🇺🇸🇮🇱 Israel removed all tariffs on U.S. goods yesterday— and still received a 17% reciprocal tariff in return today.

White House official:

Israel has stolen a significant amount of U.S. intellectual property in the pharmaceutical sector.

This cannot continue.

White House official:

Israel has long promised to lower its tariffs — and we’ve waited nearly 50 years for it to happen.

This is how the global trade war has begun.

🇺🇸🇨🇳 The new 34% tariff on China is in addition to the existing 20% — bringing the total to 54%, per press secretary Karoline Leavitt.

Source: CNBC Correspondent Eamon Javers

British Business and Trade Minister: Washington is our closest ally, so our approach is to remain calm.

Australian Prime Minister: We will not respond to US tariffs in kind.

Israeli economic officials are STUNNED by the U.S. decision to impose a 17% tariff.

“We are in shock. We were sure that the decision to completely cancel tariffs on imports from the U.S. would prevent this move. But it didn't happen.”

Source: Amichai Stein

CONFIRMED: Total US tariff rate on Chinese goods to rise to 54%.

Canada's Carney:

We are going to fight Trump's tariffs with countermeasures.

Canada's Carney:

Canada will respond to the US tariffs on Thursday.

Syrian Foreign Ministry:

Israeli forces launched raids that destroyed Hama military airport and injured civilians and soldiers.

Syrian Foreign Ministry:

Repeated Israeli attacks are a clear attempt to normalize violence once again within the country.

US Treasury Secretary:

My advice to every country is not to retaliate against tariffs because that will lead to escalation.

Italian PM Meloni:

US tariffs are wrong, I hope to cooperate with Washington and Europe to avoid a trade war that will weaken the West.

Video of Israeli airstrikes on Hama military airport broadcast by Syrian TV

WRAPPED: TRUMP’S GLOBAL TARIFFS

Trump administration imposed a 10% tariff on nearly all US imports and 10-50% tariffs on 60 countries. These measures mark the most aggressive US tariff policy since the early 20th century.

Trump invoked historical US tariff use and argued that high duties once protected American industry and prevented economic crises.

The new tariffs were calculated using a formula: the US trade deficit with each country divided by the total imports from that nation, then halved.

Key highlights:

• China faces the harshest rate at 54%, adding 34% to an existing 20%.
• The EU is hit with 20%, Japan with 24% and Vietnam with 46%.
• The UK, Brazil, Singapore and Mexico/Canada largely escape new levies, with the latter two protected by the 2020 USMCA trade deal.

Markets responded swiftly:

S&P 500 futures dropped 3.3%, Nasdaq 4.2%, and gold surged to $3,150/oz. Analysts warn this could trigger a global trade war, with the EU already planning countermeasures.

EU vows to respond to Trump's 20% tariffs

The European Union has vowed to retaliate against the US after President Donald Trump announced a 20% tariff on EU imports, which will take effect April 9.

“President Trump’s announcement is a major blow to the world economy We’re preparing for further countermeasures to protect our interests and businesses if negotiations fail,” European Commission President Ursula von der Leyen said in a video address Thursday.

Source: Bloomberg

EU and NATO Ministers Redraw Europe’s Security Blueprint

Amid rising threats from Russia and uncertainty about US commitment under Trump, EU defence ministers (in Warsaw) and NATO foreign ministers (in Brussels) are holding parallel talks to reshape Europe’s security strategy.

Top priorities include:

• Boosting defence spending and rearming Europe to close capability gaps.
• Preparing for potential US withdrawal from NATO and reduced support for Ukraine.
• Identifying key military needs like air defence, long-range missiles, and troop mobility.
• Launching around 20 new EU defence investment projects by June.

Source: FT

Trump's ‘Reciprocal’ Tariff Formula

Trump’s administration introduced new tariffs based on trade deficits, not actual tariff or regulatory barriers as originally claimed.

The formula:

Trade Surplus with US ÷ Total Exports to US ÷ 2 = Reciprocal Tariff Rate

Example:

China's $295B surplus ÷ $438B exports = 67% → halved → 34% tariff

Key points:
• Countries with large trade surpluses (e.g., China, Japan, EU) face higher tariffs.
• Countries with balanced trade or US trade surpluses get a flat 10% rate.
• The methodology deviates from initial promises to mirror actual foreign trade barriers.
• Officially, the formula aims to shrink US trade deficits, using trade balances as a proxy for unfair practices.
• Some inconsistencies exist between published rates and annexes.

The approach is deficit-focused, simplified, and politically symbolic rather than grounded in detailed trade policy analysis.

Source: Bloomberg