Trump calls tariff fallout a ‘war with the world’ and gloats over world leaders ‘kissing his a**’: Live

The FTSE 100 fell sharply on Wednesday morning after the new wave of Trump’s tariffs came into force, including that 104 percent levy on Chinese goods.

The index, which tracks the UK’s top 100 listed companies, fell 2.34 percent in early trades, or by 186 points, to reach 7,724.29 shortly after opening, wiping out most of the gains made on Tuesday.

France’s Cac 40 was down by 2.4 percent while Germany’s Dax index slumped by about 2.3 percent.

Earlier, Asian markets also tumbled in early morning trading.

The Nikkei 225 lost 3.9 percent to 31,714.03. In Hong Kong, the Hang Seng lost 0.4 percent to 20,041.03, while the Shanghai Composite index reversed early losses, gaining 0.9 percent to 3,173.56. Taiwan led losses in Asia, as its Taiex plunged 5.8 percent.

South Korea’s Kospi lost 1.7 percent to 2,293.70.

The S&P/ASX 200 in Australia declined 1.8 percent to 7,375.00. Shares in New Zealand also fell.

In India, the Sensex declined 0.5 percent as the central bank cut its benchmark interest rate, while Bangkok’s SET shed 0.8 percent.

Investors remain on edge amid growing concerns that the escalating trade war between the world’s two largest economies could tip global markets into deeper volatility.

You can follow all the latest on the markets with Holly Evans below.

Also during his lengthy after-dinner remarks last night, the president improbably claimed to be a man of the people unafraid to stand up to Wall Street – while wearing a tuxedo.

He treated the whole occasion like a campaign rally, raving about rigged elections and going into a familiar riff about California Senator Adam Schiff.

Even Hannibal Lecter made a return, with Trump insisting during an extended bit that he was “not a fictional character”:

“They used to go crazy when I talked about Hannibal Lecter. The late, great Hannibal Lecter. Right? Silence of the Lambs. The fake news would say, ‘Why does he talk about that? He’s a fictional character.’ He’s not. We have many of them that came across the border. He’s actually not. But, when the people went to the voting booth, then we understood why he talked about that because they voted for us. They say, ‘We don’t want Hannibal Lecter in our country.’

“The great Hannibal Lecter. He was uh, he was a very important force. But the press would go absolutely crazy if I mentioned Hannibal Lecter’s name because they say he’s a fictional character. No, but it was making the point and the point is they’re emptying mental institutions and insane asylums. Not anymore they’re not.”

It was Tom Emmer, introducing Trump, who almost stole the show, however, with a Freudian slip for the ages as he welcomed onstage “President Cun… Trump.”

The president also promised Republicans last night that his economic brinkmanship would usher their party to a “monumental victory” in next year’s midterms, a promise it is surely far too early to make, particularly given the jittery market response to his policy.

Here’s more from Andrew Feinberg.

As Donald Trump’s reciprocal tariffs on some of America’s biggest global trading partners come into effect, including a huge 104 percent levy on imported Chinese goods, the president has insisted his economic strategy is a “war with the world” in pursuit of fairer trading conditions for the United States.

During a marathon address at the National Republican Congressional Committee’s annual fundraising gala in Washington on Tuesday evening, Trump attempted to reassure GOP lawmakers and donors had already left fellow world leaders “kissing my a**” as they seek exemptions from the taxes.

“I know what the hell I’m doing,” he insisted. “I know what I’m doing, and you know what I’m doing too.”

The president also used the occasion to warn of impending tariffs on imported pharmaceuticals in an effort to bully companies into relocating their production facilities to the U.S.

Mary Papenfuss and James Liddell report.

CNN reported last night that countries around the world are being advised by U.S. diplomats and sources close to the White House that as they respond to the tariffs imposed by Donald Trump, they should “think creatively, beyond the scope of trade.

Per the network:

Their message to foreign counterparts seems simple: If they have a unique card to play, they should.

Ideas being discussed run the gamut, and include possible action on securing the freedom of Americans wrongfully detained abroad, committing to working with US artificial intelligence companies, buying more US energy or combatting global drug trafficking, according to five people familiar with the brainstorming sessions.

After days of mixed signals over how willing the president would be to negotiate tariff relief, Tuesday’s message was far clearer: Trump is ready for opening bids.

The administration has reportedly been inundated with calls from foreign governments as well as CEOs of large multinational corporations who have been arguing to Chief of Staff Susie Wiles, Vice President JD Vance, and Treasury Secretary Scott Bessent that the tariff policy will harm the global economy and credibility of American business and government.

Hello and welcome to The Independent’s live coverage of Donald Trump’s administration as his reciprocal tariffs on some of America’s biggest global trading partners take effect, include massive 104 percent levies on Chinese goods.