Trump updates: President claims tariffs ‘great’ for Republicans as trade war roils Asian markets
Beijing says it will ‘fight to the end’ as president’s 104% China tariffs take effect
Stock markets in Asia fell at the opening on Wednesday, continuing the drop seen earlier on Wall Street, amid fears over Donald Trump’s 104% tariff on imports from China. In Tokyo, the Nikkei fell 3.5% on the opening, and the Hang Seng in Hong Kong was down 4%.
Speaking in Washington on Tuesday night, the president claimed the massive import taxes he is imposing on Americans will help usher in victory for his Republican Party in next year’s midterm elections.
During 90 minutes of meandering remarks before GOP lawmakers and deep-pocketed donors at the National Republican Congressional Committee’s annual fundraising gala, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms,” which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.
“I know what the hell I'm doing. I know what I'm doing, and you know what I'm doing too,” he said.
The president also warned of impending tariffs on imported pharmaceuticals in an effort to bully companies into moving production to the U.S.
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Republicans look for an exit ramp on tariffs
China hits back at JD Vance after he calls workers there ‘peasants’ amid tariff standoff
Senate Democrats looking to block Trump nominees over administration’s ‘lawlessness’
A small but growing number of Senate Democrats are using their power to gum up the works as Donald Trump’s administration continues to flout the orders of federal judges and cut programs which its critcs argue the president’s appointees lack the constitutional standing to end.
Though the minority party lacks the numbers to actually block any of the president’s political appointments without the support of several Republican defections, several senators are signaling that they plan to slow down business in the chamber unless the White House starts listening to them.
John Bowden reports.
Senate Democrats looking to block Trump nominees over administration’s ‘lawlessness’
Asian shares deepen losses after Wall St falls again; Japan's Nikkei drops almost 4%
Japan's Nikkei saw a broad sell-off on Wednesday morning, falling as much as 4%, and other Asian markets were braced for further falls hours before President Donald Trump’s 104% tariffs against China are set to take effect.
The Trump administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week.
“These are tailored, highly tailored deals,” Trump said at a White House event, where he signed executive orders aimed at boosting coal production. “We've had talks with many, many countries, over 70, they all want to come in. Our problem is, can't see that many that fast.”
With reporting from wire services
Trump wraps up remarks
President Donald Trump concluded his extensive remarks at the National Republican Congressional Committee dinner in Washington, D.C., after 91 minutes.
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Trump promises to raise military budget to $1 trillion even as DOGE hacks other agencies to the bones
Senior Trump administration officials promised they would push through a roughly $1 trillion military budget for the coming year, even as the Elon Musk-led Department of Government Efficiency (DOGE) project aims to drastically shrink federal spending.
“We’re going to be approving a budget, and I’m proud to say, actually, the biggest one we’ve ever done for the military,” Trump said Monday during a White House event with Israeli Prime Minister Benjamin Netanyahu.
Josh Marcus reports.
Trump promises $1 trillion military budget despite DOGE cuts at other agencies
World bracing for market turmoil after US hits China with 104% tariffs in midnight ultimatum
Andy Gregory reports:
Global markets are bracing for a trade war between the world’s two largest economies, as the White House confirmed Donald Trump’s 104 per cent tariffs on China are set to take effect.
Stock indexes in Europe and Asia finally returned to green on Tuesday, after nearly a week of turmoil – sparked by Mr Trump’s so-called “Liberation Day” tariffs announcement – wiped close to $10trn off the value of global markets.
But Wall Street continued its downward trend as Washington and Beijing traded increasingly stormy rhetoric, and the White House confirmed that tariffs of 104 per cent would start to be collected on Chinese goods from midnight in Washington DC (5am BST) on Wednesday.
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World bracing for market turmoil as US hits China with 104% tariffs
Watch: Cruz implores Trump to make tariffs deal and not make them permanent
Senator Ted Cruz implored President Donald Trump to make a deal on tariffs sooner rather than later and said they should not become a permanent feature of American trade policy.
There was a similar sentiment from Senator John Kennedy.
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