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An employee checks filled capsules inside a Cadila Pharmaceutical company manufacturing unit at Dholka town on the outskirts of Ahmedabad, India, April 12, 2025.

REUTERS/Amit Dave

Pharma manufacturers face tariff uncertainty

Donald Trump’s administration announced that it is opening investigations into pharmaceutical and semiconductor supply chains, which will likely result in tariffs that will hurt suppliers in Europe, India, and Canada.

The move shows that, despite stiff political and market resistance, Trump still believes tariffs will benefit his country in the long term by rebalancing trade and boosting manufacturing jobs.

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EU and Chinese flags in an illustration.

REUTERS/Dado Ruvic/Illustration

The EU extends a hand toward China

European leaders have much to worry about when it comes to trade and economic growth. In March, Donald Trump imposed 25% tariffs on steel, aluminum, and cars coming from Europe. Last week, he added a 20% tariff on virtually everything else that Europe exports to the US. On Wednesday, the EU responded by announcing tariffs on a broad range of US-exported products that could affect about $23 billion worth of goods. Then, later on Wednesday, Trump suddenly included the EU among those who would see tariff rates fall back to 10%. The whiplash from Washington continues.

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Demonstrators rally against President Donald Trump and his adviser Elon Musk during a Hands Off! protest on the Washington Monument grounds in Washington, DC, on April 5, 2025.

REUTERS/Tierney L Cross

Trump’s tariffs trigger aftershocks at home and abroad

US President Donald Trump’s “Liberation Day” tariffs have been met with anger, outrage, and disbelief in every corner of the world – including islands inhabited solely by penguins. At last count, at least 50 countries want to talk trade with Washington, while in the US, opposition to Trump’s presidency is getting organized. Here’s a look at this weekend’s reactions.

In America: Protests, pleas, and pride

From San Francisco to Tulsa to DC, protesters took to the streets on Saturday in over 1,400 demonstrations across all 50 states, demanding that Trump and his “billionaire friends” take their “Hands Off” programs like Medicare and Social Security. While the protests were not specifically aimed at the tariffs, many demonstrators denounced their impact on consumers and retirees, who feared for the future of their investments in the wake of tariff-induced market turmoil.

Meanwhile, top tech and finance leaders — including reps from Apple, Goldman Sachs, and Meta — reportedly plan to fly to Mar-a-Lago to urge Trump to reconsider his tariff plans. Their message: Tariffs are tanking investor confidence and threatening America’s innovation edge.

In the Midwest, it’s a different story. In Iowa, Ohio, and the Dakotas, many in Trump’s base are cheering. Farmers, small manufacturers, and assembly line workers, angry at the impact of offshoring, say the tariffs finally put America first. As a candy store manager in small-town Ohio told the BBC, “If tariffs bring companies and business back to hardworking American people like the ones who live here, then it’s worth it.”

Overseas: Calls for unity, calculated countermeasures

Abroad, in the words of UK Prime Minister Keir Starmer, the consensus is that “the world as we knew it has gone.” The EU is promising a coordinated response in the coming days with retaliatory tariffs on a host of American goods, including diamonds, meat, cereals, wine, wood, clothing, chewing gum, dental floss, vacuum cleaners, and toilet paper. (In a curious twist, Trump adviser Elon Musk suggested on Saturday to a far-right Italian party that the US and Europe form a zero-tariff free trade zone, saying that this “has certainly been my advice to the president.” We’ll see whether Trump takes it.)

In Asia, responses have been mixed. Indonesia and Taiwan’s governments have opted not to retaliate, while Vietnam’s President To Lam has already been on the phone with Trump, proposing a deal to eliminate tariffs entirely between the two nations. In contrast, China is digging in its heels, placing export restrictions on rare earths in addition to reciprocal tariffs of 34% on US goods. Both measures were announced on Friday after two days of stock market meltdowns, which continued into Monday, as the Nikkei plunged 7.8%, while two other Asian indexes had record losses for a single day. Wall Street is also set for another week of turmoil after Dow Jones futures fell 1,500 points (over 3.5%) late Sunday.

Responding to the continued market downturn, Trump said Sunday night that “sometimes you have to take medicine to fix something.”

- YouTube

How Europe might respond to Trump's tariffs

Carl Bildt, former prime minister of Sweden and co-chair of the European Council on Foreign Relations, shares his perspective on European politics from Stockholm, Sweden.

What's going to be the reaction to the Trump trade war against Europe but also against the rest of the world?

Well, it was worse than expected. What you will hear coming out of Brussels is strong words, but also saying, "Well, let's try and see if we can mitigate, if we can negotiate, if we can have some changes in this." That's going to take some time. Not much hope that that will produce anything. But anyhow, the attempt will be made. And then I would expect fairly strong European countermeasures.

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Jess Frampton

The end of the transatlantic relationship as we know it

Donald Trump’s second term is having considerably more impact on the global stage than his first. Trump may have been a largely transactional president last time around, when he was more constrained at home and faced relatively more powerful counterparts abroad. But the first two months of Trump 2.0 have shattered the illusion of continuity. No American ally faces a ruder awakening than Europe, whose relationship with the United States is now fundamentally damaged.

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The economic waves of Trump 2.0: Insights from The Economist's Zanny Minton Beddoes

Listen: On the GZERO World Podcast with Ian Bremmer, we ask The Economist's editor-in-chief Zanny Minton Beddoes: Did Wall Street get President Trump wrong?

Candidate Trump promised to lower taxes and drastically reduce government regulation. This message resonated as much with Wall Street as it did with Main Street. After surviving, if not thriving, under President Trump's first term in office, the business community no longer feared Trump's unpredictability. They overlooked his fixation on tariffs and his promises of mass deportations.

However, the first months of Trump 2.0 have been a time of economic warfare and market volatility. President Trump slapped tariffs on America's largest trading partners and closest allies and began to make good on a promise to deport millions of illegal immigrants. So where is this all heading, and what does it mean for the rest of the world?

Subscribe to the GZERO World Podcast on Apple Podcasts, Spotify, Stitcher, or your preferred podcast platform, to receive new episodes as soon as they're published.
- YouTube

Is the US-Europe alliance permanently damaged?

Carl Bildt, former prime minister of Sweden and co-chair of the European Council on Foreign Relations, shares his perspective on European politics from Stockholm, Sweden.

Is the transatlantic relationship permanently damaged by what we have seen during the last 10 days or so?

Well, there is no question that the last 10 days or so have been the worst by far for the transatlantic relationship in, well, modern recorded history. You can go through all of the details if you want. It started with the shameful vote in the UN General Assembly on the same day that was three years after the war of aggression that Russia started, where the United States turned around, lined up with Russia, and with primarily a bunch of countries that you would not normally like to be seen in the company of, in order to try to defeat the Europeans, and defeat the Ukrainians, and defeat the Japanese, and defeat the Australians, defeat all of the friends who have criticized the Russians.

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- YouTube

Why Trump won’t break the Putin-Xi alliance

Ian Bremmer shares his insights on global politics this week on World In :60.

Does Trump's relationship with Putin isolate or concern China?

I wouldn't say so. I think that Putin and Xi Jinping have one of the stronger relationships on the global stage today. I think they've met something like 81 times bilaterally since the two have been in power. They're both leaders for life, they run dictatorships, and they support each other all the time at the United Nations. There's a lot of technology and trade, and China needs to buy Russian energy. The Americans certainly don't. So, for lots of reasons, this relationship is much more stable and strong than anything that Trump is likely to build with Putin. Especially because Trump is a one more term president, 78 years old, with checks and balances in the US, even if they're getting weaker, they exist. That's not true in Russia. It's not true in China. So, I don't think Beijing is very worried about that.

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