The US President Donald Trump has announced universal 10% tariffs on all imports into the US. There will also be a 25% tariff on all foreign-made vehicles. Also: BBC team reaches quake-hit city of Mandalay in Myanmar.
Chapter 1: What are the new tariffs announced by President Trump?
This is the Global News Podcast from the BBC World Service. I'm Nick Miles, and in the early hours of Thursday 3rd April, these are our main stories. President Trump has announced sweeping tariffs on imports to the United States, starting at a baseline of 10% and rising steeply for countries with the highest trade deficits with the US.
A BBC reporter in Mandalay, close to the epicentre of last week's earthquake in Myanmar, says no rescue work is being carried out on many of the collapsed buildings and hospitals don't have the staff or resources to cope. Also in this podcast.
It is not going to hit the Earth. I don't know the exact probability, but we are confident the Earth is in the clear.
But is the asteroid, codenamed 2024 YR4, hurtling towards a collision with the moon? President Trump has announced sweeping new tariffs on goods entering the US from around the world. He said the date would be remembered as Liberation Day when prosperity returned to America. Mr Trump spoke to an invited audience in the Rose Garden of the White House in Washington, DC.
Chapter 2: How will the new US tariffs affect global trade?
My fellow Americans, this is Liberation Day. Waiting for a long time. April 2nd, 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again. Make it wealthy, good and wealthy.
President Trump said American taxpayers had been what he called pillaged by foreigners for more than 50 years, but he said it was not going to happen anymore.
In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can't get any simpler than that. This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence.
For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it's our turn to prosper and in so doing use trillions and trillions of dollars to reduce our taxes and pay down our national debt and it'll all happen very quickly.
Mr Trump then outlined what he called the tariff imbalances which the US currently faces in the global market.
The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices, like 60 percent. India charges 70 percent. Vietnam charges 75 percent, and others are even higher than that. Likewise, until today, the United States has, for decades, charged a 2.5% tariff. Think of that, 2.5% on foreign-made automobiles.
The European Union charges us more than 10% tariffs, and they have 20% VATs, much, much higher. India charges 70%. And perhaps worst of all are the non-monetary restrictions imposed by South Korea, Japan, and very many other nations. As a result of these colossal trade barriers, 81% of the cars in South Korea are made in South Korea. 94% of the cars in Japan are made in Japan.
Against this background, he then outlined his approach to US global tariffs and foreign-made vehicles.
That's why effective at midnight, we will impose a 25% tariff on all foreign-made automobiles.
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Chapter 3: What is the European Union’s response to US tariffs?
I think it's a very high-risk strategy, and clearly, unless things change dramatically, this is going to be the final four years in office for President Trump. So he isn't fighting another election himself, but the Republicans will want to do well at the next midterm elections, and they could feel the heat in terms of how Americans react to this if Americans see prices going up in the shops.
and potentially over the next few days. This could happen very quickly. There could be political implications for the Republicans moving forward.
Peter Bowes in Washington. Well, the European Union faces 20% tariffs. Katja Adler is our Europe editor. I asked her how the EU will react.
Well, there was a lot of trepidation across Europe. I'm standing by the European Commission at the moment. It, of course, deals with trade on behalf of all 27 EU member states. Lights are on there. They are carefully considering their next move. They've chosen not to make a statement tonight. They do not want to up the ante.
They think a global trade war is in nobody's interest, but they think they need to stand firm. Unlike the UK, for example, which is taking a more softly, carefully approach, the EU thinks there's no point. I mean, Donald Trump shows a fondness for the UK of sorts when it comes to the EU animosity. Tonight, he said the EU is pathetic. it rips us off.
So the Commission has prepared a range of possible retaliatory measures on US goods and US services as well, like US banks, big tech, Meta, Apple, for example. But as I say, it's going to be careful about its next move. And in the meantime, a lot of concern in the countries who are likely to be most hit. Think about Germany, 25% tariffs on cars. And France, the winemakers, the champagne makers,
Both of those industries in Germany and in France look to the US for 20% of their income. So, you know, they expect to be hit hard by this.
And there are a few unifying moments like this in the EU's history. To what extent does it really consolidate the EU as a bloc?
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Chapter 4: How is China reacting to the US tariffs?
Well, as I say, some countries will be hit harder than others. And so some countries will prefer that the Commission takes tougher or less tough measures. And this is something that the Commission has to think about on all of their behalf in the coming days. But unifying, yes. But I think that the main concern here is that the European Union should not be out of pocket.
So the Commission has other things up its sleeve, as well as wanting to sit down with Donald Trump, hoping to negotiate. It also says it's actually got to complete the single market itself, the European single market. There are lots of internal barriers, which it says that will help European businesses if it can take down trade. those barriers.
And also it looks to make other trade deals or deepen existing trade deals with other countries apart from the United States. So it says it's got a lot of tools at its disposal. Its primary concern is to look after European businesses. It says it will do whatever it takes. It's also talked about economic packages in the short term to help businesses or sectors that are particularly badly hit.
Katya Adler in Brussels. Imports from China will face a 34% tax. What's been the reaction there? The BBC's China correspondent Stephen McDonnell is in Beijing.
Well, these significant new tariffs on Chinese goods entering the US come off the back of the significant tariffs on Chinese goods, which were already in place, care of the Trump administration. Now, naturally, they're going to hurt the ability of Chinese companies to sell stuff into America. Then Beijing's response is naturally going to hurt the ability of China
US companies to sell stuff into this huge market. But in a strange way, it's also a bit of a gift for Xi Jinping because he's portraying this country as the free trade country, as the backer of multilateral institutions. And just last week, China's leader was sitting down in this city with the CEOs of global corporations and saying, well, look at the US under Donald Trump and look at us
We're open for business, and every time Donald Trump does something like this, it makes that job easier and easier for him.
Stephen McDonnell in China. Well, governments, as we've been hearing around the world, have been absorbing the contents of Mr Trump's speech and calculating the likely impact on their economies. Before the announcement, some leaders spoke of retaliating against any US-imposed tariffs, while others advocated a more pragmatic approach and warned against stoking a trade war.
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Chapter 5: What is the impact of US tariffs on Australia's economy?
Australia, which, like the UK, is facing 10% tariffs. said the US decision was totally unwarranted and would change the perception of the relationship between the two countries. The Australian Prime Minister, Antony Albanese, announced special measures to protect the country's economy.
We cannot control what challenges we face, but we can determine how we respond. Australia will always respond by defending our national interest. And our government will always deal with global challenges the Australian way, standing up for our national interest, backing our people and building for the future.
the Australian Prime Minister Anthony Albanese. Well, as we record this podcast, the financial markets have begun to assess the possible impacts of these US tariffs on the White House lawn. President Trump showed a chart illustrating various countries around the world and associated tariffs. Sumi Somaskanda spoke to the BBC's economics editor, Faisal Islam, who's in London.
He first spoke of the financial reaction there and then the global effect.
Well, I think people are still digesting the details. Clearly, what we have here is a 10 percent universal tariff that is then added to, as we've all seen on that famous chart now where the U.S. suggests certain levels of tariff. And President Trump said he was being kind in only applying half in return.
Well, the level of tariff assumed in that chart that is levied by the other country, I think that was subject to some debate. It isn't the traditional level, the number that you see in the World Trade Organization tables, for example. It includes all sorts of other things like VAT, regulations on agricultural imports and that sort of thing.
So I think the premise that these are entirely reciprocal will be questioned by other countries. There is a certain degree of reciprocity, though, in terms of the amount that has been levied. And so I think the sense in the UK amongst politicians is, well, it could have been worse. 10 percent is highly material, though. It's worth six to seven billion pounds in terms of the export flows to the US.
And many people in the UK who will see. The US government has acknowledged that on the US-owned measures, there is a surplus. The US has a surplus. It sells more into the UK than the UK sells to the US. So why is there a rationale for any sort of tariff at all against the UK with the special relationship?
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Chapter 6: What is the financial market's reaction to the US tariffs?
But then I also think that we're seeing now just the beginnings of the stock market reaction in terms of futures markets. Some sharp falls suggested. Intriguingly, although not particularly surprisingly... For apparel companies, clothing companies, of course, the really notable surprise here is the very high numbers on a number of smaller countries like Vietnam, Cambodia, Bangladesh.
You were talking about this a moment ago, which have significant surpluses with the US, which are essential to the supply chains of some of America's biggest companies. The bottom line here is it appears that Donald Trump wants to stop that flow of trade. He wants those deficits to go back to zero.
Now, that either happens by America selling more to these countries or those countries selling less to the US. So this is absolutely critical. Will these flows happen? And if they don't, what's going to happen is the US prices are going to go up.
the prices that they pay in shops that source from Bangladesh and Cambodia and Vietnam, and there is trade worth hundreds of billions from those sorts of countries, those prices will go up.
The BBC's economics editor, Faisal Islam. Now, two other news. Myanmar's military government has announced a ceasefire for three weeks to concentrate on recovering from last week's devastating earthquake. The move appears to be a U-turn.
The head of the military authorities, Min Aung Hlaing, indicated only on Tuesday that he'd continue ordering attacks on rebels, some of whom had already announced their own ceasefires. The announcement was made on state television.
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Chapter 7: What are the latest developments in Myanmar after the earthquake?
To show sympathy to the victims of the earthquake across the country and provide effective rescue and relief operations, the military has declared a temporary ceasefire for the period between 2nd and 22nd April.
Despite Myanmar's government saying it will not let foreign journalists into the country to report on the aftermath of the quake, The BBC's Yogita Limai and her team managed to travel to the city of Mandalay, where hundreds of buildings have collapsed.
One of the places that the rescue efforts are focusing on right now is the Ulathin Monastery where I am. And in front of me literally I can just see a huge part of the structure has just collapsed. And all around me there are concrete blocks. We're having to be really careful as well just to make sure that we're safe from any hanging debris. In front of me I can see rescuers.
There are varying estimates of... how many people were stuck inside the structure when it collapsed. Some say 80, some say more than 100. What we're told is that there were a lot of Buddhist monks who were taking an examination when this building collapsed. Where I'm standing right now, it's a really, really strong smell of dead bodies, basically of rotting flesh.
It's so strong, we're all having to wear at least two masks. In the compound of the monastery, the families of those trapped are sitting under a makeshift tent. We meet Ula Ong, the father of 29-year-old monk Utuzana, who's trapped inside. Knowing my son ended up like this, I'm inconsolable. I'm filled with grief, Ula Ong says, as his face crumples into a sob.
At the rescue site, work is slow and demanding. They've spotted what they think are three bodies under the debris, but even getting to them to extricate them is a really difficult task. And while I've been walking around here, I can see the robes, the orange robes that monks usually wear. The whole place really just a pile of debris. all collapsed one on top of the other.
And so getting people out, alive or dead, is extremely difficult. The main difficulty in this operation is... Neeraj Singh, who's leading the team of rescuers who've come from India to help, describes how tough their task is.
There is a collapse pattern called pancake, which is the most difficult or most challenging collapse pattern. The chances of a live victim is very few.
As we're driving around the city, we're seeing lots of places where there is just no rescue work going on. On one street, I'm looking at a building which is about five stories high. It used to be a hotel and then was renovated into an office space. And it's literally sort of come down onto the road.
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