Trump stay updates: New tariffs trigger international inventory markets to plunge with U.S. allies anticipated to retaliate

Pedro Sanchez, whose country sells large amounts of car parts, steel and chemicals to the US, described the move to bring in reciprocal tariffs on imported goods from the EU as “unintelligent” and “a return to 19th-Century protectionism”.

Steffie Banatvala reports.

It’s midday in New York, two and half hours since markets opened on Wall Street, and initial losses on the major indices appear to have leveled out for now and even recovered slightly from their trading low points. They all remain significantly down from the opening.

The Dow Jones Industrial Average is now down 1,296 points (3.11%); the S&P 500 is down 215 points (3.79%); and the tech-focused Nasdaq has lost 863 points (4.90%).

Canada will impose a 25% tariff on all vehicles imported from the United States that are not compliant with the U.S.-Mexico-Canada trade deal, Prime Minister Mark Carney told a press conference on Thursday.

Carney also said the new tariffs would not apply to auto parts and would not affect vehicle content from Mexico.

Two senior lawmakers on the Senate Finance Committee introduced legislation on Thursday aimed at limiting U.S. President Donald Trump’s ability to impose tariffs and requiring congressional approval for new levies within 60 days.

Republican Senator Chuck Grassley and Democrat Maria Cantwell presented a bill that mandates the president to notify Congress about new tariffs, providing an explanation of the rationale along with an analysis of the potential impact on U.S. businesses and consumers.

Congress must pass a joint resolution of approval for the new tariff within 60 days; otherwise, all new tariffs on imports would expire.

“This bill reasserts Congress’ role over trade policy to ensure rules-based trade policies are transparent, consistent, and benefit the American public,” Cantwell said. “As representatives of the American people, Congress has a duty to stop actions that will cause them harm.”

The bill is based on the War Powers Resolution of 1973 and aims to reestablish limits on the president’s authority to impose unilateral tariffs without congressional approval.

“For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch,” Grassley said.

Grassley’s home state of Iowa relies significantly on farm crop exports, whereas Cantwell’s Washington state hosts many export-driven companies like Boeing.

The Senate passed legislation on Wednesday that would terminate new tariffs on Canada.

With reporting from Reuters

The Newsmax team — and former Trump lawyer and ally Rudy Giuliani — got to ring the opening bell at the New York Stock Exchange this morning.

Bit of a shame for them that it was on a day when the president’s new tariffs cratered the stock market.

Here’s Justin Baragona with more on what happened to the Newsmax share price this week:

Financial journalist James Surowiecki noted the tariff rate for other nations Trump showed off is not, in fact, a tariff American manufacturers pay, but a calculation using the trade deficit.

Mike Bidegan reports.