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Countries and industries were scrambling Friday to respond as President Donald Trump’s latest tariffs hikes upend global trade and world markets. China took the toughest approach so far, responding to the 34% tariff imposed by the US on imports from China by matching it with a 34% tariff on imports of all US products beginning April 10. Trump was swift to criticize Beijing’s move. “China played it wrong, they panicked — the one things they cannot afford to do,” he wrote in a social media post, adding: “My policies will never change. This is a great time to get rich.”…

Tesla, Chips, and Banks Tumble as China’s Retaliation Stokes Fears of Widening Trade War US chip companies, banks and oil majors fell sharply on Friday after China retaliated to Trump’s tariffs with steep duties, in an intensifying trade war between the world’s two largest economies that cast a shadow on global growth. China slapped additional duties of 34% on US goods, set to go into effect April 10. It also announced curbs on exports of some rare-earths and added several US firms to its export control list and the “unreliable entities” list, which allows Beijing to take punitive action. The…

President Donald Trump’s expansive new tariffs reverse a decades-long global trend of lower trade barriers and are likely, economists say, to raise prices for Americans by thousands of dollars each year while sharply slowing the US economy. The White House is gambling that other countries will also suffer enough pain that they will open up their economies to more American exports, leading to negotiations that would reduce the tariffs imposed Wednesday. Or, the White House hopes, companies will reverse their moves toward global supply chains and bring more production to the United States to avoid higher import taxes. How will…

Gold prices fell on Friday as investors reassessed their risk outlook in the wake of US President Donald Trump’s tariff measures, which have provided more clarity on market trends but raised concerns over economic slowdown. Spot gold was down 0.4% at $3,101.01 an ounce, as of 0710 GMT. Still, bullion was on track for a fifth consecutive weekly gain, buoyed by its safe-haven appeal that aided gold to reach three record highs this week. US gold futures edged 0.1% higher to $3,123.00. In the previous session, gold dropped more than 2% as a broader market sell-off sparked by Trump’s import…

Countries around the world threatened to wage a trade war with the United States as President Donald Trump’s sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market. The penalties announced by Trump on Wednesday triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalization. In Japan, one of United States’ top trading partners, Prime Minister Shigeru Ishiba said that the tariffs had created a “national crisis” as a plunge in banking shares on…

It’s milestone month for the exchange-traded fund industry.Actively managed ETFs now have more than $1 trillion in assets under management, according to independent research firm ETFGI.That’s roughly the market cap of Berkshire Hathaway, Saudi Arabia’s gross domestic product and the value of 121 New York Yankees franchises.The ETF Store’s Nate Geraci thinks it will grow even bigger due to the appetite for new active investing strategies.”It’s interesting for an industry where the roots are passively managed products. That’s what the industry was built on,” the firm’s president told CNBC’s “ETF Edge” this week. “It’s interesting to see active ETFs getting…

The issuance of a new passport is one of those life-events – like births and deaths, marriages and funerals – that ought to prompt a moment’s reflection. My new 10-year document is awaiting collection in the Irish Embassy in Abu Dhabi, and I will pick it up on a trip to the capital next week, reassured that I will be able to “pass freely and without hindrance” around the world, and that if I get in trouble I’ll have “all necessary assistance and protection” as requested by the Irish minister for foreign affairs. But before I pick up the new…

Countries around the world threatened to wage a trade war with the United States as President Donald Trump’s sweeping tariffs fed expectations for a global downturn and sharp price hikes for swathes of goods in the world’s biggest consumer market. The penalties announced by Trump on Wednesday triggered a plunge in world financial markets and drew condemnation from other leaders reckoning with the end of a decades-long era of trade liberalization. In Japan, one of United States’ top trading partners, Prime Minister Shigeru Ishiba said that the tariffs had created a “national crisis” as a plunge in banking shares on…

Lebanese banks told to merge Aiming to increase capital Pledge to protect depositors Lebanon’s new central bank governor pledged to depositors on Friday they would recover their money and told local banks to increase their capital through mergers. Karim Souaid said during a ceremony as he took office that small depositors would be given priority in obtaining their funds and that the central bank and the government would work together to tackle the problem. “We must work to pay depositors all their money. The Central Bank, the government and the banks in the country must shoulder their responsibilities to ensure…

The Phillips 66 Company’s Los Angeles Refinery in California.Bing Guan | ReutersThe oil price outlook is being hit with more bearish forecasts on the back of U.S. President Donald Trump’s sweeping and market-hammering tariff announcements. Businesses and investors worry that a trade war and lower global growth lies ahead.Goldman Sachs on Thursday reduced its December 2025 forecasts for global and U.S. benchmarks Brent crude and WTI by $5 to $66 and $62 a barrel, respectively, “because the two key downside risks we have flagged are realizing, namely tariff escalation and somewhat higher OPEC+ supply.”The bank also cut its forecasts for…