Nations Strategize Before Week of Rising Trump Tariffs
Israel's prime minister is heading to Washington for talks, while Indonesia is among the countries planning to forgo retaliation and China signals a more combative stance.
Last Updated:
April 6, 2025 at 9:58 AM EDT
Governments and business worldwide were assessing the impact of tariffs on just about everything the U.S. imports, after they took effect Saturday.
The 10% tariffs, which President Trump announced Wednesday, apply to nearly all nations. The rates will be raised on some countries in coming days. U.S. retailers are starting to talk with consumers about what the tariffs could mean for everyone's wallets.
After the mid-week announcement, Wall Street was plunged into a two-day rout that erased $6.6 trillion in stock-market value. All eyes will be on U.S. stock, oil and gold futures when they resume trading at 6 p.m. ET Sunday.
Trump, who was golfing in Florida on Saturday, urged Americans to stay the course through what he called an economic revolution, promising in a social-media post that “it won’t be easy, but the end result will be historic.”
Here's what else you need to know:
Israeli Prime Minister Benjamin Netanyahu is set to be the first world leader to hold in-person talks with Trump about the tariffs.
Indonesia and Taiwan, each facing 32% levies on their products, are among the countries planning not to retaliate against the U.S.
A recession will be hard to avoid, even if Trump scales back his tariff plans in the coming weeks, a JPMorgan economist said.
British car maker Jaguar Land Rover will pause shipments of its luxury vehicles to the U.S. in the wake of the new tariffs.
Retaliatory tariffs are in the offing with China, the U.S.’s third-largest trading partner, saying it would impose a 34% tariff on U.S. goods starting April 10, and the European Union also has planned retaliatory tariffs.
China also indicated that it isn't planning to give in to the U.S. “We don’t make trouble, but we have no fear of trouble,” read a statement posted Saturday evening by the state-run Xinhua News Agency.
Elon Musk would like to see a “no-tariff situation” someday between the U.S and Europe. The close Trump adviser made the comments in front of an Italian audience hours after the president's new tariffs took effect.
Correction: China plans to impose a 34% tariff on U.S. goods starting April 10. An earlier version of this post incorrectly said that rate would take effect Monday.
