While You Were Sleeping: 5 stories you might have missed, April 8, 2025
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US President Donald Trump looks on during a meeting with Israeli Prime Minister Benjamin Netanyahu in the Oval Office at the White House.
PHOTO: REUTERS
Trump says no pause on tariffs, but open to negotiations
US President Donald Trump said he wasn’t considering a pause on his plan to implement sweeping additional tariffs on dozens of countries despite outreach from trading partners eager to avoid the levies, while still signaling he could be open to some negotiations.
“We’re not looking at that,” Mr Trump said on April 7 while meeting with Israeli Prime Minister Benjamin Netanyahu in the Oval Office.
Mr Trump said tariffs were “very important” to his economic agenda – and would generally remain – while opening the door to “fair deal and good deals with every country.” “There can be permanent tariffs and there can also be negotiations because there are things that we need beyond tariffs,” he added.
Mr Trump’s comments follow mixed messages from the president and his top officials about the administration’s willingness to negotiate with trading partners, with a 10 per cent levy on all countries already in effect and targeted reciprocal import taxes set for April 9. That uncertainty has fueled volatility in global markets and sent foreign leaders frustrated by Mr Trump’s approach rushing to secure deals with the US.
Trump threatens additional 50% tariffs on China, terminates talks
US President Donald Trump on April 7 threatened new tariffs of 50 per cent on China, ratcheting up a trade war even as a dramatic selloff in global markets gathered pace.
Mr Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.
In response to Mr Trump’s tariffs, Beijing – Washington’s major economic rival – unveiled its own 34 per cent duties on US goods to come into effect on April 10.
Global markets convulse as tariff chaos erases $13 trillion from stocks
PHOTO: BLOOMBERG
The market chaos unleashed by US President Donald Trump’s trade war continued for a third day as stocks, bonds and commodities all swung wildly, buffeted by both fears of a recession and speculation the financial damage will drive him to change course.
The darkening global outlook hammered markets in Asia and Europe, extending a slide that erased roughly US$10 trillion (S$13 trillion) from equity markets worldwide, the S&P 500 opened sharply lower, only to briefly spike as rumours raced across trading floors that Mr Trump was poised to delay his tariffs. But prices sank again as those hopes faded – and by late morning Mr Trump was threatening to escalate his fight with China if the country doesn’t rescind its retaliatory tariffs.
Volatility convulsed other markets as well, with traders continuing to price in a high risk of a global recession. Oil prices dipped. The VIX Index – known as the fear gauge – spiked to pandemic-era levels. Treasuries weren’t much of a haven either: yields on longer-dated bonds surged, underscoring the risk that tariffs could sink the economy and worsen the government’s finances.
Netanyahu, Trump say Israel working on fresh Gaza hostage deal
PHOTO: REUTERS
US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu said on April 7 that new negotiations were in the works aimed at getting more hostages released from Hamas captivity in Gaza.
“We’re working now on another deal that we hope will succeed, and we’re committed to getting all the hostages out,” Mr Netanyahu told reporters in the Oval Office.
Mr Trump for his part said: “We are trying very hard to get the hostages out. We’re looking at another ceasefire, we’ll see what happens.”
Zelensky confirms for first time that Ukrainian troops active in Russia’s Belgorod region
PHOTO: REUTERS
Ukraine’s President Volodymyr Zelenskiy confirmed for the first time on April 7 that Ukrainian troops have been active in Russia’s Belgorod region as they seek to protect Ukrainian towns near the border.
Ukrainian troops remain in parts of the neighbouring Russian region of Kursk eight months after a cross-border incursion, though Russian forces have recaptured much lost territory.
In his nightly video address, Mr Zelensky said Ukraine’s top commander, Oleksandr Syrskyi, had presented a report “on the front line, our presence in the Kursk region and our presence in the Belgorod region.”
