The United States is facing significant trade deficits with several countries, including China, the EU, Mexico, Vietnam, Taiwan, Japan, South Korea, Canada, and India. In response, these nations are taking steps to minimize their exposure to US tariffs. Vietnam has announced plans to slash duties on various goods such as cars, liquefied gas, and agricultural products. Japan is setting up 1,000 consultation centers for businesses affected by US tariffs. European Central Bank President Christine Lagarde warned of an "existential moment" for Europe's economic independence. British Prime Minister Keir Starmer discussed productive negotiations with US President Trump on a potential trade deal, while German Chancellor Olaf Scholz stated the EU would respond firmly to any new tariffs.
https://www.rawstory.com/world-economies-brace-for-trump-tariffs-deadline/Japan, South Korea, and China agreed to strengthen supply chain cooperation and engage in more dialogue on export controls amid tensions with the US. The three countries plan to speed up talks on a free trade agreement to promote regional and global trade. A meeting of trade ministers was held ahead of US President Trump's planned announcement of additional tariffs, which he calls "liberation day".
https://www.brecorder.com/news/40355606/china-japan-south-korea-will-jointly-respond-to-us-tariffs-chinese-state-media-saysAsian markets mostly rose on Tuesday, recovering from recent losses, as investors positioned themselves for US President Donald Trump's "Liberation Day" when he is set to unveil sweeping tariffs. The threat of 25% tariffs on car and parts imports has fueled recession fears, with some warning that volatility will continue as governments react. Vietnam slashed duties on goods including cars, liquefied gas, and agricultural products in response to the US move. Gold hit a record high as investors sought safe havens amid uncertainty. The S&P 500 rose on Monday but closed its worst quarter since 2022, with Tokyo, Hong Kong, Shanghai, Seoul, and Taipei edging up alongside Singapore and Wellington.
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/asia-markets-edge-back-trump-tariff-fears-dampen-moodBritish Trade Minister Liam Reynolds expressed optimism about securing an exemption from US tariffs on British goods, citing "sensitive areas" such as food standards as non-negotiable. He believes Britain has a higher chance of success than other countries and hopes to see tariffs dropped in weeks or months. The UK and US have been engaged in productive negotiations for an economic prosperity deal, with Downing Street confirming discussions between Prime Minister Rishi Sunak's team and former US President Donald Trump. Global markets have reacted negatively to Trump's plan, which aims to reduce a $1.2 trillion global goods trade deficit.
https://www.malaymail.com/news/money/2025/04/01/britain-eyes-exemption-from-trumps-global-tariffs-as-starmer-touts-productive-us-trade-talks/171584China is willing to increase its imports from India in response to US reciprocal tariffs. China's Ambassador to India, Xu Feihong, announced this plan, aiming to strengthen trade cooperation and import more Indian products suitable for the Chinese market. This move comes as Chinese President Xi Jinping emphasized the need for a stronger partnership with India, describing their relationship as a "partnership of equals" that should be based on mutual benefit.
https://www.firstpost.com/world/china-ready-to-buy-more-indian-products-says-beijings-envoy-ahead-of-trump-tariffs-13876410.htmlEU chief Ursula von der Leyen expressed hope for a negotiated solution to US tariffs, but warned that the EU is prepared to retaliate if necessary. Von der Leyen stated she has been consulting with EU leaders on potential next steps after US President Donald Trump announces new tariffs as part of his "Liberation Day" plan.
https://www.firstpost.com/world/open-to-negotiations-but-eu-has-strong-plans-to-counter-trump-tariffs-says-von-der-leyen-13876330.htmlUS President Trump has stated he won't negotiate with other countries on tariffs until after they're imposed, but his proposed 25% tax on auto imports is permanent. In response, the European Union plans to impose $28 billion in tariffs on US goods, including steel and aluminum products, American beef, poultry, bourbon, motorcycles, peanut butter, and jeans, initially planned for two phases starting Tuesday and April 13, now delayed until mid-April.
https://apnews.com/article/trump-reciprocal-tariffs-liberation-day-april-2-86639b7b6358af65e2cbad31f8c8ae2bTurkish Foreign Minister Hakan Fidan will visit Paris on April 2 to discuss bilateral relations with French counterpart Jean-Noël Barrot, focusing on trade, investment, energy, and tourism. The talks will also cover regional and international developments, including the wars in Ukraine and Gaza, as well as economic cooperation. Fidan plans to raise concerns over racist movements targeting Turkey's community in France and advocate for stronger defense industry cooperation. He will stress the need for concerted efforts against terrorism, particularly in northern Syria, and urge action against Israel's threats to regional security. European security is also a key topic, with Fidan emphasizing Türkiye's role in shaping the continent's defense framework, which he believes cannot be realized without Turkey.
https://www.hurriyetdailynews.com/fidan-due-in-paris-for-talks-on-bilateral-regional-issues-207558The Indian industry is hopeful that the US will provide a waiver or deferment of tariffs on some products due to bilateral trade negotiations between the two countries. Ajay Sahai, director general of the Federation of Indian Exporters' Organisation (FIEO), expressed this expectation. The main concern for the US is India's high import duties, particularly on farm products.
https://www.deccanchronicle.com/business/latest/industry-hopeful-of-waiver-or-deferment-of-tariffs-on-some-products-1870233