The White House says the US will hit China with a combined 104% tariff from tomorrow. Meanwhile, Elon Musk has branded the president’s tariff adviser „truly a moron“ and UK markets closed up. Listen to the Trump 100 podcast as you scroll.
Tuesday 8 April 2025 18:46, UK
A question is now put to Karoline Leavitt on Donald Trump’s threat to impose an additional 50% tariff on China.
She is asked: „Will the additional tariff go into effect tomorrow?“
„It will be going into effect at 12.01am tonight. So effectively tomorrow,“ she says.
She is also asked if Trump will do a deal with Chinese President Xi Jinping.
„The president believes that China wants to make a deal with the US. China has t make a deal with the US.
„It was a mistake for China to retaliate. When America is punched he punches back harder.“
To note here, the additional 50% tariffs means that China will have a 104% tariff it is facing in total.
It kicks into force 4am UK time tomorrow.
For context: Last Wednesday, Donald Trump unveiled an additional 34% tariff on all Chinese goods imported into the US, bringing duties on all Chinese imports to the US to well over 54%.
Then, China hit back with 34% retaliatory tariffs on imports of US goods.
In response, the US president said Washington will impose additional 50% tariffs on China if the nation does not withdraw its 34% retaliatory tariff by today.
China did not.
The press secretary is asked about the feud between Trump’s tariffs adviser Peter Navarro and Elon Musk.
Karoline Leavitt is nonchalant about it, saying these are „two individuals who have two different views“.
„Boys will be boys and we will let the sparring continue,“ she says.
„You guys should be very grateful we have the most transparent administration in history.“
White House press secretary Karoline Leavitt says nearly 70 countries have approached the US for tariff talks since Donald Trump’s historic „liberation day“ last Wednesday.
The „error of American economic surrender is over“, she says: „These countries greatly respect the president.“
Phones have been „ringing off the hook“, she says, but Trump will only make deals with these countries if they benefit American workers.
She points to Israel after prime minister Benjamin Netanyahu visited the White House yesterday and said he would eradicate the country’s trade deficit with the US, saying its „proactive approach should act as a model for the rest of the world“.
„Countries are falling over themselves. Why? It’s because these countries greatly respect the US and the sheer power of the American market,“ Leavitt says.
By focusing on super-charging American manufacturing Trump is „already delivering his promise to usher in a golden age for our country“.
She adds: „The president is no longer going to allow American companies to be ripped off at the hands of foolish trade practices.
„It’s America first all the way.“
White House press secretary Karoline Leavitt is giving a regular news conference.
Watch it live in the stream at the top of the page – and we’ll bring you the latest on any tariffs updates.
China’s offshore yuan has hit a record low today – after Donald Trump threatened Beijing with additional 50% tariffs, taking the total levy to 104% – yesterday.
The yuan hit its lowest level since it started trading in 2010 at 7.3815.
Markets are braced for what could become a trade war between the US and China.
Beijing has refused to bow to what it calls „blackmail“ and has vowed to „fight to the end“.
The tension between Elon Musk and Peter Navarro is „quite a story developing“, US correspondent James Matthews says.
Speaking from the New York Stock Exchange, he says: „Having gaged the view from the money men here, they say this is the last thing they need.“
Matthews notes that investors already have „layers of uncertainty“ from Donald Trump and „what they need in unity from the team around Trump“.
„That political fracture line doesn’t help the markets. And of course, it is quite the story at the upper levels of the White House,“ he adds.
As we reported earlier, the Tesla boss called Navarro a „moron“ after the senior Trump adviser called Musk a „car assembler“ not a „manufacturer“.
By Sarah Taaffe-Maguire, business and economics reporter
Watching stock markets today has been like night and day compared to how last week ended and how this one started off. Share prices have surged.
The FTSE 100 – the UK’s benchmark, made of the most valuable companies on the London Stock Exchange – saw gains of 2.71%. Ditto the larger FTSE 250 – comprising more British companies, it rose 3.29%.
The rises weren’t so massive, however, to recover from three trading days of falls. The impact of Trump’s tariffs on the markets has not been reversed.
But there is a sense now that deals could be made. US treasury secretary Scott Bessent told CNBC that countries who have not retaliated will get priority to talk to Trump. The White House has a long call sheet of countries it’s been dealing with, he said.
Wall Street’s most watched gauge of investor anxiety – the Cboe Volatility Index, known as Vix – has retreated after rising to its highest level since August last year yesterday.
Data shows the index – otherwise known as the „fear gauge“ -fell by nearly 20% today.
Yesterday, it jumped as much as 14.82 points to 60.13, its highest since 5 August last year.
Starting now, we have a panel of experts answering your questions on what Trump’s tariffs and the chaos that’s engulfed the global economy means for your finances.
You’ll be able to follow along in Sky’s Money blog (below) and on Business Live on Sky News.
You can also follow the live Q&A in the stream at the top of this live page.
Exemptions to Donald Trump’s global tariffs are not expected in the near-term, US trade representative Jamieson Greer has said.
Speaking to the senate finance committee, Greer said: „The president has been clear, again, that he’s not doing exemptions or exceptions in the near-term.“
The trade representative, who oversees the implementation of the tariffs, said that „Swiss cheese“ in the process would undermine the goal of trade reciprocity.
He also said there is no particular timeline for trade negotiations.
Countries are currently scrambling to figure out how to respond to the tariffs at the moment, with China and others retaliating
But others have so far avoided criticism of Trump as they seek to secure a trade agreement with America, which they hope could secure some exemption from the tariffs.
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Tariffs latest: Musk brands Trump tariff adviser a 'moron' – as divisions brew in White House – Sky News
