight till the end”, amid reports it is preparing for a US imports block, as it accused America of “typical unilateralism and protectionist economic bullying”.
It is not yet clear what counter-measures Beijing is planning to impose, although the BBC reported, citing state media, that the US agricultural sector could be impacted, including a potential total ban on poultry.
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UK health secretary insists patient data 'not for sale' in US trade negotiations
The health secretary has said patient data is "not for sale" as part of trade negotiations with the US but anyone who wants to use it for research purposes should pay for access.
"The NHS is not for sale and our patients' data is not for sale," Wes Streeting told BBC Breakfast.
The health data research service announced by the prime minister on Monday is underpinned by the principle that our data should be "publicly owned", he said.
"At the heart of that health beta research service are the values and the principles that underpin our National Health Service, which is our data should be... publicly owned, it belongs to all of us. That data should only be shared for research purposes with our consent.
"And where we are working with scientists to generate the breakthroughs in science and research, the new treatments and new technology, we should get the benefit from that, and not just from being at the front of the queue, but if people want to use our data for research purposes they should have to pay in order to access that data and that research.
"The data must always belong to us. It should always be held securely. It should only be shared with our individual consent. It should always be anonymised."
JPMorgan CEO Jamie Dimon issues blunt warning about Trump’s tariffs
The CEO of America’s largest bank warned shareholders on Monday that President Donald Trump’s sweeping tariffs will likely increase domestic inflation and contribute to the probability of a recession but, more direly, could hurt the U.S.’ economic alliances.
Jamie Dimon, the CEO of JPMorgan Chase called the tariffs a “significant and somewhat unprecedented forces” that have caused the company to “remain very cautious” about the financial future of the country.
“We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products,” Dimon wrote in his annual letter. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
My colleague Ariana Baio reports:
JPMorgan CEO Jamie Dimon issues blunt warning about Trump’s tariffs
German and French markets also rally on opening
Both Germany's Dax and France’s Cac 40 indexes have rebounded this morning.
Following days of heavy losses, both the German benchmark and the French benchmark were up more than 1 per cent shortly after trading opened this morning.
Trump says EU must buy US energy for tariff relief
US President Donald Trump said on Monday that selling energy to the European Union would be a key focus as his administration seeks to eliminate a trade deficit with the bloc.
"The European Union's been very bad to us," Trump told reporters at the White House, accusing European nations of not buying enough US goods.
"They're going to have to buy their energy from us, because they need it and they're going to have to buy it from us. They can buy it, we can knock off $350 billion in one week."
ANALYSIS: Let's not overlook the smaller companies across the UK too
Business and money editor Karl Matchett writes:
Most focus will of course be on the FTSE 100, up 1.2 per cent after nearly an hour of trading, but let's not overlook the smaller companies across the UK too.
The FTSE 250 and the AIM are both up by even more, 1.4 and 1.6 per cent respectively.
Smaller businesses tend to be more reactive to share price changes, but that can apply in both directions: they might fall harder, faster, but they can also rise quickly when circumstances change.
The 250 is down 12 per cent year-to-date, for example, compared to just 4.3 per cent for the 100.
If the prime minister follows through on promises to protect some of those smaller businesses across the nation, they - and the index as a whole - are perhaps well-placed for strong recovery.
Healthy secretary says NHS 'not for sale' and warns US tariffs to cause 'real pain' for UK
The health secretary has said the NHS is not part of trade negotiations with the US and that the tariff regime will cause "real pain" for the British economy.
Wes Streeting was asked on ITV's Good Morning Britain if access to the NHS for American pharmaceuticals could be part of talks on a free trade deal.
He said: "Well, our NHS is not for sale. We've always been clear about that, and it won't surprise you to know that a Labour Government feels that particularly strongly.
"What we do want to do is make sure that, despite being at the best end of President Trump's tariff regime at the moment, we know that's going to still come at real pain for British industry and cost the British economy.
"We want an economic partnership agreement, and we are working as fast as we can to see if we can secure that outcome for our country."
A new health data research service announced this week is a "big opportunity" for the UK but it must ensure that "we as patients are in charge of who can access our data" and that it is "held securely" and "used ethically", Mr Streeting said.
Asked if the NHS is a "red line" in trade talks, he said: "Well, the NHS is not up for sale. It's not part of the trade negotiations. That's not where we are, and the NHS is a publicly-funded public service, free at the point of use."
ANALYSIS: The markets feel they've reached the bottom...or at least, the initial bottom
Business and money editor Karl Matchett writes:
There's as expected an amount of back-and-forth over tariffs, retaliations and negotiations right now, but perhaps today is a first indication that the markets feel they've reached the bottom...or at least, the initial bottom.
While markets in London, Paris and Frankfurt are all up, the US futures market also foresees a rise Stateside today when their markets open later in the afternoon. Both the S&P 500 and the Nasdaq are showing a 1.6 per cent rise in pre-trading, with the Dow up slightly higher than that at 1.9.
There's a lot of ground to make up, mind. The S&P 500 has fallen very nearly 14 per cent in 2025 so far - still shy of 'crash' territory, therefore - but even with a rebound today, it doesn't necessarily signal the end of the selling. It'll only take another presidential order, a company issuing poor results in a key industry or an escalation of retaliatory tariffs to resume the risk-off selling of assets.
Starmer to be grilled by MPs later as markets calm
Sir Keir Starmer will face MPs later today as market turbulence triggered by Donald Trump's tariffs showed signs of easing.
The prime minister will appear before the Liaison Committee of senior MPs on the last day the Commons sits before it heads into the Easter break.
Europe eyes counter-measures to Trump's tariffs
The European Commission has proposed counter-tariffs of 25 per cent on a range of US goods including soybeans, nuts and sausages, though other potential items like bourbon whiskey were left off the list, according to a document seen by Reuters.
Officials said they stood ready to negotiate a "zero for zero" deal with Trump's administration.
The 27-member bloc is struggling with tariffs on autos and metals already in place, and faces a 20 per cent tariff on other products on Wednesday. Trump has also threatened to slap tariffs on EU alcoholic drinks.
Ministers seen arriving for cabinet meeting as UK deals with Trump tariffs fallout
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