Gold hits record high as global markets fall over Trump’s ‘costs’ warning: Live

Chinese president Xi Jinping on Friday urged the EU to join Beijing in opposing “unilateral bullying” from the US on trade, state media reported, referring to the steep tariffs imposed by US president Donald Trump.

Mr Xi made the appeal to Europe a day after Australia refused to “join hands” with China amid escalating global trade tensions.

French president Emmanuel Macron has described Donald Trump’s suspension of tariffs as merely a “fragile pause”.

In a post on X, Mr Macron wrote: “The partial suspension of American tariffs for 90 days sends out a signal and leaves the door open for talks. But this pause is a fragile one. Fragile, because the 25% tariffs on steel, aluminum and automobiles and the 10% tariffs on all other products are still in place.”

He added: “This 90-day pause means 90 days of uncertainty for all our businesses, on both sides of the Atlantic and beyond.”

Mr Macron said France and the EU would “stay strong” and maintain a united front in negotiations aimed at getting the tariffs removed.

Tariffgate might be on pause for now, but there’s still uncertainty ahead over whether it’s in 90 days’ time or sooner than that, given the incredible frequency with which he has changed tack so far.

Here are three reasons outside the stock market that Donald Trump ultimately had to backtrack – two of them which applied pressure – but the third, once again, was the real deciding factor at play.

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If you’ve avoided the news over the past week surrounding stock markets plummeting and then phoenix-like rises, you’ve done well.

However, those who have investments in an ISA or other share-dealing account, would likely have seen a significant drop compared to even a few weeks ago – and the same goes for those who don’t actively invest themselves, but have been casting a worried eye over their pensions.

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A week of turmoil triggered by US president Donald Trump’s tariffs showed few signs of abating on Friday, as markets continued to slide and foreign leaders grappled with how to respond to the unravelling of the global trade order.

President Trump’s 90-day pause on some tariffs has done little to calm markets or reduce global recession fears.

Despite US claims that 75 countries are seeking trade talks, financial markets continue to plunge, with the S&P 500 down 15 per cent from its peak.

Trump told reporters at the White House he thought the United States could make a deal with China, but he reiterated his argument that Beijing had “really taken advantage” of the US for a long time.

“I’m sure that we’ll be able to get along very well,” Trump said, adding that he respected Chinese President Xi Jinping.

“In a true sense he’s been a friend of mine for a long period of time, and I think that we’ll end up working out something that’s very good for both countries.”

China rejected what it called threats and blackmail from Washington and pledged to follow through to the end if the US persists, commerce ministry spokesperson He Yongqian told a press briefing on Thursday.

China’s door was open to dialogue, but this must be based on mutual respect, the ministry said.

The 10 per cent tariff on all imports will see the cost of UK goods rise across the Atlantic, from artisan cheese and beer to cars and machinery.

But the additional 25 per cent tariff on steel and aluminium is set to significantly impact car manufacturing and the British steel industry.

Coventry is the most exposed city, where more than 22 per cent of its total exports are estimated to be goods to the US.

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President Donald Trump gleefully recounted how much money his billionaire pals made on the stock market after he suddenly suspended most of his worldwide tariffs.

Stocks zoomed Wednesday after Trump pulled the plug on the tariffs.

“THIS IS A GREAT TIME TO BUY!!!!” he urged on Truth Social shortly after the market opened and before he suspended the levies for 90 days just four hours later.

Stocks jumped more than 7 per cent Wednesday within minutes of his announcement suspending the tariff for 90 days. The market ultimately closed more than 9 per cent higher.

At the White House Oval Office that day, Trump pointed to a pair of billionaire visitors.

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The Indian rupee strengthened by 0.8 per cent to 86 against the US dollar on Friday, tracking gains in other Asian currencies as the dollar dropped to a near two-year low.

Traders expect continued volatility, with the rupee likely to consolidate between 85.70 and 86.70 in the short term.

Reuters quoted a trader at a state-run bank as saying that the rupee is currently in “the middle of its recent trading range and it could consolidate between 85.70 and 86.70 in the near term”.

Apple reportedly hurried 600 tons of iPhones — up to 1.5 million individual phones — out of India before President Donald Trump slapped the rest of the world with tariffs.

The tech behemoth chartered flights to India in order to snatch up as many phones as possible, likely to try to build up its US phone inventory.

Indian imports face a 26 per cent tariff rate, but Trump announced a 90-day moratorium on the import tax after he tanked global stock markets with his “Liberation Day” announcement.

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President Donald Trump’s administration has been predicting its barrage of tariffs targeting China will push Apple into manufacturing the iPhone in the United States for the first time.

But that’s an unlikely scenario even with US tariffs now standing at 145 per cent on products made in China — the country where Apple has manufactured most of its iPhones since the first model hit the market 18 years ago.

The disincentives for Apple shifting its production domestically include a complex supply chain that it began building in China during the 1990s. It would take several years and cost billions of dollars to build new plants in the US, and then confront Apple with economic forces that could triple the price of an iPhone, threatening to torpedo sales of its marquee product.

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