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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.

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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.”

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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.

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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.

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‘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.”

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Israeli embassy shooting suspect ‘fired repeatedly after victims hit the ground’

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Israeli embassy shooting suspect 'fired repeatedly after victims hit the ground'

The man suspected of shooting dead two Israeli embassy workers in Washington DC leaned over and fired at them repeatedly after they fell to the ground, the FBI has said.

Elias Rodriguez, 31, has been charged with murdering Sarah Milgrim and her boyfriend Yaron Lischinsky, after they left an event at the Capital Jewish Museum on Wednesday night.

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Footage has showed Rodriguez, from Chicago, chanting “free, free Palestine” as he was arrested.

It later emerged Mr Lischinsky had bought a ring and planned to propose to Ms Milgrim.

Authorities are investigating the killings as both a hate crime against the Jewish community and terrorism.

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Shootings suspect shouts ‘free Palestine!’

‘I did it for Gaza’

It comes as the FBI has said in a charging document on Thursday that surveillance footage shows how Ms Milgrim and Mr Lischinsky died.

Rodriguez is allegedly seen passing the couple after they left the museum before shooting them in the back.

The FBI says the footage then shows him leaning over the couple and firing at them several more times after they fell to the ground.

The video then shows Ms Milgrim attempting to crawl away before “(Rodriguez) followed behind her and fired again”, the charging document says.

The suspected gunman is then accused of reloading his weapon and firing at Ms Milgrim as she sat up.

According to the charging document, Rodriguez then jogged to the museum and once inside asked to speak to a police officer before stating that he “did it” and that he was unarmed.

He is then said to have told police: “I did it for Palestine, I did it for Gaza, I am unarmed.”

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DC shooting: Father pays tribute to ‘perfect’ daughter

Suspect ‘expressed admiration’ for fatal protest

The court document also states that 21 expended 9mm bullet cases were found at the scene and the gun was slide-locked – meaning it was empty of ammunition.

An empty gun magazine was also recovered from the scene.

The FBI says it has obtained travel records which show Rodriguez flew from Chicago’s O’Hare International Airport to the Reagan National in Washington DC on Tuesday with the gun in his checked baggage.

Rodriguez had bought the weapon in the state of Illinois on 6 March 2020, according to the charging document.

The FBI has said that while Rodriguez was in custody he “expressed admiration” for a US Air Force member who set himself on fire in front of the Israeli embassy in Washington DC on 25 February 2024.

Aaron Bushnell died in the apparent act of protest against the war in Gaza.

Rodriguez also told police he bought a ticket to the museum around three hours before the event that was attended by Ms Milgrim and Mr Lischinsky.

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Starmer ‘on wrong side of history’

During a brief court appearance at the E. Barrett Prettyman Federal Courthouse in Washington DC today, Rodriguez was charged with two counts of first degree murder and with the murder of foreign officials.

He has also been charged with causing the death of a person through the use of a firearm and discharge of a firearm during a crime of violence.

Rodriguez was told he could face life in prison or the death penalty if he is found guilty.

He remained calm throughout the hearing, paying attention to the proceedings throughout and confirmed that he is asking the court to appoint an attorney on his behalf.

He will next appear at a federal court in Washington DC on 18 June.

Murdered couple ‘were perfect for each other’

Meanwhile, Ms Milgrim’s father, Robert, says he feared his daughter might be in danger when he saw news alerts of a fatal shooting in Washington DC.

Ms Milgrim’s mother Nancy opened a phone locator app and saw Ms Milgrim was at the Capital Jewish Museum.

“Shortly after that, the Israeli ambassador called us on my wife’s phone,” Mr Milgrim told Sky News’ partner network NBC News, fighting back tears.

He added that it was the ambassador who told them Mr Lischinksy had bought a ring and was planning to propose to Ms Milgrim.

“They were perfect for each other, he said.

Mr Milgrim continued: “They just brought us joy, and her memory, which is a blessing, will continue to bring us joy – but it’s not the same as her not being here.”

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Investors descend on Trump’s golf club for $148m meme coin dinner amid protests

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Investors descend on Trump's golf club for 8m meme coin dinner amid protests

Donald Trump hosted a dinner for investors in his meme coin on Thursday, as critics warned the US president was putting personal profit first.

Some 220 of the biggest investors in the $TRUMP meme coin descended on the exclusive dinner at Mr Trump’s private country club in Northern Virginia.

As the US president arrived, more than a hundred protesters at the Trump National Golf Club held signs that included “America is not for sale”, “stop crypto corruption” and “release the list”.

Massachusetts senator Elizabeth Warren described the dinner, where the US president spoke for about half an hour before dancing to the song YMCA, as an “orgy of corruption”.

US President Donald Trump leaves the White House to attend his own meme coin gala.
Pic: Reuters/Evelyn Hockstein
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Donald Trump leaves the White House to attend his own meme coin gala. Pic: Reuters/Evelyn Hockstein

Access to the dinner, and the president, was earned by purchasing enough of his $TRUMP meme coin to secure a seat.

The White House insisted Mr Trump would attend the event “in his personal time”, but the lectern he stood behind had the presidential seal.

NBC News reported that during his remarks, Mr Trump did not unveil any new crypto policies but spoke in support of a potential bitcoin reserve and then left promptly afterward.

In total, investors spent an estimated $148m (£110m), with the top 25 holders of the coin spending more than $111m (£82.56m), according to crypto intelligence firm Inca Digital.

A company controlled by the Trump family, and a second firm, hold 80% of the remaining $TRUMP coins and have so far earned $320.19m (£238.14m), including at least $1.35m (£1m) after the dinner announcement, according to blockchain analytics firm Chainalysis.

‘Trump a very successful businessman,’ says White House

According to blockchain analysis, more than half of the 220 holders who attended the black-tie event are likely based outside the US.

This has led to claims the US president has auctioned off access to himself to foreign investors for personal gain.

In response to criticisms about Mr Trump using his office to enrich himself from the meme coin, White House press secretary Karoline Leavitt said: “All of the president’s assets are in a blind trust, which is managed by his children.

“And I would argue, one of the many reasons that the American people re-elected this president back to this office is because he was a very successful businessman before giving it up to publicly serve our country.”

Demonstrators gather outside Trump National Golf Course ahead of U.S. President Donald Trump’s meme coin gala.
Pic: Reuters
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Protesters gather outside Trump National Golf Course ahead of the dinner.
Pic: Reuters

President Donald Trump arrives on the South Lawn of the White House after attending the crypto dinner.
Pic: AP/John McDonnell
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Trump arrives back at White House after attending the crypto dinner. Pic: AP/John McDonnell

Who was on the guest list?

One of those attending was China-born crypto entrepreneur and billionaire Justin Sun.

He won first place in the dinner contest with his $18.5m (£13.76m) wallet of the Trump meme coin and is the largest publicly known investor in the family’s crypto platform – which has made them hundreds of millions of dollars.

Mr Sun posted videos of himself visiting parts of the White House complex on Wednesday, and on Thursday of Mr Trump at the dinner event.

In February, the US Securities and Exchange Commission paused a 2023 fraud case against him, citing public interest.

Demonstrators protest near Trump National Golf Club before the arrival of the president. 
Pic: AP/Rod Lamkey Jr
Image:
Demonstrators protest near Trump National Golf Club before the arrival of the president.
Pic: AP/Rod Lamkey Jr

However, the identities of the majority of the coin holders attending the event remain unknown.

Of those going, one was simply known as Ogle, a crypto security specialist who appears in video interviews with his face covered by a bandana and sunglasses.

He says this is to protect his identity.

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Even some pro-Trump crypto voices worried his personal involvement may hurt efforts to establish credibility.

“It’s distasteful and an unnecessary distraction,” said Nic Carter, a Trump supporter and partner at the crypto investment firm Castle Island Ventures.

“We would much rather that he passes common sense legislation and leave it at that.”

The event was capped off with an after-party, called “Meme The Night,” thrown by a Singapore-based meme-coin engagement company called MemeCore.

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Can Trump revoke international students’ visas?  

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Can Trump revoke international students' visas?  

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On Wednesday evening two Israeli embassy workers, Yaron Lichinsky and Sarah Milgrim, were shot and killed in Washington DC by a man who chanted “free Palestine” as he was arrested.

On Trump100, US correspondents Martha Kelner and Mark Stone discuss the politics at the centre of the killings, and the Trump administration’s approach to antisemitism in the US.

Plus, the Trump administration steps up its war on Harvard by preventing the university from enrolling international students, which could cost the institution half a billion dollars.

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