US Tariffs News Highlights: Malaysia discussing response to US chip tariffs with companies, says minister

US Tariffs News LIVE: US President Donald Trump blamed former President Joe Biden following the Commerce Department reported that the US trade deficit hit a record high in January.

“Massive Trade Deficit with the World, just announced, compliments of Sleepy Joe Biden! I will change that!!!” Trump wrote on Truth Social.

The goods and services deficit for January surged more than $33 billion to a total of $131.4 billion, with imports soaring 10%.

US Tariffs News LIVE: The US trade deficit with its global partners hit a new record in January following President Donald Trump began his tariff campaign, CNBC quoted the Commerce Department as saying on Thursday.

The goods and services deficit for the month totaled $131.4 billion, a $33.3 billion surge and higher than the Dow Jones estimate for a shortfall of $128.7 billion, added the report.

Though exports increased slightly to $269.8 billion, imports jumped 10% to $401.2 billion. On a year-over-year basis, the trade deficit soared 96.5% as exports rose just 4.1% while imports surged 23.1%.

US Tariffs News LIVE: US stocks fell and European equities mostly slid on Thursday as investors fret over the impact of tariffs on inflation and growth, reported AFP.

France and other eurozone markets trimmed their losses following the European Central Bank followed through with an expected quarter-point cut in interest rates.

But ECB President Christine Lagarde said that rising trade tensions could knock eurozone economic growth.

The ECB cut its growth forecasts for this year and the next while raising its 2025 inflation estimate.

The United States has slapped 25 percent tariffs on most imports from Canada and Mexico, and two 10 percent hikes on China.

Wall Street's main indices opened sharply lower, after having bounced higher Wednesday after the Trump administration delayed tariffs on cars and auto parts imported from Canada and Mexico for one month.

The blue-chip Dow opened around one percent lower and the tech-heavy Nasdaq Composite fell by nearly two percent.

US Tariffs News LIVE: The European Central Bank on Thursday has cut interest rates again to boost the struggling eurozone but suggested easing could be nearing an end and warned of ‘rising uncertainty’ amid massive German spending plans and US tariff threats, reported AFP.

Since June last year, it was the central bank's six reduction with its focus having shifted from tackling inflation to providing relief for the single currency area, which has been eking out meagre growth.

The quarter-percentage-point reduction brought the Frankfurt-based institution's benchmark deposit rate to 2.5 percent.

The rate reached a record of four percent in late 2023 after the ECB launched a furious hiking cycle to tame energy and food costs that surged in the wake of Russia's invasion of Ukraine.

US Tariffs News LIVE: The US imposed 25 per cent tariffs on both Canada and Mexico on Tuesday, as well as an additional 10 per cent tariff on China. Beijing was slapped with an initial 10 per cent tariff last month, while both Canada and Mexico were able to successfully negotiate for a one-month delay.

US Tariffs News LIVE: After the White House announced new tariffs on tariffs on Mexico, a report by Bloomberg News said that the US administration is thinking of carving out certain agricultural products from tariffs imposed on these two countries.

“Everything is on the table,” Bloomberg News quoted Agriculture Secretary Brooke Rollins as saying. She said that specific exemptions and carveouts “perhaps for potash and fertilizer, et cetera – to be determined.”

US Tariffs News LIVE:After the White House announced it would implement a one-month delay on auto industry tariffs, Ford released a statement Wednesday welcoming the move.

“As America’s top auto producer, we appreciate President Trump’s work to support our industry and exempt auto companies complying with USMCA,” CNBC quoted Ford's statement as saying.

“Since President Trump’s successful USMCA was signed, Ford has invested billions in the United States and committed to billions more in the future to both invest in American workers and ensure all of our vehicles comply with USMCA. We will continue to have a healthy and candid dialogue with the Administration to help achieve a bright future for our industry and U.S. manufacturing,” it said.

US Tariffs News LIVE: The US imposed 25 per cent tariffs on both Canada and Mexico on Tuesday, as well as an additional 10 per cent tariff on China. Beijing was slapped with an initial 10 per cent tariff last month, while both Canada and Mexico were able to successfully negotiate for a one-month delay.

US Tariffs News LIVE: Wolf warrior-style comments mark China’s strongest rhetoric on US president Donald Trump since he entered the White House

US Tariffs News LIVE: During his visit to the UK, External Affairs Minister S Jaishankar commented on US President Donald Trump's foreign policy changes, stating they were expected and potentially advantageous for India. He emphasised the lack of historical baggage in US-India relations. Read full report here

US Tariffs News LIVE: Malaysia is discussing with chip companies based in the country whether they can absorb the impact of potential US tariffs on semiconductors, its trade minister said, as it looks to hedge against risks to its export-driven economy, Reuters reported.

US Tariffs News LIVE: Asian stocks rose on Thursday as investors held out hope that trade tensions could ease after US President Donald Trump exempted some automakers from tariffs for a month, while the euro stood tall ahead of the European Central Bank's meeting.

US Tariffs News LIVE: Indian officials hinted that a trade negotiations is currently underway between India and the US as US President Donald trump threatened to impose reciprocal tariffs on all the countries it trades with. Read full story here

US Tariffs News LIVE: US Senator John Kennedy of Louisiana said, "If I were PM Trudeau, I would get cracking on trying to stop illegal immigration and fentanyl."

US Tariffs News LIVE: Donald Trump said in a post on TRUTH social media, "Justin Trudeau, of Canada, called me to ask what could be done about Tariffs. I told him that many people have died from Fentanyl that came through the Borders of Canada and Mexico, and nothing has convinced me that it has stopped. He said that it’s gotten better, but I said, “That’s not good enough.” The call ended in a “somewhat” friendly manner! He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!"

US Tariffs News LIVE: Canadian Prime Minister Justin Trudeau is not willing to lift Canada’s retaliatory tariffs if Trump leaves any tariffs on Canada, a senior government official told The Associated Press.

The official confirmed the stance on condition of anonymity as they were not authorized to speak publicly on the matter.

US Tariffs News LIVE: The US stock market opened flat on Wednesday amid Trump’s trade war.

On Wednesday, futures for the S&P 500, Dow Jones Industrial Average and Nasdaq ticked up slightly in premarket trading.

On Tuesday, the S&P 500 fell 1.2 percent, with JPMorgan Chase sliding 4 percent and Bank of America declining 6.3 percent, reported Al Jazeera.

US Tariffs News LIVE: Following US President Donald Trump's new announcement on Mexico and Canada, the US states which could be hit hardest include Montana and Maine.

According to Al Jazeera, Montana imports 93 percent of its goods from Canada and Mexico and Maine imports 71 percent. While Michigan and Vermont import 70 percent of its goods.

US Tariffs News LIVE: Mexican President Claudia Sheinbaum on Wednesday, while her daily morning press conference, said may reach out to Canada and other countries about the US’s imposition of tariffs.

She added that she is tentatively set to have a phone call with US President Donald Trump on Thursday morning. If the tariffs continue, Mexico “will reach out to Canada and other nations,” Al Jazeera quoted Sheinbaum as saying in her daily morning press conference.

US Tariffs News LIVE: With US President Donald Trump announcing new 25 percent tariffs on Mexico and Canada, Commerce Secretary Howard Lutnick told Bloomberg Television in an interview that the US President could exclude some sectors including autos.

“The president gets to make the decision,” Bloomberg Television quoted Lutnick as saying. “There will be some categories left out. It could well be autos, could be others as well.”

He added, Trump is considering excluding sectors that are compliant with the United States-Mexico-Canada trade agreement’s content provisions

“My understanding is the Big Three say they produce cars that are compliant under USMCA, which means they have sufficient U.S content in them to be part of the USMCA agreement,” Lutnick said of Ford, General Motors and Stellantis. “That’s part of our discussion and the president’s really thinking about that.”

US Tariffs News LIVE: With US President Donald Trump announcing new tariffs on Mexico, the country's industry leaders say these risk disrupting the supply chain for an industry that employs about 100,000 people, AFP quoted Ana Cristina Villalpando Fonseca, head of the National Chamber of the Tequila Industry (CNIT) as saying.

According to Mexico’s Tequila Regulatory Council, two-thirds of the country's tequila produced last year was exported to the US, accounting for about 335 million liters. That made up 83.6 percent of tequila exports, representing about $4.5 billion worth of liquor.

Following the new tariffs, Villalpando said prices for tequila will likely go up in the US.

“The possible increase in tequila prices in the United States could encourage substitution with other alcoholic drinks,” she said.

US Tariffs News LIVE: According to truthsocial.com, US President Donald Trump's speech on new tariffs has been approved by 76 percent people.

US Tariffs News LIVE: Speaking to reporters, as quoted by CNBC, Mexican President Claudia Sheinbaum said on Wednesday that she expects to speak with Trump on Thursday.

Till now, Mexico has not yet declared retaliatory tariffs on the US, though Sheinbaum said on Tuesday that those would be announced this weekend.

US Tariffs News LIVE: At the World Trade Organization on Wednesday, Canada has requested consultations with the United States on 'unjustified tariffs', Reuters quoted Canada's Ambassador to the WTO in Geneva as saying.

"The U.S. decision leaves us with no choice but to respond to protect Canadian interests," ambassador Nadia Theodore said in a statement posted on LinkedIn, quoted by Reuters.

Earlier on Tuesday, US President Donald Trump's new 25 percent tariffs on imports from Canada and Mexico took effect on Tuesday, along with fresh duties on Chinese goods.

US President Donald Trump and Canadian Prime Minister Justin Trudeau are set to speak on Wednesday, a day after Trump’s 25% tariffs on imports from Mexico and Canada took effect, according to a source familiar with the matter. The White House is yet to respond to the Canada tariffs on tens of billions of dollars worth of goods. Stay with us for US Tariffs News LIVE updates.