EU counter-duties: whisky, wine and dairy products out. Tariffs on US products up to 25%. Trump: EU will have to buy energy from the US

"Duties could be permanent but there could also be negotiations": this was said by Donald Trump in his meeting with Israeli Prime Minister Benjamin Netanyahu in the Oval Office, keeping the two scenarios open in his trade war.

"We will talk to China, I have a great relationship with Xi, let's hope it stays," Donald Trump said in his meeting with Israeli PM Benjamin Netanyahu in the Oval Office. However, the president reiterated his threat to impose 50 per cent more duties on Beijing if he does not remove the retaliatory measures by tomorrow.

Bourbon, wine and dairy products have been removed from the list of countermeasures developed by the European Commission in response to Donald Trump's tariffs. This is what emerges from the draft document - which ANSA has seen - that Brussels sent to member states, which details counter-duties of up to 25% on a long list of American products. The text is not officially confirmed by the Commission. The new version of the 66-page list does not include customs codes for whisky, spirits or wine, nor those related to dairy products such as milk, butter, yoghurt or cheese.

The duties that the EU will put in place from 15 April in two tranches - the other is scheduled for 15 May - include tariffs on American products of up to 25%. This is what we read in the draft of the Commission document that ANSA has viewed and in which the codes of the product categories that will be subject to the EU executive's measures are specified. Most of the tariffs are at 25% but for several categories the duties will be at 10%.

Defence Minister Guido Crosetto met with Turkish President Recep Tayyip Erdogan in Ankara, at the headquarters of the Turkish head of state's Akp party. This was reported by the Turkish Republic Presidency on X, publishing a photo of the meeting. During his visit to Turkey, Crosetto had a meeting in the afternoon with his Turkish counterpart, Yasar Guler.

The press conference between Donald Trump and Benyamin Netanyahu has been cancelled. This was reported by Agence France Presse.

Donald Trump is threatening to veto a bipartisan bill (with seven Republican endorsements in the Senate) that would limit the president's authority to impose unilateral tariffs, Axios writes after viewing a memo sent by the White House to congressional offices. "If passed, this bill would dangerously hamper the president's authority and duty to determine our foreign policy and protect our national security," reads the memo, which foreshadows the veto.

Whisky is off the European Union's list of counter-duties. This was announced by Foreign Minister Antonio Tajani to the President of the Italian Wine Union (UIV), Lamberto Frescobaldi, today at Vinitaly. "I would also like to thank the Minister on behalf of Unione italiana vini for having accepted and successfully completed a request of fundamental importance for our sector," stressed President Frescobaldi. The additional tariffs on American spirits had initially been announced by the European Union and frozen after Trump threatened to retaliate with 200% duties.

Montenegro is determined to do everything possible to be ready for EU membership by 2028. President Jakov Milatovic said this while meeting with EU High Representative Kaja Kallas today in the ancient capital Cetinje. "We are aware that this is an ambitious goal, but we believe that we can achieve it, together with our European partners," Milatovic added.

"The pressure is first and foremost on the Americans. The country could go into a recession with high inflation. This is a toxic mix for any open society. We will see how it goes, but they will not be able to hold out for long. Especially if Europe manages to be united and allied with all the other countries affected by this tariff madness, such as Japan, South Korea and now Indonesia'. So said German Economics Minister Robert Habeck at the end of the EU Trade Council

"All talks" on tariffs "with China will be stopped immediately. Negotiations with the other countries, which requested the meetings, will begin immediately." Donald Trump said so on Truth.

Trump threatens China with additional tariffs of 50 per cent, effective 9 April, if China does not withdraw its 34 per cent tariff on US products by 8 April.

"An assembler of cars": that's how Peter Navarro, White House trade adviser, described Elon Musk, after the Tesla patron denigrated him as an "egomaniac who's never built a f---." "When it comes to tariffs and trade, Elon is not a carmaker but an assembler of cars," he told Cnbc, adding that many Tesla components come from Japan, China, Taiwan. "The difference between our thinking and Elon's thinking is that we want the tyres made in Akron, we want the transmissions made in Indianapolis," he added.

The US duties announced by Donald Trump are 'a huge challenge' for the UK. This was said today by Keir Starmer, illustrating at the Jaguar Land Rover factory an aid package for the car industry that includes easing obligations on the transition to electric and extending the ban on hybrid models from 2030 to 2035. "No one likes tariffs, but they should be seized as an opportunity," the British PM continued, hinting that he did not want to retaliate for now and calling for "calm" against the backdrop of the "intense negotiations" underway with Washington to wrest "the best (bilateral) deal possible".

Duties: White House, '90-day pause? Fake News'

Executives from some of the world's largest banks had a call last night on the effects of tariffs on financial markets and the impact on the global economy. This was revealed by Sky News, which learned that the heads of banks including Bank of America, Barclays, Citi and Hsbc Holdings discussed the ongoing chaos.

Duties: adviser Hassett, Trump considers 90-day pause on duties, apart from China

"Despite all the discussions we had, we saw the duties imposed on the EU on 2 April, so we have to proceed with the countermeasures. All the deadlines are clearly determined by the legal process. So we will distribute the list of countermeasures tonight. The vote will be on Wednesday, duty collection starts on 15 April for the first part, and in full compliance with the WTO methodology, the second part will come into force 30 days later. So we are talking about 15 May'. EU Trade Commissioner Maros Sefcovic said this, stating that "it is not possible to delay the entry into force of the duties".

The Federal Reserve will have a chance to discuss the market chaos when it holds a 'closed board meeting' for the board's governors in Washington today. There is only one item on the agenda under 'matters for consideration': review and determination by the Board of Governors of the advance and discount rates to be applied to Federal Reserve banks. The meeting caused a stir online and on social media, with claims that it was an emergency meeting to deal with the market crash. However, the details of the meeting are dated 3 April, i.e. last Thursday, indicating that it is not an emergency reaction.

"The United States has a chance to do something that should have been done DECADES AGO. Don't be weak! Don't be stupid! Do not panic! Be strong, be brave and be patient and GREATNESS will be the result!" Donald Trump writes this on Truth.

"We will also protect ourselves from the indirect effects" of duties, due to "trade diversion". "We will set up an import surveillance task force." European Commission President Ursula von der Leyen said this during a press point with Norwegian Prime Minister Jonas Gahr Store.

President Donald Trump is determined to press ahead with his trade policy, but remains ready to listen to partners if they present 'truly beneficial deals'. White House economic adviser Kevin Hassett said this in an interview with Fox News. "Trump is doubling down on something that he knows works," Hassett said, explaining that the president "will continue on this path." However, he added, "he will also listen to our trading partners, and if they come in with great deals that benefit American manufacturing and agriculture, I'm sure he will consider them."

Hassett reported that Trump spoke with several world leaders over the weekend and that the White House also received contacts from Taiwan overnight. He also dismissed concerns about a possible disastrous impact on the economy: 'The idea that there will be a nuclear winter is completely irresponsible rhetoric'.

"We are ready to negotiate with the US. In fact, we have offered zero-for-zero tariffs for industrial goods, as we have successfully done with many other trading partners, because Europe is always ready for a good deal'. This was said by European Commission President Ursula von der Leyen during a press point with Norwegian Prime Minister Jonas Gahr Store

Elon Musk shared an old video, posted by another user, in which economist and Nobel laureate Milton Friedman, using the example of a pencil, explains the different steps in different parts of the world to create a pencil. "Thousands of people worked together to make this pencil," says Friedman, who passed away almost 20 years ago, speaking of the "magic of the price system" and adding that "this is why the functioning of the free market is so essential". A sibylline post that Musk's followers question, and, recalling the Nobel Prize winner's position on free markets, insinuate that the billionaire is criticising Donald Trump.

"The policies of US President Donald Trump are making us stronger". This is the response of Kevin Hassett, the White House's top economic adviser, to Jamie Dimon, CEO of JpMorgan Chase, who warned in his letter to shareholders that tariffs will drive up inflation and slow economic growth.

"President Trump will listen to the trading partners if they have good deals to offer. Trump will decide if they are sufficient." Kevin Hassett, top White House economic adviser, said this in an interview with Fox. "The idea that there's going to be a nuclear winter" economic is "completely irresponsible rhetoric," he added, referring to allegations by Bill Ackman, among the top hedge fund managers in the US. Trump is "insisting on something he knows works".

"I spoke with European steel and metal industry leaders to get their views on the impact of the US tariffs. This helps us to define an effective EU response. We will remain in close contact to ensure that their interests, our interests, are adequately protected'. This was announced by European Commission President Ursula von der Leyen after talks with steel and aluminium representatives. The president will have a second round of talks this afternoon with the automotive industry, while tomorrow it will be the turn of the pharmaceutical industry.

Goldman Sachs estimates that it expects "significant acceleration" from China on fiscal easing measures to compensate for the new growth difficulties that emerged with the additional 34% tariffs announced by the US last week, which were higher than expected. The US investment bank, in a report released on Sunday, assumed an impact of "at least 0.7 per cent" less on Beijing's GDP by 2025. "Prior to the tariffs, growth was proceeding above our forecasts and we were contemplating an upward revision to relative GDP expectations for 2025," Goldman Sachs noted.

"There will be with effect from 15 April a list of US products on which to put duties. It is an old frozen list, I asked for the postponement but it seems to me that the prevailing position is to start from the 15th". Foreign Minister Antonio Tajani said this on the sidelines of the EU Trade Council. If whiskey is on the list? "I have asked that it not be there, the list will be drawn up between tonight and tomorrow, let's say I am moderately optimistic," Tajani explained, adding that the second set of countermeasures should come into force on 15 May but, "between now and the 15th there is still time for negotiation".

"No to a trade war but no surrender to the decisions of others either. Let us therefore work with a straight back to a negotiation with the US to neutralise the duties but above all to achieve what was Jean Claude Juncker's dream: a large free trade area between the US and the EU with no more tariffs to foster economic growth in both areas. But dreams do not come true by themselves, but only if someone works to make them come true'. Foreign Affairs Minister Antonio Tajani said in a link to Vinitaly in Verona from Luxembourg.

"Important for the agri-food sector," Tajani added, "is the work we are doing in these hours on the list of US products to be excluded from sanctions. Italy has gone to great lengths to ensure that the products excluded from countermeasures include American Whiskey. Because introducing a duty on Whiskey would immediately lead to a retaliation on wine that we do not want'.

China's 'biggest abuser of all' markets are 'collapsing' despite 'just raising its tariffs by 34% on top of its already ridiculously high long-term tariffs'. US President Donald Trump wrote this on Truth in a post referring to the tariffs. "They have made enough, for decades, taking advantage of the good old USA," he added, "our past 'leaders' are to blame for allowing this, and so much else, to happen to our country. Let's make America great again!"

Russia is closely following the downward trend in oil prices amid market swings triggered by the duties introduced by Donald Trump, Kremlin spokesman Dmitry Peskov said, admitting that the situation is "extremely turbulent". The price of crude oil has fallen on world markets by 15 per cent in the past month. The price of Brent crude today in London had fallen below $63 per barrel for the first time since April 2021. "This is a very important indicator for our balance sheet. We are closely following the situation, which is extremely turbulent, tense and emotionally charged. And it is related to the US decision to impose tariffs against most countries in the world," Peskov said. The Russian authorities are doing everything they can to mitigate the effects on the Russian economy of what is happening in global markets.

"Oil prices are down, interest rates are down (the slow Fed is supposed to cut rates!), food prices are down, there is no inflation, and the long abused US is collecting billions of dollars a week from profiteering countries with the tariffs already in place." US President Donald Trump writes this in a post on social Truth.

'We do not want to start a trade war, but the goal should be to further reduce trade barriers'. These were the words of German government spokesman Steffen Hebestreit at a press conference. The context is the trade conflict triggered by US President Donald Trump, on the day the EU trade ministers are meeting in Luxembourg to discuss what to do and outline strategies to convince Washington to back down. "Secondly, we have to protect our domestic companies from what might happen," Heberstreit added, stressing the need to carefully assess the impact of the duties announced by Trump last week and warning against emotional reactions. Outgoing Chancellor Olaf Scholz is in contact with other European leaders and major German companies after Trump decided to impose a 10% across-the-board tariff on all imports to the US as of Saturday. Further measures, including 20% tariffs on products from the EU, are expected to come into force on Wednesday. Hebestreit avoided commenting on statements by Trump's advisor Elon Musk, who speaking yesterday via a link to the League Congress said he favoured a transatlantic free trade agreement for the total abolition of tariffs between Europe and the US.

"The abuse of tariffs by the US is tantamount to depriving countries, especially those in the Global South, of their right to development". This is the accusation levelled at Donald Trump by Beijing's Foreign Ministry spokesman Lin Jian, as reported by the Global Times. The Asian giant continues to identify itself as part of the group. And, Lin urged, "in light of the existing economic disparity, the increase in US tariffs will further exacerbate economic inequality among countries, and the least developed countries will face the greatest repercussions". The spokesman cited the World Trade Organisation (WTO) and argued that efforts to achieve the Sustainable Development Goals (SDGs) that countries have committed to by 2030 will be "severely undermined". The WTO estimates that the new tariffs, combined with those introduced since the beginning of the year, "could lead to an overall contraction of about one per cent in global merchandise trade volumes in 2025," a "drop of almost four percentage points from previous projections," as WTO Director-General Ngozi Okonjo-Iweala said in recent days.

"We are against any trade war, we will do everything for a confrontation. The goal is to negotiate this escalation. If it is not possible, certainly the EU will react strongly. It is a very heavy moment, important for European unity'. This was said by the French Minister Delegate for Trade, Laurent Saint-Martin, on the sidelines of the EU Trade Council. Regarding the deployment of the anti-coercion instrument by the EU, the minister explained: Brussels "must not rule out any option, even if it is extremely aggressive".

Ireland is opposed to the possibility of EU trade retaliation on hi-tech in response to the US duties announced by Donald Trump. This was made clear by Prime Minister Simon Harris, quoted by the British and Irish media on the sidelines of today's summit in Luxembourg. 'It would be an extraordinary escalation at a time when we all need to work instead for de-escalation,' Harris said. Dublin's economy is heavily dependent on overseas investment on the island, primarily by American technology and pharmaceutical giants.

"Europe will not allow itself to be divided now. This means that countries should not try to negotiate benefits for themselves, because that would not do any good. We have seen that countries that have tried to do this in the past have not been spared. Strength comes from the Union'. German Economics Minister Robert Habeck said this on arrival at the EU Trade Council: "It is important that this Council acts calmly, prudently, but also clearly and decisively. This means realising that we are in a strong position,' Habeck added that the anti-coercion instrument must be 'evaluated'.

Il ministro tedesco dell’Economia Robert Habeck EPA/OLIVIER HOSLET

Foreign Minister Antonio Tajani reiterated the Italian government's positions expressed by Prime Minister Gorgia Meloni on European countermeasures to US tariffs. Tajani, who is also in charge of foreign trade, said that we need to negotiate because 'a trade war with the US does not benefit anyone', 'we need a dialogue - in which we participate with a straight back'.

Regarding the European measures on steel and aluminium on which a vote is scheduled on Wednesday and which are expected to come into force on 15 April, Tajani said: "We can think of a postponement to 30" (April) adding that, in any case, Italy "has the utmost confidence in Trade Commissioner Sefcovic". "The moment is complicated," he added, and the European response must be under the banner of unity, "Italy supports all Sefcovic's initiatives".

"Donald Trump's calculation on surplus and tariffs is wrong. From my point of view it is absurd. Even the philosophical basis of this calculation is wrong. I say to the European partners, let us be united." German Economics Minister Robert Habeck said this on the sidelines of the EU Trade Council. "I read what Elon Musk said about wishing there would be no tariffs between the US and the EU in the future, I think it is a sign of weakness and perhaps fear. If he has something to say, he should go to his president. It's ridiculous,' he stressed.

China's stock exchanges also collapsed at the close as they gave ground on fears of the consequences of the trade war triggered by Donald Trump and the national recession following Beijing's 34% counter-duties on all goods imported from the US. At the end of the session, the Shanghai Composite Index gave up 7.34%, to 3,096.58 points, while the Shenzhen Composite Index did worse, losing 10.79% at the end of the day, standing at 1,777.37 points.

China's largest state fund, Central Huijin Investment, announced today that it intends to contribute to the 'stable functioning' of the markets after they collapsed due to the increase in customs duties. In a press release, this fund indicated that it had 'once again increased its holdings in stock market values' and would 'continue to increase its holdings in the future to resolutely maintain the stable functioning of the capital market'.

"Tomorrow we will discuss with the associations representing the business system to agree with them what national and even more so EU measures can be taken to protect the production system and European families". This was stated to Ansa by Enterprise Minister Adolfo Urso, on the sidelines of an event. "From 3pm," he added, "there will be a series of meetings with the industrial system, with small and medium-sized craft enterprises, with the agricultural system, with the entire Italian production system. So that they too will be heard. Mostly, from what they have already told us, they are all asking to avoid a trade war'.

ADOLFO URSO MINISTRO MADE IN ITALY

"Today we are discussing how to position Europe" on the issue of tariffs, "how to prepare the next steps vis-à-vis the US, but also how to move to prevent" such occurrences. This was said by EU Trade and Economic Security Commissioner Maros Sefcovic before the meeting in Luxembourg. "The discussion will be on what I would call a new paradigm of the global trade system," he explained.

Maros Sefcovic, REUTERS/Johanna Geron/File Photo

After arriving in Washington last night with his wife Sara, Israeli PM Benyamin Netanyahu met with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. The meeting concerned the 17% tariffs imposed on exports of goods to the US, Israel's main trading partner, which will go into effect on Wednesday. Netanyahu will meet Donald Trump at the White House at 1pm local time (8pm in Israel, 7pm in Italy), the two leaders will make joint statements in the Oval Office. Following the statements, a wide-ranging meeting is planned, which is expected to be attended by, among others, Israeli Minister of Strategic Affairs Ron Dermer and US Middle East envoy Steve Witkoff. The Israeli state plane Wing of Zion followed a route that increased the route from Budapest to Washington by about 400 kilometres, to avoid flying over countries deemed likely to enforce the arrest warrant issued against the premier by the International Criminal Court if the aircraft was forced to make an emergency landing. Since Israel believes that Ireland, Iceland and the Netherlands would execute the arrest warrant of the ICC, Netanyahu's plane instead flew over Croatia, Italy and France.

Tel Aviv Stock Exchange shares slumped for the second consecutive day following the Trump administration's tariffs policy. The Tel Aviv Stock Exchange's benchmark TA-125 index falls 3.1% after falling 3.8% on Sunday. The TA-35 index of blue-chip companies fell 2.8%. The TA-90 index, which tracks stocks with the highest capitalisation not included in the TA-35 index, falls 3.6 per cent and the TA-Insurance and Financial Services index falls 4.2 per cent. Tel Aviv shares fell sharply after stocks in Asia and Europe continued to fall. On Friday, the S&P index in the US lost almost 6%, the biggest drop since June 2020, and the Dow Jones Industrial Average slumped 5.5%.

Markets in India also crashed, hit by fears over the risks of a global trade war and its impact on global economic growth. India's two major stock indices, the BSE Sensex and the Nifty 50, slumped about 5 per cent each, plunging to nine-month lows. By the end of the session, the NSE Nifty 50 index fell as much as 5.1%, with the 30-day volatility indicator jumping to an eight-month high. The rupee also took a hit and gave ground to a six-week low against the dollar.

Argentina's president, Javier Milei, is pushing for a free trade agreement with the United States that circumvents Donald Trump's recently imposed tariffs by excluding some 50 products from taxation. "This is a step forward in the Argentine Republic's decision to proceed with a trade agreement with the United States, where tariffs and trade barriers are a thing of the past. Because there is no other way but that of freedom,' argued the ultraliberal leader. According to some experts, the original idea of a free trade agreement would take at least two years. Currently, 54 per cent of Argentine products exported to the US are subject to the 10 per cent tariff wanted by the American tycoon. Argentine sources reported that 46% of the products the country trades with the US, such as oil, gold, silver, and all their derivatives, are instead exempt. The Milei administration's plan is to expand 'the list of exempted products' and quickly reach 50 products with zero tariffs. Formal meetings are planned in the coming days to advance the technical aspects of the agreement.

(Photo by Luis ROBAYO / AFP)

Chinese policymakers met over the weekend to discuss measures to stabilise the economy and markets amid US President Trump's tariff blitz, including whether to accelerate stimulus plans to boost consumption, Bloomberg reported, citing unnamed sources.

China's top executives and senior officials, including financial regulators, have been meeting over the past three days and have considered bringing forward some planned measures even before Trump's tariffs, people familiar with the matter told Bloomberg.

The measures will focus on supporting consumer spending, birth rates and subsidies for certain exports; regulators also discussed details of a stock market stabilisation fund, Bloomberg said.

Chinese officials currently believe the country has accumulated a sufficient reserve of tools to support the economy and weather the turmoil, they told Bloomberg, adding that the size and timing of the stimulus have not been finalised and could be subject to change.

China accuses the US of aiming for "hegemony in the name of reciprocity" with the massive tariffs programme announced last week by President Donald Trump. "The US is seeking hegemony in the name of reciprocity, sacrificing the legitimate interests of all countries to serve its own selfish interests and prioritising America over international rules," Foreign Ministry spokesman Lin Jian said. 'This is typical unilateralism, protectionism and economic bullying,' Lin said in the daily briefing. 'Threats and pressure are not the best way to negotiate with China.

Read also / Zero tariffs, the example of the EU and China in Latin America

Bankers plummeted on the stock market, after a tilt start for Milan, overwhelmed by the wave of sales in the wake of Trump's duties effect. The Ftse Mib lost 7.6% to 32,050 points with losses of over 12% for Bper, Popolare Sondrio, 11% for Mps, 10% for Banco Bpm, Unicredit. Among the others Fineco left 8.7%, Mediolanum 9.7%, Intesa 9%.

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Billionaire investor and Trump supporter Bill Ackman called on the US president to suspend his aggressive tariff campaign, warning that it could trigger "an economic nuclear winter" with negative consequences for the American working class. "By imposing massive and disproportionate tariffs on both our friends and our enemies and thereby unleashing a global economic war against the entire world at once," the hedge fund manager argued, "we are destroying confidence in our country as a trading partner, as a place to do business and as a market in which to invest capital. "The president," is Ackman's plea in X, "has the opportunity to call for a 90-day suspension, negotiate and resolve unfair lopsided tariff agreements, and induce trillions of dollars of new investment into our country. The billionaire also argues that 'business is a game of trust' and Trump 'is losing the trust of business leaders around the world'.

In the wake of Wall Street's collapse on Friday and the Asian stock exchanges over Trump's tariffs, the European stock markets find no peace and slide again. Frankfurt, which started the day down more than 9%, fell 7.4%, while Milan and Paris, which struggled at the start because most stocks were unable to trade due to excessive declines, lost 7.6% and 5.9% respectively. London was also heavy (-5.2%).

The Milan Stock Exchange, as stocks enter trading, leaves 6.4% on the ground and follows in Europe's wake. For the list it is another black day after the collapse in Asia with stock markets that continue to pay the price effect of Trump's duties. At -11% Bper and then at -10% Popolare di Sondrio, Unipol, Mps. Still without trading Leonardo with a theoretical -13%.

Read more / Market Day

Japanese Prime Minister Shigeru Ishiba today reiterated his intention to travel 'as soon as possible' to Washington to meet President Donald Trump to discuss the duties decided by the new US administration.

"We have to present a package on what we are going to do," Ishiba told a parliamentary committee when asked about his possible trip to the US, emphasising how Japan has helped create jobs in the US through investment.

'China has always been, is, and will continue to be an ideal, safe and promising land for foreign investment'. This was stated by Chinese Vice Minister of Commerce Ling Ji, addressing the issue of tariffs during a round-table discussion with US business representatives. This was reported in a ministry note, quoted by Global Times. Our ministry 'will continue to provide protection to foreign-invested enterprises in China, including those in the US, by ensuring that the legal rights of foreign enterprises are protected according to law and by actively working to address the issues and concerns raised by such enterprises,' the deputy minister added.