{"id":132908,"date":"2025-04-08T07:16:36","date_gmt":"2025-04-08T07:16:36","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/tariffs-latest-china-accuses-us-of-economic-bullying-over-latest-trade-threat-musk-asked-trump-to-reverse-tariffs-sky-news\/"},"modified":"2025-04-08T07:16:36","modified_gmt":"2025-04-08T07:16:36","slug":"tariffs-latest-china-accuses-us-of-economic-bullying-over-latest-trade-threat-musk-asked-trump-to-reverse-tariffs-sky-news","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/tariffs-latest-china-accuses-us-of-economic-bullying-over-latest-trade-threat-musk-asked-trump-to-reverse-tariffs-sky-news\/","title":{"rendered":"Tariffs latest: China accuses US of 'economic bullying' over latest trade threat; Musk 'asked Trump to reverse tariffs' – Sky News"},"content":{"rendered":"

In a news conference this morning, China has accused the US of “economic bullying” after Donald Trump’s latest tariffs threat. Meanwhile, a report says Elon Musk asked Trump to reverse his tariffs. Follow the latest and listen to the Trump 100 podcast as you scroll.
Tuesday 8 April 2025 08:04, UK
By Sarah Taaffe-Maguire<\/a>, business and economics reporter <\/b>
Could the worst be over?
We’re a long way from a recovery after three days of steep losses, but the UK’s benchmark stock market index, the FTSE 100, is rising again ever so slightly. It’s opened with a 0.91% rise.
So too is the larger FTSE 250 index, comprised of more companies operating in the UK. It’s grown 1.22%. 
By Sarah Taaffe-Maguire<\/a>, business and economics reporter <\/b>
Nothing has changed, but the picture is vastly different today.
Taking a broad look at Asia markets, it’s a mix of rises and falls.
Japan’s Nikkei stock index – which suffered some of the largest loses of the past few days – has gained 6%.
Korea’s Kospi crept up just 0.28%. Both indexes contain major car makers that are going to take a hammering from Trump’s 25% car and car part tariffs.
Judging by out-of-hours trading, US and European markets will also recover some losses today. 
Billionaire Elon Musk asked Donald Trump directly to reverse his tariffs over the weekend, according to the Washington Post. 
Citing two sources, the news outlet said the exchange marks the highest profile disagreement between the Tesla CEO and US president.
Musk’s pleas followed Trump’s unveiling of a 10% baseline tariff on all imports to the US and higher duties on dozens of other countries last week. 
Musk, who also heads the US Department of Government Efficiency, has previously called for zero tariffs between the US and Europe. 
His car company Tesla has seen its quarterly sales drop sharply amid a backlash against his role as a Trump adviser.
Its shares were trading at $233.29 as of its last close yesterday, down over 42% since the beginning of the year.
Musk has previously said that the impact of car tariffs on Tesla is “significant.”
China’s foreign ministry has accused the US of “economic bullying” and “destabilising” the world’s economies. 
In a news briefing, which you can watch in our previous post, a spokesperson for the ministry said America’s “abuse” of tariffs “seriously infringes” on the interests of countries around the world. 
“China strongly deplores and firmly opposes this. Let me stress once again that trade wars have no winners,” Lin Jian told reporters. 
“The Chinese people never create trouble nor do we fear trouble. Extorting China is not the right way to engage with us.” 
He said China will do what is “necessary to firmly safeguard its legitimate and lawful rights and interests”. 
“If the US insists on waging the tariffs war and trade war regardless of the interest of both countries and the international community, China will play along to the end,” Jian added. 
Jian’s message echoed Beijing’s line overnight about fighting to the end (see 6.20am post).
For context:<\/b> The Trump administration had already imposed 20% tariffs on China earlier this year but Trump revealed an additional 34% rate in the White House Rose Garden last Wednesday evening.
Then, yesterday, the US president threatened to put an extra 50% tariff on China if it did not withdraw its 34% retaliatory tariff. 
So, all in all, Trump’s tariffs could reach a 104% level on Beijing if he sticks to his threat.
China’s foreign ministry is holding its daily news briefing in Beijing this morning after Donald Trump threatened to increase his tariffs on the country. 
China has vowed to “fight to the end” against the taxes, which Trump has said could rise as high as 104% if the nation does not withdraw its 34% tariff on US goods. 
The US president said Beijing had until the end of today to remove the retaliatory tariff. 
You can watch the briefing live in the video below and will bring you all the key updates. 
By Mark Stone<\/a>, US correspondent <\/b>
When Benjamin Netanyahu was asked at the weekend by Donald Trump to come immediately to Washington, he surely expected it was because Trump was going to relent on the 17% tariff he’d whacked on Israel a few days earlier. 
Israeli officials hinted as much to me.
It looked like Israel would be the test case for the rest of the world. 
After all, the Israeli prime minister had already said his government would scrap all tariffs and trade barriers it has on American trade into Israel.
And so, in capitals around the world, they watched the Oval Office news conference.
Trump began by inviting Netanyahu to tell the world what his country was going to do for the US.
On cue, Netanyahu reiterated his offer for the world to hear.
“We will eliminate the deficit and the trade barriers that have been put up unnecessarily,” Netanyahu said to Trump with deference. He added: “It serves as a model for other countries.”
It was a fair expectation the American president would offer something in return. But no.
Trump went on to weave through numerous issues from Iran to Gaza. But no mention of removing or reducing the stinging 17% tariff on Israel.
The prime minister will be questioned by senior MPs over the market turmoil caused by Donald Trump’s tariffs today. 
Sir Keir Starmer will hold a Cabinet meeting this morning before heading to parliament to appear before the Liaison Committee. 
The UK has been hit by a 10% tariff on goods entering the US, along with a 25% tariff on cars and separate import taxes on steel and aluminium. 
It has been arguing its case for a carve out from the trade tax on goods going into the US.
Starmer has warned the tariffs were “not a passing phase” as he visited Jaguar Land Rover’s West Midlands plant yesterday, but urged workers at the carmaker to remain calm.
You can read more about this and all the latest news from Westminster in our Politics Hub…
Asian markets have opened higher this morning after seeing serious falls yesterday. 
Japan’s Nikkei 225 share benchmark was up 6% after falling nearly 8% a day earlier and the broader Topix traded 6.8% higher.
The US semiconductor index climbed 2.7% overnight, while the S&P and Nasdaq futures each rose more than 1% in Asia trade.
South Korea’s Kospi gained 2% and markets in Australia and New Zealand were also higher.
Asian markets had plunged yesterday, with stocks in Hong Kong falling 13.2% in their worst day since 1997 during the Asian financial crisis.
Beijing has publicly stepped up efforts to stabilise the market after Donald Trump slapped a 34% tariff on China last week.
China has since responded with 34% levies on US imports. 
China has vowed to “fight to the end” after Donald Trump threatened to ratchet up tariffs on the country to more than 100%. 
“The US side’s threat to escalate tariffs against China is a mistake on top of a mistake, once again exposing the American side’s blackmailing nature,” China’s commerce ministry said.
“If the US insists on having its way, China will fight to the end.”
Beijing has already announced reciprocal 34% duties on US goods entering the country following Trump’s initial tariff announcement last week. 
The Trump administration had already imposed 20% tariffs on China earlier this year but Trump revealed an additional 34% rate in the White House Rose Garden last Wednesday evening.
Watch below: Sky News reports from China on the impact the 20% rate is already having.<\/b><\/i>
We’re back with our coverage as Donald Trump’s tariffs continue to cause havoc around the world. 
Yesterday, Wall Street experienced a shocking day of trading and saw an early drop that dragged it 20% below its record to a sudden rise.
It then reverted to losses.
The intense swings come as financial markets strain to see hopes that Trump may let up on his stiff tariffs, which economists see raising the risks of a global recession.
Here are the key developments from the last 24 hours:
Be the first to get Breaking News<\/span>
Install the Sky News app for free<\/p>\n

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