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LAST UPDATE | 4 Apr
THE CHINESE GOVERNMENT has said it will slap 34% tariffs on all imports of US goods from 10 April, the most serious escalation in a global trade war sparked by Donald Trump’s “Liberation Day” tariff announcement.
Trump imposed 54% tariffs on China on Wednesday, which include previous duties already in place, making it one of the hardest-hit countries by the levies.
China today became the first major nation to unveil retaliatory measures.
It has also imposed export controls on seven rare earth elements, its commerce ministry said, including gadolinium – commonly used in MRIs – and yttrium, which is used in consumer electronics.
China will also file a lawsuit with the World Trade Organisation under its dispute settlement mechanism over the sweeping tariffs announced by the US President.
But amid market turmoil, Trump insisted his “policies will never change” and he urged the US Federal Reserve to cut interest rates.
Wall Street stocks dropped sharply in morning trading, with the blue-chip Dow falling below 39,000 points briefly for the first time since August.
The S&P 500 also briefly exceeded its Thursday loss – its largest drop since the Covid pandemic in 2020.
European markets also ended the day sharply lower, with Frankfurt and London sinking nearly 5%.
Stock markets in Asia also continued to fall overnight. Japan’s benchmark Nikkei 225 has fallen by another 3.5% and Singapore’s Straits Times Index was almost 3% lower.
On his way to one of his golf clubs in Florida, the US President said: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
Meanwhile, the chair of the US Federal Reserve is due to speak publicly today.
Ahead of this, Trump posted on his Truth Social account that “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates.”
Elsewhere, the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva urged Trump to seek a resolution to the tariffs, warning that they pose “a significant risk to the global outlook at a time of sluggish growth”.
“It is important to avoid steps that could further harm the world economy,” the chief of the global lender said.
“We appeal to the United States and its trading partners to work constructively to resolve trade tensions and reduce uncertainty.”
Speaking to reporters last night, Trump celebrated the “trillions” of dollars in investment that is set to arrive in the US from companies seeking to avoid the painful tariffs.
“The rest of the world wants to see is there any way they can make a deal,” he said, later adding that he would be open to negotiate with other countries depending on what they offer in return.
Trump’s openness to negotiations will be welcomed by European leaders, who are seeking to launch talks with the US before issuing any EU countermeasures. Trade Commissioner Maros Sefcovic is due to start discussions with Washington today.
Speaking last night, the EU’s foreign affairs commissioner Kaja Kallas urged the US to negotiate with Europe, adding: “There are no winners in trade wars. All these tariffs will raise prices for the consumers who in the end get to pay for it.”
There are heightened concerns over the EU’s response in Ireland due to the implications it might have of the lucrative pharmaceutical or technology sectors here.
Trump told reporters last night that the US are currently “looking at pharma”.
The Irish government had backed calls for the US to engage in talks, urging the EU for a ‘measured’ response.
With reporting from Jane Moore
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Does this not just highlight the LGBT community as being different? Surely they just want to fit in to normal society?
This old chestnut comes up every single time. The implication that by campaigning for equality and highlighting inequality implies that they want to stand out as being different. Gay people are discriminated against day-in day-out, until that discrimination does not exist they and others supporting their cause for equality will continue to highlight the issue. The whole point is that gay people are considered by some small-minded types to be different, abnormal, etc,.
Would you prefer they just sat back and accepted discrimination?
What do you mean by normal society? Why shouldn’t LGBT people be open and proud about who they are? If anything it is an indictment against a supposedly modern society, in which a person is supposed to suppress who they are so they can “fit in”.
Thats the worse form of oppression, trying to condition people to “regulate” themselves and their personalities. If thats “normal society” I demand change now. #beproudofwhoyouare.
I am gay and I am different to heterosexuals that doesn’t mean I’m not equal or entitled to equality.
The fact that this toolkit had to be devised in the first place shows what a nasty, intolerant little nation we are.
most gay people belong to “normal”society
Will they be sending this to hospitals, schools and other workplaces whose “ethos” still allows them to discriminate?
well for example I’m going along to Pride this weekend or another time I took the morning off to drop mu girlfriend to the airport or say if I was going away withy girlfriend, its just little things like that that shouldnt be a big deal but can be awkeard to answer if you’re not out
And lets face it all irish towns/cities are small enough that you could easily bump into a colleague
Ah ok, sorry, I completely mis-read your post. I thought you were saying you were afraid to ask a gay colleague that question! Such a sad state of affairs that some people have to lie about what they’re doing because of other people’s bigotry. Glad you don’t have to though, you’re lucky!
Abi Im glad you shared that with us as I am one of the people that would be unaware of these type of pressures. I was an employer & if I will be again I will have a better understanding of some of these problems. I have a huge respect for the gay community.
A great bunch of lads
Its no secret were I work and its not an issue which means I’m not watching what I’m saying or avoiding questions like “any plans for the weekend?”. Makes life a lot easier!
Why would asking the question, “any plans for the weekend?” cause an issue with a gay person? Genuine question, not being smart.
I would imagine, if they wanted to be honest they would say ‘oh just gonna spend the weekend with my girlfriend’ instead of ‘oh nothing much’….
Fair play to GLEN… to promote fair play! :-)
I can only speak from experience in Dublin but personally I’ve never witnessed any discrimination or similar in the workplace towards gay people I’ve worked with.
I could imagine it’s a different story outside Dublin though.
To counter that I have lived and worked in Dublin area all my life and have seen countless examples of homophobic abuse and bullying in my own workplaces. To simplify it to sure it’s only the backward culchies is misleading to be honest.
Well “culchies” isn’t really what I was getting at to be honest.
I’m sure the access to the LGBT and other support communities and other gay people is significantly more limited outside the Capital and as such, more people are less inclined to be open about their orientation. Less gay people around makes those that are more “different” to the non-gay majority.
I would imagine Dublin is more used to openly gay people given that we’ve had a thriving openly gay community here for quite some time, lots of LGBT groups for people to join for support, etc.
I have never witnessed genocide (thankfully) I know it still happens though.
I hate this attitude from Dubs thinking their living in some kinda ultra-progressive mega metropolis, Dublin in only been the 454th largest city in the world isn’t setting any kind of standard in civil liberties now nor was it ever for that matter.
Having worked in many office environments all over Ireland for small companies to multi-nationals from Letterkenny to Dublin, I’ve had many gay colleagues and have personally never witnessed any instances of gay bullying or homophobia! I’m not saying it doesn’t happen but no more so than other instances of workplace bullying.
Unfortunately, a lot of people in this country have been brainwashed into anti-gay sentiment by the catholic church. People are judged by the good they do,not their sexuality !
waste of good money
by choosing to be a victim we give power to others…dont hide but dont make it a defining charistic either…
Toolkits just change words, not attitudes. LGBT and other minority (ethinic and otherwise) education needs to be part of primary education curriculum. Developing diversity and tolerance should start at day dot not the first day on the job.
I wish there was no need for such an awareness pack !!! I am gay and work in an environment which doesn’t notice and where it isn’t an issue. It seems I am lucky.
One does not simply say, no plans for the weeKend
Brace yourselves, “any plans for the weekend?” questions are coming
sorry! had to do it!
Should we then not speak about unequal pay between the sexes as this highlights gender differences, should we not discuss the lack of a voice for the children of the nation etc. every society has its issues and a progressive one should look to improve The lives of ALL it’s citizens. I look forward to the day this kind of initiative is no longer required when fears about job security ( teachers) due to sexuality will be seen as the dark old days.
I work and live in Sligo. Majority I meet at work and outside work could not care less if your gay or straight. In 9 years only twice have I seen homophobic behaviour. Think that is a good record considering I have seen other discriminations not that any discrimination is right. Maybe I am blessed but to be honest I think people have more important things to worry about then who is gay or straight.
have your say