ASEAN group commits to no trade retaliation against the U.S.
The ten-member ASEAN group has affirmed its decision not to impose any retaliatory actions in response to tariffs set by the White House and aims to “engage in honest and constructive discussions” with Washington regarding trade relations.
“We view the U.S. as a long-standing and valued economic partner of ASEAN,” the group remarked in a statement, adding, “We remain dedicated to protecting ASEAN’s economic interests while fostering strong and mutually beneficial trade relations with the U.S.”
The ASEAN group consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
— Ruxandra Iordache
European Union praises Trump tariff halt: von der Leyen
European Commission President Ursula von der Leyen is seen during a meeting with Iceland’s Prime Minister Kristrun Frostadottir (not pictured) in Brussels, Belgium, on April 9, 2025.
Yves Herman | Reuters
European Commission President Ursula von der Leyen expressed her approval of Trump’s decision to suspend “reciprocal” tariffs against various nations, noting that the bloc “is committed to constructive negotiations” with the White House.
“This is a significant step towards stabilizing the global economy. Clear and predictable conditions are crucial for commerce and supply chains to operate effectively,” she stated in a social media update.
“Tariffs act as taxes that adversely affect businesses and consumers. This is why I have consistently pushed for a zero-for-zero tariff agreement between the European Union and the United States.”
Simultaneously, the EU, which recently voted to approve its initial measures in retaliation to U.S. tariffs on steel and aluminum, is also prioritizing the diversification of its trade relationships, according to von der Leyen.
— Ruxandra Iordache
Trump unlikely to overhaul drastic tariff strategies, but ‘the damage has been done’: Deutsche Bank
U.S. President Donald Trump speaks at an event featuring NASCAR Cup Series, NTT IndyCar Series, and IMSA WeatherTech SportsCar Championship champions at the White House in Washington, D.C., U.S., on April 9, 2025.
Nathan Howard | Reuters
In a client note released on Wednesday evening, George Saravelos from Deutsche Bank Research commented on U.S. President Donald Trump’s mention of the bond market during his White House press conference that day.
“The administration is eventually indicating responsiveness to the very extreme market conditions we pointed out in the morning. This should marginally reduce the likelihood of such an extreme policy mix returning,” Saravelos noted.
Following Trump’s announcement of a 90-day pause on country-specific tariffs, excluding new tariffs on China, Wall Street stocks soared on Wednesday.
Despite the upbeat market reaction, Saravelos cautioned that “the damage has been done” by Trump’s reciprocal tariff policy.
“Even if the tariffs are permanently suspended, harm has been inflicted on the economy due to a lasting sense of unpredictability in policy,” Saravelos elaborated. “Recent events will resonate with global economic partners during upcoming trade negotiations and for many years ahead. The push for greater strategic independence from the U.S. across all fronts will persist.”
— Chloe Taylor
China has been ‘isolated’ amid U.S. tariffs, says Bill Ackman
Billionaire investor Bill Ackman stated on Thursday in a social media post that China has become “isolated as a bad actor” due to escalating trade tensions and tariff impositions with the U.S.
“Every American company is swiftly relocating their supply chains from China back to the U.S. or to U.S. trading partners likely to negotiate favorable tariff deals with the U.S. Time is not in China’s favor,” he observed.
“As time goes on, more companies are finding alternative suppliers outside of China. Thus, China is motivated to engage in negotiations soon and to be reasonable in their approach.”
Washington has intensified trade levies against Beijing, which has retaliated with countermeasures and complaints to the World Trade Organization. While granting most other nations a tariff reprieve on Wednesday, Trump increased duties on imports from China to 125%. Earlier that same day, China had escalated its tariffs on U.S. goods to 84% in reaction to U.S. policies.
— Ruxandra Iordache
South Korea accelerates efforts to reduce tariffs with U.S.
South Korea is set to advance its push for lower tariff rates in discussions with Washington, following a phone conversation between acting President Han Duck-soo and U.S. President Donald Trump, as reported by South Korean outlet Yonhap.
South Korea, which exported approximately $127.8 billion worth of goods to the U.S. in 2024, faced a 25% tariff rate under the White House’s announcements from April 2, prior to Trump’s temporary reversal on Wednesday.
“Following high-level discussions, we will now prepare concrete proposals and initiate negotiations on specific issues with relevant trade authorities,” an official from the South Korean Prime Minister’s Office informed reporters on Wednesday. “Our primary aim is to modify (U.S.) tariff rates.”
— Ruxandra Iordache
Chinese tariffs of 84% on U.S. imports take effect
China’s higher tariffs on U.S. imports have taken effect at 12:01 p.m. Beijing time, increasing the tariff rate from 34% to 84%.
On Wednesday, China’s ministry of finance announced the 84% tariff rate after U.S. President Donald Trump had raised tariffs on Chinese imports to a total net tariff of 104%.
The tariff on China was subsequently increased again by Trump to 125% at approximately 1:18 a.m. Thursday, with the announcement that it would be implemented “immediately”.
— Lim Hui Jie
