Market Panic Deepens As World Scrambles To Temper Trump Tariffs

Asian markets took a huge plunge Monday as US futures pointed to significant losses on Wall Street over Donald Trump's punishing tariffs, even as countries sought compromise with the defiant president.

Trump denied Sunday he was intentionally engineering a selloff and insisted he could not foresee market reactions, saying he would not make a deal with other countries unless trade deficits were solved. 

"Sometimes you have to take medicine to fix something," he said of the market pain that has seen trillions of dollars wiped off the value of US companies since the beginning of his tariff rampage.

Speaking to reporters aboard Air Force One, he added that he had sought to resolve the issue with world leaders over the weekend, claiming "they're dying to make a deal."

China retaliated against the United States on Friday, announcing it would impose tit-for-tat tariffs of 34 percent on all US goods from April 10 after Asian markets closed last week. 

With the trade war escalating, stocks in Asia took a heavy hammering when trading resumed. 

In early trade on Monday in Japan the Nikkei 225 was off an eye-watering 6.5 percent, while stocks in Taiwan were down almost 10 percent and in Singapore 8.5 percent.

Futures contracts for the New York Stock Exchange's main boards were sharply down Sunday, suggesting more pain for battered Wall Street stocks when markets open Monday, while US oil dropped below $60 a barrel for the first time since April 2021.

'Deals And Alliances'

Benjamin Netanyahu, the prime minister of Israel -- which has been hit with 17 percent tariffs, despite being one of Washington's closest allies -- will fly in for crunch talks with Trump Monday on the levies.

Britain's Prime Minister Keir Starmer warned in a newspaper op-ed that "the world as we knew it has gone," saying the status quo would increasingly hinge on "deals and alliances."

Trump's staggered deadlines have left space for some countries to negotiate, even as he insisted he would stand firm and his administration warned against any retaliation.

"More than 50 countries have reached out to the president to begin a negotiation," Kevin Hassett, head of the White House National Economic Council, told ABC's This Week on Sunday, citing the US Trade Representative.

Vietnam, a manufacturing powerhouse that counted the US as its biggest export market in the first quarter, has already reached out and requested a delay of at least 45 days to thumping 46 percent tariffs imposed by Trump.

Hassett said countries seeking compromise were doing so "because they understand that they bear a lot of the tariffs," as the administration continues to insist that the duties would not lead to major price rises in the United States.

"I don't think that you're going to see a big effect on the consumer in the US," he said. 

'Markets Bloodbath'

Treasury Secretary Scott Bessent also told NBC's Meet the Press that 50 countries had reached out.

But as for whether Trump will negotiate with them, "I think that's a decision for President Trump," Bessent said. 

"At this moment he's created maximum leverage for himself... I think we're going to have to see what the countries offer, and whether it's believable," Bessent said. 

Other countries have been "bad actors for a long time, and it's not the kind of thing you can negotiate away in days or weeks," he claimed.

Despite hopes for negotiations to avert the worst economic carnage, in Asia the markets bloodbath continued into the new trading week.

In Saudi Arabia, where the markets were open Sunday, the bourse was down 6.78 percent -- the worst daily loss since the Covid-19 pandemic, according to state media.

Larry Summers, formerly Director of the National Economic Council under president Barack Obama, said "there is a very good chance there's going to be more turbulence in markets the way we saw on Thursday and Friday."

Peter Navarro, Trump's tariff guru, has pushed back against the mounting nervousness and insisted to investors that "you can't lose money unless you sell," promising "the biggest boom in the stock market we've ever seen."

Russia has not been targeted by the latest raft of tariffs, and Hassett cited talks with Moscow over its invasion of Ukraine as the reason for their omission from the hit list.

On Wednesday a White House official suggested the reason for Russia's omission was because trade was negligible thanks to sanctions.

Trump has long insisted that countries around the world that sell products to the United States are in fact ripping Americans off, and he sees tariffs as a means to right that wrong.

"Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!" Trump wrote on Truth social Sunday.

But many economists have warned that tariffs are passed on to consumers and that they could see price rises at home.

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Hindu Temple In Abu Dhabi Celebrates Ram Navami With Grand Celebration

The world-renowned BAPS Hindu Temple in Abu Dhabi celebrated Ram Navami and Swaminarayan Jayanti with immense devotion and grandeur, marking a landmark moment for cultural and spiritual harmony in the United Arab Emirates (UAE).

A statement mentioned that devotees from across the region gathered at the temple to participate in a series of devotional and cultural events.

According to Pujya Brahmavihari Swami, the head priest of the temple, a full day of celebrations was organized, beginning with Ram Bhajans from 9 a.m. to 12 p.m., followed by the Shri Ram Janmotsav Aarti at 12 noon.

"The celebrations witnessed a massive turnout of devotees and visitors, united in devotion to Lord Ram and Bhagwan Swaminarayan. This spiritual gathering served as a beacon of peace, unity, and eternal Hindu values, echoing across borders," the statement read.

One of the highlights of the event was a special cultural presentation by the BAPS on a stage designed to resemble the sacred confluence of the Ganga, Yamuna, and Saraswati. Through music, drama, and storytelling, the young artists brought to life the divine and inspiring life of Lord Ram*, captivating the audience.

The BAPS Hindu Temple in Abu Dhabi continues to stand as a symbol of interfaith harmony, devotion, and global Hindu pride.

Rama Navami is a Hindu festival which celebrates the birth of Lord Ram -- one of the most popularly revered deities in Hinduism.

Lord Ram is also known as the seventh 'avatar' of Vishnu.

Ram Navami falls on the ninth day of the 'Shukla Paksha' of the lunar cycle of 'Chaitra' (March-April) which is the last month in the Hindu calendar.

Ram Navami is also a part of the Chaitra Navaratri festival.

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USAID Team Laid Off While In Myanmar Earthquake Zone: Report

Three US aid workers were laid off while in Myanmar helping the rescue and recovery from the country's massive earthquake, a former senior staffer said, as the Trump administration's dismantling of foreign aid affects its disaster response.

After travelling to the Southeast Asian nation, the three officials were told late this week they would be let go, Marcia Wong, a former official at the US Agency for International Development, told Reuters.

"This team is working incredibly hard, focused on getting humanitarian aid to those in need. To get news of your imminent termination - how can that not be demoralising?" said Wong, former deputy administrator of USAID's Bureau for Humanitarian Assistance, which oversees Washington's disease response efforts overseas.

President Donald Trump's government has pledged at least $9 million to Myanmar after the magnitude-7.7 quake, which has killed more than 3,300. But his administration's massive cuts to USAID have hindered its ability to respond, while China, Russia, India and other nations have rushed in assistance.

The Trump administration has moved to fire nearly all USAID staff in recent weeks, as billionaire Elon Musk's Department of Government Efficiency has slashed funding and dismissed contractors across the federal bureaucracy in what it calls an attack on wasteful spending.

The three USAID workers have been sleeping on the streets in the earthquake zone, Wong said, adding that their terminations would take effect in a few months. Residents have been sleeping outside for fear of aftershocks and further building collapses, 

Wong said she is in contact with the remaining USAID staff and that she heard about the terminations after an all-staff meeting on Friday.

Former USAID staff say most of the people who would have coordinated the response have been let go, while third-party implementing partners have lost contracts.

The US State Department did not immediately respond to a request for comment. Secretary of State Marco Rubio on Friday rejected criticism that Washington was slow to respond to the March 28 earthquake because USAID was dismantled.

Rather, he told reporters in Brussels, Myanmar was not "the easiest place to work", saying the military government does not like the United States and prevents it from operating in the country as it wants to.

The United Nations has said the junta was limiting humanitarian aid.

Rubio said the US would no longer be the world's top humanitarian donor, calling on other wealthy nations to step up in assisting Myanmar.

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Dancing Robots, Fraught Consumers Star In China's AI Videos Mocking Tariffs

China's state-run media has taken to the internet with AI-generated videos, featuring dancing robots and fraught consumers, to chide US.President Donald Trump and tariffs they say threaten high inflation and economic distress for Americans.

"'Liberation Day', you promised us the stars. But tariffs killed our cheap Chinese cars," an automated female voice sings in a video on the website of China's CGTN, a state-run English-language broadcaster, over a shot of a woman at a kitchen table staring at an empty fork.

The two-minute, 42-second clip, referring to Trump's use of "Liberation Day" for the day of his tariff announcement, was captioned with a warning: "Track is AI-generated. The debt crisis? 100 percent human-made."

Another video posted on the X.com page of state-run news agency Xinhua, also generated by artificial intelligence, shows a robot named TARIFF that chooses to self-destruct rather than follow its creator's orders for high tariffs that bring "trade wars and unrest".

China has sharply criticised the US tariffs, which have triggered the biggest stock market rout since the pandemic, and retaliated on Friday with import duties and export curbs of its own.

Economists say consumers are likely to see higher prices due to the trade war and that the US economy could enter a downturn, while some US trade partners are putting their own levies on American products - effects that Trump has called a "disturbance".

The CGTN video, which displays lyrics in English and Chinese over images of car factories and humanoid robots dancing in burned-out streets, makes a more dire assessment.

"You taxed each truck, you taxed each tire. Midwest burnin' in your dumpster fire," the automated voice sings.

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Trump Extends Extends Deadline For TikTok Sale By 75 Days

President Donald Trump on Friday extended the deadline for TikTok to find a non-Chinese buyer or face a ban in the United States, giving his administration 75 more days to find a solution.

"A transaction requires more work to ensure all necessary approvals are signed, which is why I am signing an Executive Order to keep TikTok up and running for an additional 75 days," Trump wrote on Truth Social.

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US Wedges Its Way In, Says "Greenland Does Not Want To Be Part Of Denmark"

As Greenland and Denmark, of which it is a part, have vociferously rejected Donald Trump's "strategic buyout" proposal, Washington has struck back, trying to wedge its way in. In a retort to Denmark's Prime Minister Mette Frederiksen, US Secretary of State Marco Rubio said Denmark must accept the fact that Greenland no longer wants to be a part of it.

"Denmark should focus on the fact that Greenlanders do not want to be a part of the country anymore. Greenlanders are going to make a decision," Mr Rubio said at the NATO headquarters in Brussels.

Greenland's incoming prime minister Jens-Frederik Nielsen immediately rejected the statement saying Mr Rubio is wrong in saying so. "He is not right that Greenland wants to secede tomorrow," he said. However, he did acknowledge that Greenland wants to attain independence in the long run.

"Greenland does not want to be Danish, but Greenland certainly doesn't want to be American either," he said, defending his country.

Speaking to local TV network TV2, Mr Nielsen said, "We work every day to build a foundation so that we can stand on our own in the future, but we are not there yet. What he (Rubio) says doesn't hold water."

The United States has made Greenland's takeover a top priority and a strategic foreign policy goal - for which it has not ruled out a military offensive either. When Donald Trump first suggested that he wants the US to "buy" Greenland, it was taken as a joke, but over the weeks and months the world understood that there is no humour in it.

Denmark, whose semi-autonomous territory Greenland does not have the diplomatic or military might to stand up to the US, has come to its rescue. But they too are feeling the pressure. Danish PM Mette Frederiksen today accused the US of subjecting Denmark and Greenland to immense "pressure and threats".

She firmly rejected US' attempts to annex Greenland, citing international law.

"You cannot annex other countries - not even under the pretext of international security," Prime Minister Frederiksen said at a press conference with top Greenlandic officials in Nuuk, the capital of Greenland. "National borders, sovereignty, territorial integrity - these are rooted in international law. These principles were established after World War II so that small countries would not have to fear large ones."

"When you seek to take over part of the Kingdom (of Denmark)'s territory, when we are subjected to pressure and threats by our closest ally, what are we to think about the country we have admired for so many years?" Prime Minister Frederiksen questioned.

Both Denmark and Greenland have, for long, been close allies of the United States. The US also has a strategic military and nuclear missile base in Greenland. But President Trump's threats of annexing the arctic island rich in natural and mineral resources, has led to widespread anti-US sentiment and resentment against the Trump Administration.

Last month, Greenlanders held the largest-ever protests in the island's history against the US. Just hours ahead of a visit by US Vice President JD Vance last month, Greenland announced the formation of a new autonomous government. Four political parties, representing 23 of the 31 seats in Greenland's Parliament, signed a historic coalition agreement to establish the new government. Jens-Frederik Nielsen, chairman of the Demokraatit (Democratic Party), will serve as prime minister.
 

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Russian Missile Strike Kills 12 In Ukrainian President Zelensky's Home City

A Russian ballistic missile strike on Ukrainian President Volodymyr Zelensky's home city of Kryvyi Rig killed 12 people on Friday, including three children, authorities said.

Oleksandr Vilkul, the head of the city's military administration, said more than 50 people were wounded in the evening attack.

"Twelve people were killed in Kryvyi Rig," regional governor Sergiy Lysak said on Telegram.

He added later that this included "three children".

"The number of wounded is constantly increasing. This information will come later. A car and garages are on fire," he said.

Unverified video on social media taken from a distance showed a plume of smoke rising into the evening sky.

Kryvyi Rig, in Ukraine's central Dnipropetrovsk region, is about 60 kilometres (37 miles) from the front line but has regularly been targeted by Russian drones and missiles.

A Russian ballistic attack on the city on Wednesday killed at least four people and wounded more than a dozen others.

The strikes come as US President Donald Trump's administration pushes for a speedy end to the more than three-year war, holding talks with both Russia and Ukraine.

Moscow has rejected a joint US-Ukrainian proposal for an unconditional and full ceasefire, while Ukraine has accused Russia of dragging out talks with no intention of halting its offensive.

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