China calls on U.S. to revoke tariffs and pledges counteractions
China urged the Trump administration to revoke the newly imposed U.S. tariffs and stated it would “firmly implement counteractions” to safeguard its rights and interests.
The latest tariffs result in China, a major trading partner with the U.S., facing the highest tariff rates, exceeding 54% cumulatively.
The Chinese Commerce Ministry remarked, “The so-called ‘reciprocal tariffs’ are founded on subjective and unilateral evaluations from the U.S., breaching international trade regulations, gravely affecting legitimate rights of other nations, and exemplifying unilateral bullying.”
“Numerous trading partners have expressed their strong discontent and opposition,” it added, insisting that the U.S. should engage with trading partners through equal discussions to resolve disputes.
Apple experiences drop in tech stocks following Trump tariff announcement
Apple’s stock fell by over 6% in after-hours trading on Wednesday, leading a wider sector decline in technology stocks after President Donald Trump declared new tariffs ranging from 10% to 49% on imports.
A significant portion of Apple’s revenue is generated from devices mainly produced in China and several other Asian countries. Nvidia, which produces new chips in Taiwan and assembles its AI systems in Mexico and other regions, saw a drop of roughly 4%, while electric vehicle manufacturer Tesla fell by 4.5%.
In the broader big-cap sector, Alphabet, Amazon, and Meta witnessed declines ranging from 2.5% to 5%, while Microsoft dropped nearly 2%.
If Apple’s loss in after-hours trading is reflected in regular trading on Thursday, it would mark the stock’s sharpest drop since September 2020.
ING: Europe faces significant economic challenges with new tariffs
Global financial services firm ING noted that a 20% retaliatory tariff from the United States on the European Union would be detrimental.
“It has exacerbated the short-term perspective for the eurozone. The success now entirely hinges on European governments implementing their intended fiscal stimulus and reforms to bolster domestic economies,” they commented.
“The tariff announcements made by Donald Trump on Wednesday should serve as a conclusive reminder for Europe that the Transatlantic relationship has undergone a permanent shift. This shift extends beyond just security and defense policies.”
European allies voice strong reactions
Irish Prime Minister Micheál Martin criticized the 20% tariffs imposed on imports from the EU, describing it as “deeply regrettable.”
“I firmly believe that tariffs yield benefits for no one. My priority, and that of the government, remains the protection of Irish jobs and the economy,” he stated.
Manfred Weber, president of the EPP, the largest party in the European Parliament, remarked on Wednesday: “To our American friends, today is not a day of liberation—it’s a day of resentment. Donald Trump’s tariffs do not promote fair trade; they undermine it through fear and adversely affect both sides of the Atlantic. Europe stands united, committed to defending its interests, and is open to fair negotiations.”
