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Newshour

Global stocks sink in second day of market turmoil over Trump tariffs

Newshour

BBC

News, Daily News

4.4984 Ratings

🗓️ 4 April 2025

⏱️ 48 minutes

🧾️ Download transcript

Summary

A further plunge in global stock markets as China imposes retaliatory tariffs for President Trump's. The three main US indexes finished the day down more than 5%, in the worst two-day stretch for Wall Street since 2020. Also on the programme: The US Secretary of State Marco Rubio says the Trump administration will not accept foot-dragging by Russia on peace talks with Ukraine; we'll be in the South Korean capital Seoul where crowds cheered a court ruling confirming the impeachment of the president; and a US tourist arrested for entering a prohibited tribal area in India's Andaman islands. (Photo:A trader works on the floor at the Opening Bell of the New York Stock Exchange in New York, New York, USA, 04 April 2025. Credit: Justin Lane/EPA-EFE/REX/Shutterstock)

Transcript

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0:00.0

Hello and welcome to Newsar from the BBC World Service coming to you live from London.

0:09.0

I'm Julian Marshall.

0:16.1

The news has reported on Chinese state television that Beijing is levying an extra 34% on US imports from the 10th of April.

0:28.2

The World Wynne Guernetrae-Sui-Zer Weyerhury,

0:31.4

to origin-scent-y-Moeuvre of American's importemps.

0:35.2

Beijing's announcement comes in retaliation for the 34% surcharge President Trump announced would be levied on Chinese imports in the United States.

0:44.9

The US exported $144 billion worth of goods to China last year.

0:50.6

They'll still face a lower average tariff than goods going the other way.

0:55.2

So will the tariffs change Chinese buying habits?

0:58.9

These shoppers in Shanghai were asked whether the tariffs meant they'd buy fewer American products.

1:08.1

I used to buy some American products, but if the price increases, I might buy less.

1:13.1

I bought some street fashion brands, direct from the U.S., maybe to Hong Kong, and then transferred

1:18.1

into China.

1:19.3

Now, the price will be even higher.

1:25.5

It depends on the situation.

1:27.1

After all, right now, many Chinese electronic products are quite

1:30.7

impressive, so I may consider changing to Japanese, Korean or domestic products.

1:38.4

If tariffs are added, it's all bad. Both sides will be affected. Because I myself don't

1:43.4

buy many foreign products, I feel it may

1:45.8

not have a great impact on me personally. Well, President Trump has hit back at China's

1:52.0

retaliation. He posted on his truth social site earlier today. China played it wrong. They

1:59.5

panicked the one thing they cannot afford to do.

...

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