President Trump has announced plans to tax virtually all foreign goods coming into the United States. Leaders across the world react with dismay and confusion to the tariffs. And, the owner of TikTok has until Saturday to sell the app and a number of bidders have lined up. Want more comprehensive analysis of the most important news of the day, plus a little fun? Subscribe to the Up First newsletter.Today's episode of Up First was edited by Rafael Nam, Ryland Barton, Brett Neely, Lisa Thomson and Alice Woelfle. It was produced by Ziad Buchh, Nia Dumas and Christopher Thomas. We get engineering support from Damian Herring-Nathan and our technical director is Carleigh Strange.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy
Chapter 1: What are Trump's new tariffs and their expected impact?
President Trump says tariffs will spark a rebirth of American industry, but U.S. exporters are bracing for the worst.
The retaliatory tariffs are going to be really ugly and it's just going to kill demand.
Will Trump's gamble on a trade war pay off? I'm Michelle Martin, that's Leila Fadal, and this is Up First from NPR News. We also get reaction from markets and leaders around the world.
The administration's tariffs have no basis in logic, and they go against the basis of our two nations' partnership. This is not the act of a friend.
And TikTok has until Saturday to find a new owner. A number of high-profile buyers are lining up, but who is leading the pack? Stay with us. We'll give you the news you need to start your day.
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Since Donald Trump took office in January, a lot has happened. The White House Budget Office ordered a pause on all federal grants and loans. The impact of the Trump administration's tariffs is already being felt in President Trump's efforts to radically remake the federal government. The NPR Politics Podcast covers it all.
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Chapter 2: How are global leaders reacting to Trump's tariffs?
But the White House later acknowledged it would be too hard to calculate the actual trade barriers from every other country. So they just picked an arbitrary number they thought would be high enough to chip away at each country's trade surplus with the U.S.
And the result is a huge tariff increase, a 24 percent tax on imports from Japan, a 34 percent tax on imports from China, in addition to the 20 percent tariffs that were already in place. Now, other countries might absorb some of that cost, but a big part will be paid by businesses and consumers here in the U.S.
So let's talk about that. What's the potential economic effect of that?
Economists say it will likely mean higher prices and slower growth. Consumers are nervous, so are exporters. Tim Fiore conducts a monthly survey of factory managers for the Institute for Supply Management. He says they're already bracing for retaliation.
Here it comes, and we're already seeing that. We have manufacturers in the U.S. already feeling that experience. So the retaliatory tariffs are going to be really ugly. I mean, it's just going to kill demand.
Domestic manufacturers are supposed to be the beneficiaries of this trade war, but factory orders, output, employment were all down last month in anticipation.
And what about international fallout?
This is an enormous gamble. The U.S. launched a similar worldwide trade war back in the 1930s. It did not end well. The notorious Smoot-Hawley tariffs are widely considered to have worsened the Great Depression. And economists say Trump's new import taxes are even more draconian than those almost a century ago.
NPR's Scott Horsley. Thank you, Scott.
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Chapter 3: What is the current status of TikTok's sale and potential buyers?
Yeah, leaders across the world have reacted with dismay and confusion following President Trump's announcement. Some are preparing countermeasures targeting the U.S., while others are hoping to strike up negotiations.
For more on this, we turn to Beijing now with NPR's John Ruich. John, good morning. Good morning. How have global markets taken the news?
Well, the fallout in markets has been far and wide. You know, some of the countries that are hardest hit by the tariffs and actually that are most dependent on trade with the U.S. are in Asia. And we saw a broad sell off here from Hong Kong and China to South Korea, all the way down to Southeast Asia. Markets were down.
Trump put a 24 percent tariff on Japanese goods, which apparently surprised markets there. The Nikkei 225 dropped close to 3 percent today. In Vietnam, which has been a huge beneficiary of U.S.-China trade friction as manufacturers have moved south of the border, Trump hit it with one of the highest tariff rates, 46 percent.
And the country's Ho Chi Minh stock index shed nearly 7 percent on the day. In Europe, it seems to be a similar story of selling. You know, economists are recalibrating their expectations now and investors are just nervous.
And what about governments? How are governments around the world reacting?
Unhappiness and frustration so far. I mean, many say these tariffs were unwarranted. Here's Prime Minister Anthony Albanese of Australia, which got the bare minimum 10%.
The administration's tariffs have no basis in logic, and they go against the basis of our two nations partnership. This is not the act of a friend.
Britain was hit with the minimum 10% also, but the prime minister's office there expressed some relief that the country wasn't hit with 20% like the EU. Speaking of which, the European Commission president said Europe was open to negotiations but working on countermeasures in case the talks fail.
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