Connect with us

Published

on

International stock markets have fallen dramatically overnight amid fears of a global trade war following Donald Trump’s sweeping tariffs, which he called “medicine”.

Japan’s Nikkei 225 stock index dived nearly 8%, Australia’s S&P/ASX 200 fell more than 6%, and South Korea’s Kospi lost 4.4%.

Meanwhile US stock market futures signalled further weaknesses, with the future for the S&P 500 losing 4.2% and the Dow Jones Industrial Average falling 3.5%, while the future for the Nasdaq lost 5.3%.

Mr Trump warned foreign governments would have to pay “a lot of money” to lift his tariffs, which he described as “medicine”.

“I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said on Air Force One.

👉 Follow Trump 100 on your podcast app 👈

The US president said he had spoken to leaders from Europe and Asia over the weekend who had hoped to convince him to lower the tariffs, which are due to come into effect this week.

“I spoke to a lot of leaders, European, Asian, from all over the world,” Mr Trump said. “They’re dying to make a deal. And I said, we’re not going to have deficits with your country. We’re not going to do that because to me, a deficit is a loss. We’re going to have surpluses or, at worst, going to be breaking even.”

Mr Trump, who spent much of the weekend playing golf in Florida, posted on his Truth Social platform: “WE WILL WIN. HANG TOUGH, it won’t be easy.”

Please use Chrome browser for a more accessible video player

Trump’s tariffs: What you need to know

On Saturday, US customs agents began collecting Mr Trump’s unilateral 10% tariffs on all imports from many countries.

Higher “reciprocal” tariffs of between 11% and 50% on individual countries are due to come into effect on Wednesday.

Mr Trump’s tariff announcements have jolted economies around the world, triggering retaliatory levies from China and
sparking fears of a global trade war and recession.

Investors and political leaders have struggled to determine whether the tariffs are here to stay, or are part of a permanent new regime or a negotiating tactic to win concessions from other countries.

Please use Chrome browser for a more accessible video player

Is it time to change tactics with Trump?

It comes after Sir Keir Starmer promised “bold changes” as he announced he will relax rules around electric vehicles after carmakers were hit by Mr Trump’s tariffs.

The prime minister said “global trade is being transformed” after the US president‘s 25% levy on imported cars, and 10% tariff on other products, came into force.

Read more:
Global markets have given Trump a clear no-confidence vote

Jaguar Land Rover decision sparks anxiety in car-making hub

Please use Chrome browser for a more accessible video player

‘Nothing off the table’ over tariffs

Meanwhile, KPMG warned US tariffs on UK exports could see GDP growth fall to 0.8% in 2025 and 2026.

The accountancy firm said higher tariffs on specific categories, such as cars, aluminium and steel, would more than offset the exemption on pharmaceutical exports, leaving the effective tariffs imposed on UK exports at around 12%.

Yael Selfin, chief economist at KPMG UK, said: “Given the economic impact that tariffs would cause, there is a strong incentive to seek a negotiated settlement that diminishes the need for tariffs. The UK automotive manufacturing sector is particularly exposed given the complex supply chains of some producers.”

Continue Reading

US

Trump could meet Putin as early as next week to discuss Ukraine ceasefire – White House official

Published

on

By

Trump could meet Putin as early as next week to discuss Ukraine ceasefire - White House official

Donald Trump could meet Vladimir Putin in person as early as next week to discuss a ceasefire in Ukraine, a White House official has said.

They said the meeting would be conditional on the Russian president meeting his Ukrainian counterpart Volodymyr Zelenskyy, Sky News’s US partner network NBC News reported.

It came days before the White House’s deadline for Russia to reach a peace deal with Ukraine or face severe economic penalties, which could also target countries buying its oil.

Ukraine war latest

Asked during a news conference at the White House if the talks would take place, Mr Trump said: “There’s a very good prospect that they will.”

He said it had not been determined where the talks would take place, but added: “We had some very good talks with President Putin today.”

However, he said: “I’ve been disappointed before with this one.”

Asked if Mr Putin made any kind of concession to lead to the development, Mr Trump did not give much away, but added: “We’ve been working on this a long time. There are thousands of young people dying, mostly soldiers, but also, you know, missiles being hit into Kyiv and other places.”

Trump might finally be a step closer to ending the war

Seven hours is a long time in US politics.

At 10am, Donald Trump accused Russia of posing a threat to America’s national security.

At 5pm, Trump said there was a “good prospect” of him meeting Vladimir Putin “soon”.

There had, he claimed, been “great progress” in talks between his special envoy Steve Witkoff and the Russian president.

It’s difficult to gauge the chances of a meeting between the two leaders without knowing what “great progress” means.

Is Russia “inclined” towards agreeing a ceasefire, as Ukraine’s president now claims?

Is Putin prepared to meet with his Ukrainian foe Volodymyr Zelenskyy, too?

The very fact that we’re asking those questions suggests something shifted on a day when there was no expectation of breakthrough.

Trump repeatedly vowed to end the war within 24 hours of becoming president.

On day 198 of his presidency, he might, just might, be one step closer to achieving that.

More tariffs ‘could happen’

Mr Trump also said he could announce further tariffs on China similar to the 25% he announced on India over its purchases of Russian oil.

“Could happen,” he said, after saying he expected to announce more secondary sanctions intended to pressure Russia into ending its war with Ukraine.

Earlier, he imposed an additional 25% tariff on Indian goods, on top of a previous 25% tariff, over its continued purchases of Russian oil.

India’s foreign ministry spokesperson said the additional tariffs were “unfair, unjustified and unreasonable”.

Vladimir Putin welcomes Steve Witkoff during a meeting in Moscow. Pic: Sputnik/Reuters
Image:
Vladimir Putin welcomes Steve Witkoff during a meeting in Moscow. Pic: Sputnik/Reuters

It came after Mr Putin held talks with Mr Trump‘s special envoy Steve Witkoff in Moscow, with the meeting lasting around three hours.

In a post on Truth Social, Mr Trump said Mr Witkoff “had a highly productive meeting” with Mr Putin in which “great progress was made”.

He said he had updated America’s European allies, and they will work towards an end to the Russia-Ukraine war “in the days and weeks to come”.

Please use Chrome browser for a more accessible video player

Correspondents in Washington and Moscow break down a busy day of diplomacy

‘The war must end’

Mr Zelenskyy later said he and Mr Trump spoke on the phone after the meeting. He said “European leaders also participated in the conversation” and “we discussed what was said in Moscow”.

He added: “Our common position with our partners is absolutely clear: The war must end. We all need lasting and reliable peace. Russia must end the war that it started.”

Mr Zelenskyy later said: “It seems that Russia is now more inclined to agree to a ceasefire.”

He added that the pressure on Moscow “is working”, without elaborating, and stressed it was important to make sure Russia does not “deceive us or the United States” when it comes to “the details” of a potential agreement.

Continue Reading

US

Five soldiers injured in shooting at US Army base in Georgia

Published

on

By

Five soldiers injured in shooting at US Army base in Georgia

Five soldiers have been injured in a shooting at an army base in the US – with authorities placing the location in “lockdown”.

“The installation was locked down at 11.04am and law enforcement is on the scene,” the Fort Stewart base in Georgia wrote on Facebook.

It said the incident took place at the 2nd Armoured Brigade Combat Team area and casualties had been reported.

The gunman has been arrested and there is “no active threat to the community”, the base added.

“The incident remains under investigation and no additional information will be released until the investigation is complete,” it said. The lockdown was lifted at 12.10pm local time.

More on Georgia, Us

Governor Brian Kemp said he and his family were “saddened by today’s tragedy”.

“We are keeping the victims, their families, and all those who answer the call to serve in our hearts and prayers, and we ask that Georgians everywhere do the same,” he wrote on X.

Fort Stewart is around 25 miles (362km) southeast of Atlanta and is the largest US Army base east of the Mississippi River. It houses thousands of soldiers assigned to the army’s 3rd Infantry Division and their family members.

The fort’s three schools, which have nearly 1,400 students, were also placed under lockdown. Three schools outside the base also took steps similar to a lockdown “out of an abundance of caution”.

Donald Trump has been briefed on the shooting and the US president is monitoring the situation, White House press secretary Karoline Leavitt said in a post on X.

Continue Reading

US

RFK Jr announces US is scrapping $500m of vaccine projects

Published

on

By

RFK Jr announces US is scrapping 0m of vaccine projects

America’s vaccine-sceptic health secretary has announced $500m (£375.8m) worth of cuts to their development in the country.

The US health department is cancelling contracts and pulling funding for jabs to fight viruses like COVID-19 and the flu, it was announced on Tuesday.

Robert F Kennedy Jr, known as RFK Jr, said 22 projects developing mRNA vaccines will be halted. It is the latest in a series of decisions to reduce US vaccine programmes.

Read more: Who is Donald Trump’s health chief?

The health secretary has fired the panel that makes vaccine recommendations, reduced recommendations for COVID-19 shots, and refused to endorse vaccines despite a worsening measles outbreak.

RFK Jr claims the US will now prioritise “safer, broader vaccine strategies, like whole-virus vaccines and novel platforms that don’t collapse when viruses mutate”.

Responding to the announcement of cuts, Mike Osterholm, a University of Minnesota expert on infectious diseases and pandemic preparations, said: “I don’t think I’ve seen a more dangerous decision in public health in my 50 years in the business.”

Please use Chrome browser for a more accessible video player

Is US politics fuelling a deadly measles outbreak?

Dr Paul Offit, a vaccine expert at Children’s Hospital of Philadelphia, said RFK Jr’s move was short-sighted and that mRNA vaccines “certainly saved millions of lives”, including during the pandemic.

MRNA vaccines work by delivering a snippet of genetic code into the body that triggers an immune response, rather than introducing a real version of the virus.

According to the UK Health Security Agency, the “leading advantage of mRNA vaccines is that they can be designed and produced more quickly than traditional vaccines”.

Moderna, which was studying a combo mRNA shot that can tackle COVID and flu for the US health department, previously said it believed mRNA could speed up production of flu jabs compared with traditional vaccines.

Read more from Sky News:
Harry criticises report into charity

Reeves told to find ‘substantial’ tax rises

Default…

Add to lightbox
Coronavirus - Mon Jan 4, 2021
The Oxford/AstraZeneca Covid-19 vaccine in a syringe before being administered to a
Image:
A COVID-19 vaccine during the pandemic. File pic: PA

Scientists are also exploring how mRNA could be used in cancer immunotherapies and in other illnesses.

At the White House earlier this year, billionaire tech entrepreneur Larry Ellison praised mRNA for its potential to treat cancer.

RFK Jr touts ‘effective’ alternative

The health department said the abandoned mRNA projects signal a “shift in vaccine development priorities.”

“Let me be absolutely clear, HHS supports safe, effective vaccines for every American who wants them,” Mr Kennedy said in a statement.

Later, he said work is underway on an alternative – a “universal vaccine” that mimics “natural immunity”.

“It could be effective – we believe it’s going to be effective – against not only coronaviruses, but also flu,” he said.

Continue Reading

Trending