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Yields on U.S. Treasuries rose Wednesday as investors sold government bonds, usually a haven. In Britain, a sustained version of that trend in 2022 led to a prime minister’s downfall.
The tariffs were slated to take effect starting on April 15, and to hit back at President Trump’s steel and aluminum levies.
The new levies come as nations on the continent continue to struggle with the fallout of the Trump administration’s dismantling of the U.S. Agency for International Development.
As its trade negotiators headed to Washington for talks, South Korea announced measures to support the country’s carmakers who were badly hit by the levies announced by President Trump.
As tariffs on the European Union take effect, luxury goods makers are “biting their nails” over their treasured “Made in France” or “Made in Italy” products.
Europe wants to negotiate, but it is also trying to project strength. As Trump warns nations against retaliation, that strategy could be perilous.
Lin Jian, the spokesman for the Chinese Foreign Ministry, accused the United States of “economic bullying” after President Trump threatened an additional 50 percent tariff on Chinese imports.
Ms. Truss, Britain’s prime minister for 44 days, was forced out after her radical policies caused a market meltdown. But there are some key differences with President Trump.
China sees little to gain in capitulating to President Trump’s tariff threats, labeling them “blackmail” and vowing to “fight to the end.”
Dozens of foreign governments were trying to appeal to the president to have steep tariffs rolled back, but the president and his advisers have indicated negotiations could be difficult.