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The White House Monday cancelled a scheduled press conference of Donald Trump and Israeli Prime Minister Benjamin Netanyahu amid a major backlash over tariffs as the markets kept on bleeding for the third day in response to Trump’s Liberation Day reciprocal tariffs.
There was no explanation for the surprise cancellation, reports said, adding that a smaller Oval office pool spray with leaders is still scheduled to take place.
This is Netanyahu’s second visit to Trump since January and first after the tariffs were announced. Netanyahu became the first foreign leader to reach out to Trump in person to negotiate the tariffs while Israel pre-emptively canceled all tariffs on US products but was not spared from Trump’s tariff list.
Giving no relief to the markets, Trump said he’s ready to slap new 50% tariffs on China following Beijing’s retaliatory duties announced last week, further escalating the global trade war that has rattled markets.
He said the additional tariffs would take effect midweek if China doesn’t remove its 34% retaliatory tariff by Tuesday.
He also said meetings China had requested would be canceled, though he said other countries would begin negotiating on trade immediately.
“Yesterday, China issued Retaliatory Tariffs of 34%, on top of their already record setting Tariffs, Non-Monetary Tariffs, Illegal Subsidization of companies, and massive long term Currency Manipulation, despite my warning that any country that Retaliates against the U.S. by issuing additional Tariffs, above and beyond their already existing long term Tariff abuse of our Nation, will be immediately met with new and substantially higher Tariffs, over and above those initially set,” Trump wrote on Truth Social.
“Therefore, if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th,” he went on.
“Additionally, all talks with China concerning their requested meetings with us will be terminated! Negotiations with other countries, which have also requested meetings, will begin taking place immediately. Thank you for your attention to this matter!”
US markets today
The stocks have been volatile as markets turned green on rumors that Trump would consider a 90-day halt in tariff. But after the White House dismissed this as ‘fake news’, the Wall Street bloodbath resumed. US stocks tumbled for a third straight day Monday, and the S&P 500 entered bear market territory. Markets in Asia and Europe also plunged.
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