Key points
- Trump has threatened to impose 200pc tariffs on beverages from EU nations
- EU also imposes a 50pc tariff on American products
- Trump says he will not row back on the metals duties
HONG KONG: Asian investors fought Friday to grind out gains at the end of a painful week for markets as they welcomed signs that US lawmakers will avert a government shutdown, but remained fearful over Donald Trump’s trade war.
According to AFP, equities have been pummelled in recent weeks and gold pushed to a record high, by concerns about a US recession as the president hammers trading partners with swingeing tariffs while billionaire ally Elon Musk slashes federal jobs at home.
White House’s levies on steel
In the latest salvo, Trump threatened to impose 200 per cent tariffs on beverages from European Union nations in retaliation against the bloc’s planned levies on American products.
The European measures — including a 50 per cent tariff on American products — were in response to the White House’s levies on steel and aluminium imports.
“If this Tariff is not removed immediately, the U.S. will shortly place a 200% Tariff on all WINES, CHAMPAGNES, & ALCOHOLIC PRODUCTS COMING OUT OF FRANCE AND OTHER E.U. REPRESENTED COUNTRIES,” Trump posted on his Truth Social platform.
He also said he would not row back on the metals duties, nor plans for sweeping reciprocal tariffs on global partners that are due to kick in as soon as April 2.
