Trump announces 200 per cent levy on EU alcohol

03/14/25 • 26 min

President Trump threatens to slap the EU with a 200 per cent tariff on imported alcohol and says he will not bend on Canadian autos and metals tariffs. The jitters felt on Wall Street this week sees the S&P 500 in correction territory. U.S. Treasury Secretary Scott Bessent tells CNBC he is unfazed by short-term market volatility. Russian President Vladimir Putin says he agrees to the Ukraine ceasefire in principle but says the deal is ‘nuanced’ which has led to accusations he is stalling the process.

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Trump to launch fresh tariffs

President Trump pledges to introduce ore tariffs as the U.S.’s trading partners hit back against levies focused on steel and aluminium imports. A soft inflation report prompts investors to buy up the recent tech dip which eases market jitters about the health of the American economy. The U.S. deficit reached $1.15tn in the first 5 months of the American fiscal year despite DOGE’s efforts to cut government spending. We are live at the Converge Live conference in Singapore where Ferrari CEO Benedetto Vigna says he is braced for the impacts of tariffs but says the company’s customers are not yet feeling the pinch.

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Chinese demand up as U.S. tariffs loom

Asian equities are in the green as Chinese demand surges in the face of U.S. tariffs. Authorities in Beijing have pledged further moves to revive consumption. In the U.S., futures slip again. The Dow suffers its worst week since 2023. U.S. Treasury Secretary Scott Bessent tells NBC News that he remains unfazed by market turmoil. President Trump says he will hold talks with Russian President Vladimir Putin, raising hopes of a ceasefire in Ukraine. German Chancellor-in-waiting Friedrich Merz clinches a deal with the Green Party to launch a defence and infrastructure package later this week.

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