The tariff crisis Reactions to the tariffs

Sources: EU steps up talks with the rest of the world

The EU is rushing to sign free trade agreements with the rest of the world to reduce dependence on the US after Trump's tariffs, sources told Bloomberg.

While Trade Commissioner Maros Sefcovic travels to Washington DC on Monday for new trade talks, the Union is reportedly taking the opportunity to intensify negotiations with countries such as India, Malaysia and the Mercosur bloc in Latin America.

The EU is also reportedly considering cooperation with the CPTPP countries in Asia to strengthen supply chains and reduce the effects of the Trump tariffs.

The EU is said to have already agreed with China to cooperate on supply chains for electric cars and is reviewing tariff regulations. However, some EU member states are hesitant to deepen relations with the country.

The EU already has the world's largest trading network, with trade worth over 2 trillion euros, the news agency writes.

Tariffs remain on many goods that the US needs from China

Even after the exemption for certain electronics, the sky-high import tariffs apply to 46 of the 50 goods on which the US is most dependent on China, writes the Financial Times.

For example, the US imports 95 percent of LED lights, 90 percent of microwave ovens, 87 percent of Christmas decorations and 76 percent of toys from China. All product groups will receive tariffs of 145 percent.

It will be difficult to find alternative suppliers, says Allie Renison, a former official at the British Department of Trade, to the newspaper.

China has stopped exports of key industrial metals

China has stopped exports of certain rare earth metals and magnets that are crucial to the global automotive, semiconductor and aerospace industries, writes the New York Times. Deliveries of magnets used in everything from cars and drones to robots and missiles have been stopped at several Chinese ports while Beijing draws up a new regulatory system, the newspaper writes.

When the new rules are in place, they will be able to permanently stop deliveries to certain companies, including subcontractors to the US military. The measures are described as part of China's response to Donald Trump's tariffs against the country that were introduced on April 2.

To export the metals in question, a special export license will be required, the newspaper writes.

US-China tariffs

February 1: Trump imposes 10 percent tariffs on China, effective February 4.

February 4: China responds with 15 percent tariffs on selected goods.

March 3: Trump raises tariffs on China by another 10 percent to a total of 20 percent. China announces it will retaliate.

March 4: China responds with 15 percent tariffs on a range of goods.

April 2: Trump raises tariffs on China by another 34 percent, bringing the tariff level to 54 percent.

April 4: China responds by raising tariffs by 34 percent on all goods from the US starting April 10.

April 7: Trump responds by threatening an additional 50 percent tariff on Chinese goods starting April 9, bringing the tariff level to 104 percent.

April 9: US tariffs of 104 percent against China are imposed – and raised to 125 percent.

April 9: China responds by raising tariffs against the US by 50 percent to a total of 84 percent from April 10.

April 9: Trump announces in the evening that tariffs against all countries except China will be suspended for 90 days.

April 10: White House economic adviser Kevin Hassett clarifies that the basic tariffs of 10 percent on all imports into the US still apply. The White House also clarifies that tariffs against China are now 145 percent, since there is a “basic tariff” for the fentanyl problem of 20 percent.

April 11: China raises tariffs on US goods to 125 percent. The US exempts electronic gadgets such as mobile phones, computers and semiconductor equipment from the so-called reciprocal tariffs. The exemptions cover goods worth about 3900 billion kronor, of which about 1000 billion are imports from China.

April 13: The US clarifies that electronic gadgets will instead receive a separate semiconductor tariff that falls under the category of tariffs for US security instead of under the reciprocal tariffs. The new tariffs are expected in “a month or two,” according to Commerce Secretary Howard Lutnick.