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The European Union approved tariffs to hit around $23.2 billion of U.S. goods in retaliation for the 25% duties President Donald Trump imposed last month on steel and aluminum exports.

China again vowed to “fight to the end” April 9 in an escalating trade war with the U.S. as it announced it would raise tariffs on American goods to 84% from April 10.

Trump’s tariffs are rattling U.S. consumers, who are stocking up on everything from cars to olive oil and iPhones. The behavior offers some good news for scrambling businesses.

Hopes for President Donald Trump to strike a last-minute deal with China on tariffs appeared distant.

Daimler Truck North America sold 38,992 trucks and buses in Q1 2025, a decrease of 16% compared with 46,229 vehicles in the same period in 2024, parent company Daimler Truck said April 8.

President Donald Trump rejected an EU proposal to drop tariffs on all bilateral trade in industrial goods with the U.S., meaning that his 20% tariff on all EU imports is effective April 9.

China said April 8 it would “fight to the end” and take countermeasures to safeguard its own interests after President Donald Trump threatened an additional 50% tariff on Chinese imports.

Economists at Goldman Sachs have raised their assessment of the odds the U.S. will experience a recession to 45% from 35% following President Donald Trump's tariffs announcement April 2.

Senate Republican leader John Thune predicted a bipartisan bill that would give lawmakers greater oversight of President Donald Trump’s tariffs would languish in Congress.

Trump’s move to slap a 20% tariff on EU goods as part of his “America First” agenda has stirred fears of a global trade war — and led to a meltdown in financial markets.