By Euronews | Created at 2025-04-05 15:01:12 | Updated at 2025-04-06 06:37:23
16 hours ago
The tariffs announced by Donald Trump on Wednesday came into effect at 6am CET on Saturday.
The new 10% customs duties now apply to a wide range of goods imported into the United States. However, the country-specific tariffs introduced by the Trump administration will only come into force on 9 April.
Trump’s trade war is already sending shockwaves through global markets, further intensified by China’s decision to impose retaliatory tariffs of 34% on American imports. On Friday, major stock exchanges closed in the red. Milan’s FTSE MIB was the worst hit, falling by 6.53% by the close of trading. Losses were also recorded in Frankfurt, London and Paris.
Trump: 'Big companies aren’t worried'
Wall Street took a significant hit too. The VIX index — often referred to as the “fear gauge” — surged by 50.93%, reaching 45.31 points, its highest level since the Covid-19 pandemic crash. The Dow Jones dropped 5.5%, while the Nasdaq lost 5.8%. In just two days, $5.2 trillion was wiped from US markets. Despite this, Trump appeared unconcerned by the turmoil.
“Big businesses aren’t worried about the tariffs — they know they’re here to stay. What they’re focused on is the BIG, BEAUTIFUL deal, which will strengthen our economy. Very important. Happening right now!!!” he wrote on his social media platform, Truth Social, on Friday evening.
Starmer opens talks to counter US tariffs
The US tariffs have drawn strong criticism from European leaders. EU Trade Commissioner Maroš Šefčovič, following a phone call with US Commerce Secretary Howard Lutnick, called the measures “harmful and unjustified” and reaffirmed the EU’s commitment to “meaningful negotiations”.
In the UK, Prime Minister Keir Starmer has launched a round of phone calls with world leaders to discuss how to respond. “A full-blown trade war would be deeply damaging,” Starmer warned. He has already spoken to Australian Prime Minister Anthony Albanese and Italy’s Giorgia Meloni.
Italy urges a level-headed response
From Italy, Economy Minister Giancarlo Giorgetti and Foreign Minister Antonio Tajani called for a measured approach. Speaking at the Teha Forum in Cernobbio, Giorgetti said the government must “keep a cool head, assess the consequences and avoid rushing into a tit-for-tat tariff war, which could ultimately harm everyone — especially us”.
He added that Italy’s position must be represented at the EU level: “Rather than going it alone, Italy should work through Europe to make sure its interests are properly defended,” Giorgetti said, earning praise from Matteo Salvini.
Tajani also appealed for calm. “These tariffs are clearly a negative development. But there’s no need for panic — the damage will affect only around 0.3% of EU GDP. What we need is action, not alarmism. We’re committed to protecting our businesses and are coordinating closely with the European Union,” he said. Tajani also noted that, with these tariffs in place, European countries are unlikely to meet the 5% GDP military spending target recently requested by the United States for NATO members
Video editor • Lucy Davalou
