China has hit back at Donald Trump, raising tariffs on US goods to 125% from 84%. It comes as Asian and US markets plunge. Meanwhile, the US president faces accusations of insider trading – listen to Trump 100 on whether he and his circle have got richer as you scroll.
Friday 11 April 2025 15:07, UK
Live reporting by Dylan Donnelly
Our US correspondents Mark Stone and David Blevins are back this afternoon at 4pm to answer your questions in their regular Q&A edition of the Trump 100 podcast.
Submit your question on anything Trump-related in the box at the top of the page.
Peter Navarro, a senior trade adviser to Donald Trump and the architect of his tariff policy, says the president is aiming for “90 deals in 90 days” – referring to his 90-day tariff pause.
Appearing on Fox Business, Navarro said: “Americans should trust in Trump, the markets should trust in Trump, and not get these weak knees.”
Navarro, a long-time aide of Trump, was embroiled in a public spat with Elon Musk this week in a sign of divisions at the top of the White House.
Navarro had called Musk a “car assembler”, leading the Tesla boss to call him “dumber than a sack of bricks”.
US correspondent Mark Stone had his own run-in with Navarro over tariffs last month – watch the moment he told him ‘stop that crap’…
Another day of trading on Wall Street has just begun and all three main US stock indexes have opened lower.
The Down Jones fell 0.25%, the S&P 500 fell 0.24% and the Nasdaq Composite fell 0.18% at the bell as markets assess the latest escalation in the US-China trade war.
These numbers fluctuate minute-by-minute – we’ll stay across any major changes.
Moments before Wall Street starts trading, Donald Trump has said the US is doing “really well on our TARIFF POLICY”…
Here’s his post on Truth Social…
At 2.30pm, the New York Stock Exchange will begin trading for the day after a turbulent week – and China’s latest retaliatory tariffs.
Markets were down when they closed last night – we’ll bring you the opening numbers as soon as they’ve settled.
Watch the moment Wall Street begins Friday trading in our stream at the top of the live page.
America’s biggest bank says there is now a 50% chance of a global recession, down from 60% a week ago.
Uncertainty after Donald Trump’s tariffs and trade war with China continues, leading to questions of the long term stability of various markets.
JP Morgan previously said there was a 40% chance of a global recession before raising it and then lowering it to 50/50.
Turmoil caused by Trump’s tariffs is also visible on the currency exchanges, with the dollar continuing to fall today.
Long seen as a safe bet and a benchmark for global trade, the dollar hit its lowest rate against the Swiss franc in a decade.
The Swiss franc stood at $1.22 against the dollar, undermining the status of the US currency as a safe haven asset in times of economic volatility.
The euro also rose against the dollar, reaching $1.14 of its value.
By Sarah Taaffe-Maguire, business and economics reporter
Global financial markets have been on a rollercoaster ride since Trump’s “liberation day”, but how does it affect you?
Some debts, like credit card bills, will become a bit cheaper.
But lower interest rates mean that savings rates will fall, so savers can expect to get less of a return in the coming months
Read on here:
In the latest episode of the Trump 100 podcast, US correspondents James Matthews and Mark Stone discuss the difficult questions being raised over Donald Trump’s tariff reversal.
Hours before his announcement, the president posted on Truth Social, telling his followers that it was a “great time to buy”.
“Democrats are calling for an investigation – they smell market manipulation in all of this,” Matthews says.
Listen to the Trump 100 podcast below and click here to find the podcast feed where you can follow for the latest episodes.
You can also submit a question for our live Trump 100 Q&A this afternoon using the form at the top of this page.
The US dollar fell to its weakest level against the euro in just over three years today as the US-China trade war escalated further.
At around 9am UK time, the dollar hit $1.14 against the euro – its weakest value against the European currency since February 2022.
The US dollar index – which measures the dollar’s value against a basket of major currencies – had also weakened 1.3% by the same time this morning.
France’s prime minister says it is “terribly dangerous” to think China could one day replace the US.
Francois Bayrou urged EU members to stick together as tariff tensions continue to grip the world’s financial markets.
Speaking at a cheese and wine fair, the French politician said: “The idea that the United States could be replaced by China is a terribly dangerous idea.”
“Be prepared to be courageous,” he added, referencing the turbulent times France and other EU nations find themselves in.
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