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

Japan’s Nikkei saw a broad sell-off on Wednesday morning, falling as much as 4%, and other Asian markets were braced for further falls hours before President Donald Trump’s 104% tariffs against China are set to take effect.

The Trump administration has scheduled talks with South Korea and Japan, two close allies and major trading partners, and Italian Prime Minister Giorgia Meloni is due to visit next week.

“These are tailored, highly tailored deals,” Trump said at a White House event, where he signed executive orders aimed at boosting coal production. “We’ve had talks with many, many countries, over 70, they all want to come in. Our problem is, can’t see that many that fast.”

With reporting from wire services

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.

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.

Andrew Feinberg reports from Washington, D.C.:

As stock markets around the world continue to drop amid fears over his attempt to blow up the world’s trade system, Donald Trump says the massive import taxes he is imposing on Americans will bring about a massive victory for his Republican Party in next year’s midterm elections.

Speaking to a group of GOP officeholders and deep-pocketed Republican donors at the National Republican Congressional Committee’s annual fundraising gala in Washington, Trump said the stage is now “set for a monumental victory for the Republicans in the midterms” on account of his policies, which most mainstream economists and business experts say will supercharge inflation and threaten America’s status as the world’s leading economy with a grievous self-inflicted wound.

“I really think we’re helped a lot by the tariffs situation. It’s great,” he said.

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.