Trump tariffs live: President threatens new 50% China duties while Asian stocks rebound

Taiwan can negotiate with the US at any time on the tariffs issue, foreign minister Lin Chia-lung said today, as the island’s stock market pared losses, having plummeted the previous day on trade fears.

Major semiconductor producer Taiwan, hit with a 32 per cent duty, was singled out by US president Donald Trump as among the US trading partners with one of the highest trade surpluses with the country.

Mr Lin said that Taiwan is ready to talk about a variety of issues with the US, including investment in and purchases from the country and non-tariff barriers.

“As long as there is a confirmed time and method for negotiations, they can be discussed at any time with the United States,” he added.

Taiwan’s benchmark stock index, which logged its worst fall ever yesterday, down almost 10 per cent, made up some of those losses this morning.

Asian markets appear to be making rebounds after a gut-wrenching few days for investors following US president Donald Trump’s tariffs on dozens of nations.

Japan’s Nikkei 225 rebounded strongly to rise 6.41 per cent during opening trade after Mr Trump and Japan prime minister Shigeru Ishiba agreed to open trade talks in a phone call yesterday.

In South Korea, the Kospi rose 1.7 per cent and the small-cap Kosdaq climbed 2.35 per cent.China’s Shanghai Composite limped up to 0.8 per cent.

Hong Kong’s Hang Seng Index jumped 3 per cent, recovering some of the massive losses it suffered on Monday when it plunged 13.2 per cent.

China said it would not bow to “blackmail” from the US as a global trade war kicked off by US president Donald Trump’s sweeping tariffs showed little sign of abating even as battered stock markets steadied.

Mr Trump said he would impose an additional 50 per cent duty on US imports from China on Wednesday in response to Beijing’s decision to match the 34 per cent duties Mr Trump initially unveiled last week.

“The US side’s threat to escalate tariffs against China is a mistake on top of a mistake, once again exposing the American side’s blackmailing nature,” China’s commerce ministry said in a statement.

“If the US insists on having its way, China will fight to the end.”

The EU has warned it is finalising its list of countermeasures tonight.

EU trade commissioner Maros Sefcovic said: “When it comes to the volume of counter measures, when it comes to steel, aluminium and derivatives, we are finalising the list tonight.”