Donald Trump Tariffs News Live Updates: Americans likely to feel tariff impact by late May, says former Trump economic adviser

Mexico on Monday criticized a threat by US President Donald Trump's administration to restrict livestock imports over a pest control row, fanning tensions between the major trade partners.

Trump's Agriculture Secretary Brooke Rollins warned in a letter released Saturday that Washington would restrict imports of live cattle unless Mexico acts to help control a screwworm fly outbreak by Wednesday.

She said that Washington was "very concerned" about the countries' joint campaign against the outbreak in southern Mexico.

The United States complained that its southern neighbor was restricting US-contracted planes that release sterile screwworm flies to operating six days a week instead of seven.

It also accused Mexican authorities of imposing "substantial import duties" on aviation parts, equipment and sterile fly shipments needed for the operations.

Asked about the US complaint at her morning news conference, Mexican President Claudia Sheinbaum said that while some aspects were justified, "others we consider to be excessive."

US stocks are slipping Monday ahead of potential flashpoints looming later in the week that could bring more sharp swings for financial markets.
The S&P 500 fell 0.7% in afternoon trading, coming off a winning week in its whipsaw ride that’s been rattling investors for weeks.

The Dow Jones Industrial Average was down 103 points, or 0.3%, as of 12:41 p.m. Eastern time, and the Nasdaq composite was 1.2% lower.

The relatively calm trading offers a respite following historic swings that have come as hopes rise and fall that President Donald Trump may back down on his tariffs, which investors expect would otherwise cause a recession. The S&P 500 has roughly halved its drop that had taken it nearly 20% below its record set earlier this year.

This upcoming week will feature earnings reports from some of Wall Street’s most influential companies, including Amazon, Apple, Meta Platforms and Microsoft. Their performances carry huge sway over the market because they’ve inflated to become the biggest by far in terms of size.

Outside of Big Tech, executives from Caterpillar, Exxon Mobil and McDonald’s may also offer clues about how they’re seeing economic conditions play out. Several companies across industries have recently been slashing their estimates for upcoming profit or pulling their forecasts completely because of uncertainty about what will happen with Trump’s tariffs.

S Treasury Secretary Scott Bessent said Monday he was not concerned "at present" about American stores potentially running out of items due to President Donald Trump's tariffs.

The US president has introduced a 10 percent baseline tariff against most nations, and a far higher levy totaling 145 percent on goods coming from China.

The White House also introduced several sector-specific tariffs of 25 percent, and has threatened to reimpose higher measures on dozens of trading partners if they do not reach a deal to lower trade barriers with the United States.

Asked during an interview with "Fox and Friends" if he was concerned about reports of empty shelves due to the tariffs, Bessent replied: "Not at present."

"We have some great retailers," he said during the Fox News interview. "I assume they pre-ordered."

"I think we'll see some elasticities. I think we'll see replacements, and then we will see how quickly the Chinese want to de-escalate."

Most countries chose not to respond to the Trump administration's new tariffs, with the exception of China, which hit back with its own targeted measures against US goods.

American sourcing firms and exporters in China are approaching Indian companies to supply goods to the US as high tariffs imposed by Washington are making it difficult for them to ship directly to America, apex exporters' body FIEO said on Monday. The US has imposed 145 per cent tariffs on Chinese goods entering the American market. For India, the duty is just 10 per cent.

Federation of Indian Exporter Organisations (FIEO) Director General Ajay Sahai said US sourcing firms in China are in touch with domestic manufacturers through diplomatic channels to buy goods from India and export to America to bypass the high tariffs.

"We also held an online meeting with a big US firm. Huge export opportunities are there for Indian exporters due to high import duties imposed by the US on China," he said.

Besides, he said, Chinese manufacturer exporters from various sectors like electronics, hand tools and home appliances are also reaching out to Indian traders.

"Chinese firms are willing to pass on the export orders they receive to Indian firms so that shipments can continue and their business relationships with the US remain intact," Sahai said, adding that in return, Chinese companies are seeking a commission fee facilitating the orders.

A significant number of firms from the neighbouring country are approaching the domestic exporters with these business prepositions, he added.

China-based enterprises, impacted by escalating US tariffs imposed under Donald Trump administration, are seeking assistance from Indian exporters to maintain their American clientele amid significant disruptions in global trade.

During the recently concluded Canton Fair in Guangzhou (May 5), several Chinese firms approached Indian companies to help fulfil US customer orders, according to Ajay Sahai, Director General of the Federation of Indian Export Organizations (FIEO), as reported by Bloomberg. Indian firms are expected to receive commissions for facilitating these transactions.

US President Donald Trump launched a blistering attack against major media outlets on Monday, denouncing them as “the enemy of the people” after several polls reported the lowest 100-day presidential approval rating in over 80 years.

In a fiery post on his Truth Social platform, Trump slammed news outlets naming a few like- The New York Times, ABC News, The Washington Post, and even longtime conservative ally Fox News, accusing them of spreading "fake polls from fake news organizations." The post came after new surveys showed Trump's approval ratings hovering at historic lows - 37 per cent according to The New York Times and just 34 per cent in the ABC/Washington Post poll.

The current global tariff environment notwithstanding, India is expected to stay competitive due to its vast domestic market, scale advantages, and focus on innovation, Union Minister Jyotiraditya Scindia has said asserting that seen even from the lens of a comparative matrix of tariffs vis-a-via other nations, India holds a more favourable position. In a recent interview to PTI, Scindia - who is the Minister for Communications as well as Development of North Eastern Region (DoNER) -noted that given that other nations too face varying levels of tariffs, India will likely emerge "fiercely and much more competitive" across numerous products than before.

The lucrative domestic market has drawn global multinational companies to set up a significant presence here, he said and cited the strong pace of India's economic growth and New Delhi's policy push on manufacturing and innovation.

"So I do believe that irrespective of the prevailing environment of tariffs, India will continue to be competitive because she has economies of scale behind her because innovation comes along with that economies of scale to be able to cater to such a large market. And therefore, even in comparison with other nations, India will remain to be competitive," the minister said.

To a question on how he sees the US tariff situation playing out, the Minister said that the whole question of tariffs has to be seen from a comparative matrix point of view.

"So if you're a country that I used to compete with and the tariffs that have been put on you are possibly today double of what mine are. Where I used to be uncompetitive vis-a-vis you, I now become competitive. So, I think it is important to look at it not only from purely India-centric point of view but from a comparative matrix point of view," Scindia said.

Beijing on Monday insisted that "no phone call" took place recently between President Xi Jinping and his US counterpart, after Donald Trump said he had spoken with the Chinese leader.

In an interview conducted on April 22 with TIME Magazine and published Friday, Trump insisted Chinese leader Xi called him despite Beijing denying there had been any contact between the two countries over their bitter trade dispute.

US Agriculture Secretary Brooke Rollins says the government is preparing for a potential bailout of American farms if they are hurt by President Donald Trump’s trade war with China.

In Trump’s first term, the administration directed about $23 billion to farmers who were affected by China’s retaliatory tariffs on crops.

When asked by CNN’s Dana Bash on “State of the Union” if there would be a bailout for farmers this time around, Rollins said, “We are preparing for that” in the short term.

US Treasury Secretary Scott Bessent could not confirm this morning if president Donald Trump has spoken with Chinese president Xi Jinping amid the trade war between the world’s two largest economies.

“I don’t know if president Trump has spoken with president Xi. I know they have a very good relationship and a lot of respect for each other,” Bessent told host Martha Raddatz on ABC’s “This Week.”

Trump said Friday that he’s spoken with Xi “numerous times” and has claimed that US and Chinese officials are speaking daily on trade, but Beijing has insisted there have been no negotiations, reported CNN.

China’s leaders are downplaying the potential impact from US president Donald Trump’s trade war, saying they have the capacity to protect jobs and limit damage from higher tariffs on Chinese exports.

The briefing Monday by several senior officials of different government ministries appeared aimed at shoring up confidence with promises of support for companies and the unemployed, easier lending conditions and other policies to counter the impact of combined tariffs of up to 145% on US imports from China.

It followed a meeting of China's powerful Politburo last week that analysts said had focused on ways to counter keep growth on track despite slowing exports.

Senior diplomats from BRICS countries will meet on Monday in Brazil to present a united front in the face of threats emerging from US President Donald Trump's aggressive trade policies.

Diplomats from the trading bloc that includes current presidents of Brazil, Russia, India, China and South Africa will meet for two days in Rio de Janeiro, as a precursor to a leaders summit in July.

"The ministers are negotiating a declaration aimed at reaffirming the centrality and importance of the multilateral trading system," Brazil's BRICS representative Mauricio Lyrio told reporters Saturday.

A top Chinese economic official on Monday said Beijing was on the "right side of history" in its gruelling trade war with the United States.

Speaking in Beijing at a news conference at which officials vowed greater steps to shield China's flagging economy from the impact of the standoff, senior economic planner Zhao Chenxin said Beijing was "on the right side of history".

"We firmly believe that if you are against the world and the truth, you will only isolate yourselves," Zhao said.

"Only by travelling with the world and with morality can we win the future," he added.

The United States, he said, "play cards out of thin air, bully and go back on their word", condemning Washington's "unilateralism and bullying".

Singapore's deputy prime minister said the city-state is negotiating concessions for pharmaceutical exports to the United States after a call with US Commerce Secretary Howard Lutnick.

Gan Kim Yong, who is also the trade minister and helms the Singapore Economic Resilience Taskforce, told reporters Sunday that pharmaceuticals make up more than 10 percent of the city state's exports to the United States, according to the Straits Times.

Gary Cohn, who served as director of the National Economic Council under President Trump, said the effects of tariffs will start to be felt nationwide by late next month, warning that lower-income Americans will “end up paying a disproportionate percentage of the tariffs,” reported CNN.

India is likely to ask the US to ease export controls and grant it access to critical technologies on par with key American allies like Australia, the UK, and Japan under the proposed bilateral trade agreement (BTA), sources said. They added that India may seek these easing for sectors like telecom equipment, biotechnology, AI (artificial intelligence), pharmaceuticals, quantum computing and semiconductors.

The country is also seeking duty concessions for labour-intensive sectors like textiles, gems and jewellery, leather goods, garments, plastics, chemicals, shrimp, oil seeds, chemicals, grapes and bananas in the proposed pact with America.

On the other hand, the US wants duty concessions in sectors like certain industrial goods, automobiles (electric vehicles particularly), wines, petrochemical products, dairy, agriculture items such as apples, and tree nuts, they said.

As part of the proposed BTA, one of the sources said, India may request the US to place it on par with other key US allies including Australia, UK and Japan regarding access to technology through easing of export controls particularly in key areas like telecom equipment, biotechnology, and AI.

Easy access to cutting-edge technologies in these sectors would help boost India's innovation capabilities, enhance its technological infrastructure, and further push the country's economic growth.

The commerce ministry, which is leading the negotiations for the agreement, declined to comment when asked about these issues.

According to think tank GTRI, the US has eased export controls to strengthen technology partnerships with close allies like Australia, the United Kingdom, and Japan. The changes are designed to make collaboration easier in critical sectors.

Australia's prime minister said Sunday he trusts US President Donald Trump to support the two countries' defence relationship despite their "different values" on trade, in a final television debate before May 3 elections.

The high cost of living is the biggest concern of voters, according to opinion polls, but the US imposition of 10-percent trade tariffs on long-time ally Australia has elbowed its way into a tight election battle.

Asked if he trusted Trump to have Australia's back on security, Prime Minister Anthony Albanese said: "Yes."

The Australian leader, whose centre-left Labor Party has a narrow lead in the polls over the conservative opposition, said US lawmakers he met had expressed "universal" support for their defence ties.

"I think that gives us confidence is that it's in the United States' interests as well as in Australia's interest," he said.

But Albanese said he and Trump had "different views, different values".

"I support free and fair trade, he doesn't. He thinks tariffs are the way forward for the United States."

In 2021, Australia signed a US$235 billion agreement with the United States and Britain that would equip the Australian navy with US nuclear-powered submarines and help balance China's expanding military might.

The investors in the upcoming week will closely monitor key economic data, geopolitical tensions, foreign institutional investor (FII) moves and discussions around the potential trade agreements between the US and its trade partners.

The market analysts say that the week from April 28 to May 2, 2025, is set to bring another series of crucial economic releases that could impact global market dynamics and investor sentiment.

"The upcoming holiday-shortened week also marks the beginning of a new month, making monthly auto sales data a key area of focus for market participants. On the macroeconomic front, investors will closely track the Index of Industrial Production (IIP) data and the HSBC Manufacturing PMI Final data. Meanwhile, geopolitical developments between India and Pakistan will remain on the radar," said Ajit Mishra - SVP, Research, Religare Broking Ltd.

The Bajaj Broking Research team, in its weekly note, added, "In India, attention will be on the Industrial Production (YoY) data for March, scheduled for release on April 28, which will offer insights into the strength of the country's manufacturing and industrial sectors."

US Treasury Secretary Scott Bessent on Sunday defended President Donald Trump's tumultuous tariff policy -- which has put global markets on a roller coaster -- as a way of creating "strategic uncertainty" that gives Washington the upper hand.

Since returning to the presidency in January, Trump has slapped 10 percent tariffs on most US trading partners and a separate 145 percent levy on many products from China.

Beijing has responded with 125 percent tariffs of its own on US goods.

Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.

"In game theory, it's called strategic uncertainty, so you're not going to tell the person on the other side of the negotiation where you're going to end up," Bessent told ABC's "This Week" news program.

"Nobody is better at creating this leverage than President Trump," the treasury secretary added.

"He's shown the high tariffs, and here's the stick. This is where the tariffs can go. And the carrot is, come to us. Take off your tariffs. Take off your non-tariff trade barriers. Stop subsidizing labor and capital, and then we can talk."

Despite Trump saying that there are many deals on the table, details have been scant, and when pressed for clarification, Bessent dodged, only saying some negotiations were "moving along very well, especially with the Asian countries."

For now, Washington has prioritized discussions with key allies like Japan, South Korea and Switzerland.

China announced a lower threshold for tax refunds for foreign tourists among a series of policies on Sunday to boost consumption as its economy comes under pressure during a trade war between Beijing and Washington.

Travelers can apply for a tax refund if they spend 200 yuan (about $27) at the same store on the same day and meet other requirements starting Saturday, according to a joint statement by the Ministry of Commerce and other authorities. Previously, the minimum amount was 500 yuan (about $69).

The upper limit for their tax rebate in cash also has been doubled to 20,000 yuan ($2,745).

The government will expand the coverage of tax refund shops and streamline the procedures. Officials encourage some regions to set up refund points for travelers to get rebates immediately after their purchases in areas highly concentrated with tourists, the statement said.

China's Vice Minister of Commerce Sheng Qiuping told reporters in a news conference that inbound tourist consumption accounted for about 0.5% of China's gross domestic product in 2024, while figures in other major countries ranged between 1% and 3%. That indicated a great potential for growth, Sheng said.

Last year, inbound tourists' spending hit $94.2 billion, up 77.8%, he added.

China’s economy expanded at a 5.4% annual pace in January-March, the government said earlier this month, supported by strong exports ahead of U.S. President Donald Trump’s rapid increases in tariffs on Chinese products.

Michael Montgomery used to check the balance on his retirement account once a week and smile. But lately, not wanting to get upset and question if he could retire in a few years, there was only one solution.

“I’m not looking,” says the 66-year-old professor from Huntington Woods, Michigan.

As the White House simultaneously injects turmoil into financial markets with its trade war and dismisses fears of a downturn, retired and near-retired Americans are anxiously looking on, worried about outliving their savings or having to put off entries on their bucket lists.

Keeping logged off his account has made Montgomery’s days less worrisome. He and his wife adjusted their portfolio after Election Day, including moving more money into bonds. But he’s not sure what more he can do if the entire world economy can be affected by Washington’s decisions.

“I hope like hell I don’t lose all my retirement savings,” he says. “But where else could you put the money that these people could not disorder? They can’t get into your mattress but that’s about it.”

Many experts warned U.S. stocks were overpriced and due for a correction even before President Donald Trump reclaimed the Oval Office. But a historic blanket of tariffs have injected new uncertainty into the market.

In the forthcoming week, investors will keenly observe crucial economic indicators, global political tensions, FII activities and negotiations regarding potential trade agreements between the US and its trading partners.

Market specialists indicate that the period from April 28 to May 2, 2025, will deliver significant economic announcements likely to influence worldwide market behaviour and investor confidence.

"The upcoming holiday-shortened week also marks the beginning of a new month, making monthly auto sales data a key area of focus for market participants. On the macroeconomic front, investors will closely track the Index of Industrial Production (IIP) data and the HSBC Manufacturing PMI Final data. Meanwhile, geopolitical developments between India and Pakistan will remain on the radar," said Ajit Mishra - SVP, Research, Religare Broking Ltd.

According to Bajaj Broking Research's weekly report, "In India, attention will be on the Industrial Production (YoY) data for March, scheduled for release on April 28, which will offer insights into the strength of the country's manufacturing and industrial sectors."

The previous week saw stock markets continue their upward trajectory, achieving approximately one per cent growth during a consolidation period. Following an initial uptick, the benchmark indices remained within a confined range mid-week, before experiencing profit-booking in the final session. The Nifty and Sensex concluded at 24,039.35 and 79,212.53 respectively last week.

Stability in international markets, supported by continuing negotiations between the United States and its trading partners regarding new trade agreements, reduced worries about tariffs' effects on worldwide trade.

This development, alongside increased FII capital inflows, strengthened market confidence.

Japanese Prime Minister Shigeru Ishiba departed on Sunday for a four-day visit to Vietnam and the Philippines, whilst Tokyo aims to strengthen regional alliances following Donald Trump's tariff measures.

The timing of Ishiba's journey follows Chinese President Xi Jinping's Southeast Asian tour, as Beijing attempts to present itself as a reliable alternative to the United States amidst leaders' efforts to address Trump's tariffs.

Prior to his departure, Ishiba described Vietnam and the Philippines -- alongside other Southeast Asian nations -- as a "growth centre" propelling the global economy.
However, he noted these nations face significant challenges due to US President Donald Trump's comprehensive tariffs, noting potential implications for Japanese enterprises operating in the region.
"We would like to listen carefully to the opinions and concerns of Japanese companies in the region and make use of that in how we deal with the tariff measures," he stated.
Although Japan maintains its position as the largest investor in the United States, it has experienced pressure from Trump's substantial duties on imported cars, steel and aluminium.

Companies are finding traditional stockpiling strategies less effective due to the unpredictable nature of the Trump administration's tariff policies. The uncertainty affects various sectors, from luxury goods to electronics and pharmaceuticals.

Several firms pre-emptively increased their US-bound shipments before Trump's April 2 announcement regarding substantial "reciprocal" trade tariffs.

Trump subsequently suspended the "reciprocal" tariffs for 90 days, excluding China, though the global 10 per cent tariff remained active alongside the 25 per cent duties on European steel, aluminium and automobiles.

Clarins, the French beauty company, took early action by increasing its US inventory at the year's start.

"We've built up three months of stocks, which represents $2 million in goods," said Lionel Uzan, the head of Clarins's US operations.

Being a French manufacturer exclusively, Clarins had limited alternatives to address the tariff situation.

In a strategic move driven by escalating trade tensions between the United States and China, Apple is set to transition all production of iPhones destined for the US market to India.

According to GSM Arena, the shift comes in the wake of ongoing trade policies and tariffs imposed during the administration of former President Donald Trump.

Apple's decision to ramp up its production in India aligns with its broader goal of diversifying manufacturing operations away from China.

With more than 60 million iPhones sold annually in the United States alone, the company is looking to reduce its reliance on Chinese manufacturing and find a more economically viable alternative.

This move is not entirely new for Apple. The company's shift toward manufacturing in India began back in 2017, when it partnered with Wistron, a Taiwanese contract manufacturer, to begin producing iPhone 6s and iPhone SE models at a factory in Bengaluru, India.

Developing countries should strike swift trade deals with the United States at the "earliest possible" opportunity, the president of the World Bank told AFP Friday, after a busy week with global financial leaders in Washington.

Ajay Banga was interviewed by AFP at the World Bank and International Monetary Fund's Spring Meetings, which have been held this year under a cloud of uncertainty about President Donald Trump's stop-start tariff rollout.

The Bank has been advising developing countries to get a deal done quickly with the United States, and to then focus attention on cutting trade barriers and boosting regional flows of goods, Banga said.

"You need to negotiate trade systems with the US at the earliest possible (opportunity)," he said. "If you delay, it hurts everyone."

Trump's tariffs have roiled financial markets, sent volatility surging and spooked investors and consumers.

Canadian leaders campaigned in battleground districts Saturday, two days before a vote electrified by US President Donald Trump's threats, with Prime Minister Mark Carney favored after assuring voters he can stand up to Washington.

A victory for Carney's Liberal Party would mark one of the most dramatic turnarounds in Canadian political history.

On January 6, the day former prime minister Justin Trudeau announced his plans to resign, his Liberals trailed the Conservatives by more than 20 points in most polls, and Tory leader Pierre Poilievre looked certain to be Canada's next premier.

But in the weeks after that, Trump rolled out a barrage of stiff tariff policies while repeatedly talking about absorbing Canada into the United States.

Outraged Canadians have since booed the American anthem at sporting events and cancelled US travel plans.

When Carney replaced the unpopular Trudeau on March 14, he anchored his message squarely on the threats from Trump.

The United States is not ready to lower its 10 per cent tariff on imports from Singapore, but both countries agreed to explore deepening their economic links positively and continue to discuss the practical way forward. In a LinkedIn post on Saturday, Deputy Prime Minister Gan Kim Yong said he had a "productive" virtual meeting with US Secretary of Commerce Howard Lutnick to discuss the economic and business ties between the two countries.

"I noted that our bilateral trade and Singapore investments support around 350,000 American jobs, and that the US has enjoyed a consistent trade surplus with Singapore, which amounted to $30 billion (SGD 39.4 billion) last year," The Straits Times quoted Gan as saying.

Gan, who is also the Trade and Industry Minister, said Lutnick acknowledged the excellent and balanced trading relationship between Singapore and the US.

"While the US is not prepared to lower its 10 per cent baseline tariff, we agreed to explore how we could deepen our economic links positively, and we will continue to discuss the practical way forward," he said.

China's foreign ministry on Saturday hit out at the "extreme selfishness" of tariffs, hinting at the steep levies imposed on Beijing by US President Donald Trump.

"Certain countries" resort to "pressure and coercion, and trigger unjustified trade wars... This extreme selfishness only harms their credibility," top diplomat Wang Yi told his Uzbek counterpart Bakhtiyor Saidov on Friday, according to a ministry statement.