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

Israeli sources:

“The military bases targeted in the airstrikes organised in Syria tonight were completely destroyed.”

Source: Jerusalem Post

French government spokeswoman on Trump’s new tariffs:

We are ready in this trade war.
France will respond along with Europe to Trump tariffs, reaffirms could target digital services in reciprocal measures.
We will continue to talk over Trump tariffs, there will likely be a first response in mid-April and then another one in late April.
We are fairly certain Trump tariffs will have a recessionary impact in certain areas.
Trump is behaving like he is the 'master of the world', with an 'imperialist posture'.

Source: Reuters

German Economy Minister Habeck on tariffs:

For U.S. consumers, this will be Inflation Day rather than Liberation Day.

The U.S. BANS American diplomats, contractors with clearances, and their families in China from "romantic or sexual relationships" with Chinese nationals.

Source: AP, TIME

China said it has detained three Filipino nationals suspected of spying, a move that could further strain ties between Beijing and Manila.

The Ministry of State Security said it recently discovered an espionage case involving Filipino nationals based in China, according to the official Xinhua News Agency.

The three — David Servañez, Albert Endencia and Nathalie Plizardo — have been recruited by Manila since 2021 to carry out secret intelligence tasks in China, the report said, adding that the case is under investigation.

Source: Bloomberg
Photo: Archive

US Commerce Secretary Howard Lutnick:

European Union won't take chicken from America.

They hate our beef because our beef is beautiful and theirs is weak.

NEW: 9 civilians were killed in an Israeli attack in Kharsh al-Jubaila village in the western countryside of Daraa.

Source: Local reports

China is willing to communicate with the U.S. on important bilateral issues such as economy and trade, Chinese Commerce Ministry spokesperson He Yadong said on Thursday.

The economic and trade departments of China and the U.S. have maintained communications, He said.

China hopes to "resolve various issues through equal consultation", the spokesperson added.

Source: Reuters

NEW: South Korea Acting President Han says U.S. tariffs can be a big burden to economy.

Source: Yonhap

Trade tariffs announced by President Donald Trump affirm the urgency to negotiate a new bilateral and mutually beneficial trade agreement with the US, South Africa’s Presidency said.

“Whilst South Africa remains committed to a mutually beneficial trade relationship with the United States, unilaterally imposed and punitive tariffs are a concern and serve as a barrier to trade and shared prosperity,” the Presidency said in a statement Thursday.

Source: Bloomberg

Apple Product Prices May Rise Due to New U.S. Tariffs

Apple may face higher production costs as a result of new U.S. tariffs, potentially leading to price increases for consumers.

Some of the steepest tariffs target countries where Apple assembles its devices: Vietnam (46%), China (34%), and India (26%).

According to The New York Times, Apple now faces a choice — absorb the costs and reduce profits, or pass them on to customers.

Following the announcement, Apple’s stock dropped 5.7% in after-hours trading.