ASEAN group pledges against trade retaliation towards the U.S.
The 10-member Association of Southeast Asian Nations (ASEAN) has committed to refraining from retaliation in light of tariffs imposed by the U.S. government. The organization expressed its desire to engage in “frank and constructive dialogue” with the United States regarding trade matters.
In an official statement, the ASEAN members remarked, “We regard the U.S. as a longstanding and valued economic partner of ASEAN,” asserting their commitment to protect the region’s economic interests while fostering robust and mutually beneficial trade ties with the U.S.
The ASEAN bloc includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
— Ruxandra Iordache
European Union praises Trump’s tariff pause: Ursula von der Leyen
European Commission President Ursula von der Leyen expressed approval of President Trump’s decision to delay “reciprocal” tariffs for several countries, emphasizing the EU’s dedication to pragmatic negotiations with the U.S. leadership.
In a post on social media, she stated, “It’s an important step towards stabilizing the global economy. Clear, predictable conditions are essential for trade and supply chains to function.”
She added, “Tariffs are taxes that only hurt businesses and consumers. Thus, I have consistently supported a zero-for-zero tariff agreement between the European Union and the United States.”
Simultaneously, the EU is working on diversifying its trade relationships and had recently approved its initial set of retaliatory measures against U.S. tariffs on steel and aluminum, according to von der Leyen.
— Ruxandra Iordache
Deutsche Bank: Trump unlikely to change extreme tariff policies, but repercussions persist
In a note to clients, Deutsche Bank Research’s George Saravelos highlighted President Trump’s acknowledgment of the bond market during his White House press conference on Wednesday.
He noted, “The administration is finally signaling responsiveness to the extreme market conditions we raised earlier. At the margin, this should diminish the likelihood of a return to such an extreme policy mix.”
Following the announcement of a 90-day halt on specific tariffs—excluding new duties on China—Wall Street stocks surged. However, Saravelos cautioned that the long-term impacts of Trump’s tariff policies have created a permanent atmosphere of unpredictability.
He stated, “Even if tariffs are permanently lifted, the economy has already been adversely affected by this enduring unpredictability in policy. The recent events will linger in the minds of global economic partners for upcoming trade negotiations and beyond, fostering a stronger inclination for strategic independence from the U.S.”
— Chloe Taylor
Ackman: China faces isolation among U.S. tariffs
Billionaire investor Bill Ackman stated that China has become “isolated as a bad actor” due to escalating trade tensions and tariffs with the U.S. In a recent social media post, he remarked, “Every American company is rapidly relocating their supply chains out of China to the U.S. or other U.S. trading partners likely to secure favorable tariff agreements.”
He emphasized that as time progresses, companies are discovering better alternative suppliers outside China, prompting the need for China to negotiate reasonably.
Trump’s administration has intensified trade levies against Beijing, which retaliated with its own measures and lodged complaints with the World Trade Organization. Although Trump granted tariff reprieves to most countries on Wednesday, he escalated tariffs against China to 125%, while China responded by increasing tariffs on U.S. goods to 84%.
— Ruxandra Iordache
South Korea prioritizes negotiations to lower tariffs with U.S.
South Korea is moving forward with plans to lower tariff rates in talks with the United States, following a phone call between acting President Han Duck-soo and President Trump, as reported by Yonhap.
Last year, South Korea exported approximately $127.8 billion worth of goods to the U.S. and faced a 25% tariff originally announced on April 2, prior to Trump’s recent temporary reversal.
An official from South Korea’s Prime Minister’s Office shared, “Given that high-level discussions have occurred, we are preparing detailed proposals and will start negotiations on specific trade issues. Our primary aim is to adjust (U.S.) tariff rates.”
— Ruxandra Iordache
China implements 84% tariffs on U.S. imports
China has raised its tariffs on U.S. imports from 34% to 84%, effective at 12:01 p.m. Beijing time.
On Wednesday, China’s Ministry of Finance announced this new tariff rate following President Trump’s increase of tariffs on Chinese imports to a total of 104% net. Subsequently, Trump increased this rate to 125% early Thursday, declaring that the new rate would take effect immediately.
— Lim Hui Jie
Finance Newso live tariff blog, April 10
Explore Finance Newso’s live blog for updates on U.S. trade tariff policy developments for April 10.Visit here for the previous day’s blog for additional context.
