Welcome to the Business Post’s Live News section. We’re here all day to keep you up to date on developments in business, tech and current affairs.
17.00 - Trump says US will retaliate for Chinese retaliation
The US will impose additional tariffs of 50 per cent on Chinese goods and refuse to meet Chinese officials to discuss the move if the Chinese government does not row back on the retaliatory measures it announced in recent days, Donald Trump has said on his Truth Social platform.
After he announced additional tariffs on Chinese goods of 34 per cent last week, the Chinese had said they would also impose tariffs of 34 per cent on goods originating in the US.
On Monday afternoon, President Trump said China’s move “will be immediately met with new and substantially higher tariffs, over and above those initially set”.
16.45 - Government racing to unpick ‘complex’ Irish impact of higher tariff rates on China and others
The government is scrambling to unravel the additional economic impacts of US tariffs on Irish registered companies operating in regions outside of the EU, the Business Post has learned.
While attention has focused on the 20 per cent tariffs imposed by US President Donald Trump on the EU, growing concern surrounds higher tariffs elsewhere—such as the effective 54 per cent rate on China— which could impact Irish companies, GDP, and corporate tax revenues.
One senior minister told the Business Post the government was “very aware” of the possible direct Irish impacts of higher tariffs on the likes of China, and that the matter was being “examined carefully” but was “very complex”.
16.30 - Markets update: Iseq closes in the red
The Iseq All Share closed in the red on Monday, down 4.08 per cent since previous close to 9,308.09.
US tariff woes have sinked global markets, with the only Irish riser on Monday being Mincon Group, up 5 per cent since previous close.
FBD Holdings led the fallers, dropping 7 per cent to €12.90 per share.
Dalata Hotel Group, Kerry Group and Greencoat Renewables also made heavy losses, dipping 6.16, 5.77 and 4.8 per cent at market close, respectively.
16.15 - Update: ‘Impossible to know the bottom’ - volatility reigns as US stocks swing on Trump tariff shock
US stocks opened sharply down on Monday afternoon as a global selloff triggered by Donald Trump’s tariffs stoked widespread uncertainty across markets.
The S&P fell 3.2 per cent at the open, taking losses since February’s all-time high to more than 20 per cent. The Nasdaq Composite lost 3.9 per cent. The Dow Jones Industrial Average, meanwhile, opened 3.20 per cent lower.
The market rout, which began last week and gathered steam from early on Monday as Asian markets tumbled, intensified throughout the day as European markets tanked and US futures sank.
16.00 - Government delays Spring economic statement amid tariff uncertainty
The Department of Finance has delayed the publication of its Spring economic statement as the fallout from US tariffs clouds the outlook.
The department had been scheduled to publish its Annual Performance Report (APR) this week but this has now been deferred until the end of the month because of the uncertainty posed by US tariffs.
A spokesman confirmed the document would “be published in the coming weeks”.
15.45 - EU will not change VAT system, Šefčovič says
EU trade commissioner Maros Šefčovič has said that the European Union would not change its VAT system, which he described as an important source of income for member states.
US President Donald Trump's administration has said that VAT - value-added taxes - are an additional trade barrier.
Mr Šefčovič also said EU negotiators had not seen engagement that would lead to a mutually acceptable solution, after US President Donald Trump's administration announced last week a sweeping round of tariffs for most imported goods.
15.30 - UK Prime Minister Keir Starmer said Britain will fight to secure a trade deal with the US
UK Prime Minister Keir Starmer said Britain will fight to secure a trade deal with the US while working with key partners around the world to lower trade barriers
He also said Britain will back its car manufacturers “to the hilt” after Trump imposed a 25 per cent tariff on auto imports.
Starmer told a press conference on Monday that the levies are a “huge challenge for our future, and the global economic consequences could be profound”.
“We will keep calm and fight for the best deal with the U.S., and we’ve been discussing that intensely over the last few days,” he told workers at a factory in Britain.
15.15 - Targeting US tech firms would be 'extraordinary escalation' - Harris
It would be an "extraordinary escalation" for the European Union to target US tech companies in retaliation for US President Donald Trump's blanket tariffs on European goods, the Tánaiste has said.
Speaking at an emergency meeting of EU trade ministers in Luxembourg, Mr Harris said: "If you were to get into that space, it would be an extraordinary escalation at a time when we must be working for a de-escalation.
15.00 - EU ‘ready for a good deal’ as Brussels preps retaliatory measures
Brussels has reiterated that it previously offered the US a deal to eliminate all tariffs on industrial goods, including cars, in a bid to ease transatlantic trade tensions.
European Commission president Ursula von der Leyen said on Monday that the EU had put forward a “zero-for-zero” tariff proposal to Washington, particularly targeting the automotive sector. “Europe is always ready for a good deal so we keep it on the table,” she said.
Before the latest tariff hikes by US president Donald Trump, average duties on goods traded between the EU and US stood at just over 1 per cent.
14.50 - Russia’s gold surges in value
Russia is reaping the rewards of a pre-war gold-buying spree that has helped cushion the impact of Western sanctions. The country’s gold reserves have soared in value by 72 per cent—equivalent to around $96 billion—since the start of 2022, according to data from the Russian central bank.
Despite the spike in value, the physical quantity of gold held by the Bank of Russia has remained relatively stable at about 75 million ounces over the past three years. The windfall has helped offset roughly a third of the country's frozen sovereign wealth fund.
14.35 - US stocks tumble on market open
US stocks opened sharply down on Monday afternoon as a global selloff triggered by Donald Trump’s tariffs stoked widespread uncertainty across markets.
The S&P fell 3.2 per cent at the open, taking losses since February’s all-time high to more than 20 per cent. The Nasdaq Composite lost 3.9 per cent. The Dow Jones Industrial Average, meanwhile, opened 3.20 per cent lower.
The market rout, which began last week and gathered steam from early on Monday as Asian markets tumbled, intensified throughout the day as European markets tanked and US futures sank.
14.15 - Global wipeout eases but European stocks firmly in the red
A stock selling stampede abated as traders boosted expectations for Federal Reserve rate cuts amid economic fears just days ahead of US President Donald Trump’s deadline for reciprocal tariffs to take effect.
Futures on the S&P 500 lost about 2.5 per cent on Monday, trimming an earlier slide of about 5.5 per cent.
A $9.5 trillion (€8.2 trillion) wipeout in global equity value put the US equity benchmark on the brink of a bear market. Investors have dumped risk and snapped up bonds, with two-year yields tumbling as much as 22 basis points before paring the move. Markets priced 125 basis points of easing by year-end, equivalent to five quarter-point cuts.
13.55 - Billionaire Bill Ackman turns on Trump over ‘economic nuclear winter’
Bill Ackman, a billionaire backer of Donald Trump has urged the US president to pause his recently announced trade tariffs, or risk "a self-induced, economic nuclear winter".
Amid market turmoil, the hedge fund manager said the president should take three months to allow countries to renegotiate their trading relationships with the US.
In a post on X, Ackman acknowledged the Trump argument that the global trade system had "disadvantaged" the US but, he added that the tariffs Trump had imposed were "massive and disproportionate", and didn’t distinguish between American friends and enemies.
13.40 - Dow futures fall more than 960 points
Dow Jones Industrial Average futures were down 961 points in pre-market trading on Monday afternoon, as traders braced for further escalation of global trade tensions thanks to Trump’s ‘liberation day’ tariffs and various retaliation moves.
Just an hour before Wall Street markets open, Dow Jones was down 2.5 per cent as 3M futures slid 2.5 per cent and Boeing futures slid 2 per cent in pre-market trading.
13.25 - UK to relax electric car rules as US tariffs hit
The UK government has announced a relaxation of electric vehicle (EV) sales targets to help the car industry in the face of trade tariffs from the US.
A ban selling new petrol and diesel cars will still come into effect in 2030, but manufacturers will now have more flexibility on annual targets and face lower fines.
Transport Secretary Heidi Alexander told BBC Breakfast its changes were not a "silver bullet" but part of the solution to responding to US tariffs.
However, UK opposition parties said Labour's measures would not be enough to boost the car industry.
13.10 - AIB, Bank of Ireland join Asian lenders in deepening market rout
Bank shares traded sharply lower on Monday as equities reacted to US President Donald Trump’s announcement of sweeping tariffs which economists warned could stunt economic growth and reignite inflation.
While banks are not directly affected by the tariffs, which apply first to companies that buy and sell goods, banks benefit from a healthy economy in which businesses and consumers borrow, invest and spend.
12.45 - US stock futures tumble with Trump team defending tariff moves
US equity futures trimmed earlier declines on Monday as investors ramped up bets on Federal Reserve interest-rate cuts, amid mounting fears that president Donald Trump’s trade war could tip the world’s largest economy into recession.
The shift in sentiment followed a sharp sell-off last week, with markets now anticipating that the Fed may intervene sooner than expected to cushion the blow from escalating trade tensions.
12.15 - JPMorgan chief warns trade war risks recession and higher prices
JPMorgan Chase chief executive Jamie Dimon has warned that president Donald Trump's tariff policies risk pushing the US economy into recession, fuelling inflation and weakening international alliances.
In his annual letter to shareholders published on Monday, Dimon said the sweeping trade measures announced last week would “likely increase inflation and are causing many to consider a greater probability of a recession”.
He also cautioned that the rising tensions could have longer-term consequences for the US, including damage to global partnerships that have underpinned decades of economic stability and growth.
11.55 - Germany calls for strongest tool to retaliate against US tariffs
Germany has called on the European Union to consider deploying its most powerful trade weapon in response to president Donald Trump's escalating tariff war.
German economy minister Robert Habeck said on Monday that the bloc should examine its anti-coercion instrument — a measure designed to go far beyond traditional tariff policy. He suggested it could be used to target areas such as digital services, including major US tech firms.
Often described as the EU’s “bazooka,” the tool was originally created to deter coercive economic tactics by global powers like the US or China, rather than to be used in active disputes.
11.25 - Oil drops further as fears of global recession rise
Oil prices continued to fall on Monday as US president Donald Trump signalled he would press ahead with sweeping global tariffs, despite tumbling stock markets and mounting fears of a recession.
Brent crude slipped 3.48 per cent to $63.30 a barrel by late morning in London, extending its five-day drop to 15 per cent. The decline reflects growing concern that the global economy is veering toward a sharp slowdown as trade tensions escalate.
10.55 - Simon Harris urges EU to avoid tit-for-tat response
Tánaiste Simon Harris has urged the EU and US to de-escalate trade tensions as global markets plummet in the wake of US President Donald Trump’s global tariff announcement last week.
Simon Harris told reporters at an emergency trade ministers’ meeting in Luxembourg that the EU should respond in a “calm and measured way” and not try to match US tariffs like for like.
The US tariffs will hit an estimated €370 billion worth of EU goods, according to the European Commission, costing exporters €81 billion.
10.30 - European high-yield bonds and leveraged loans take sharp hit
European high-yield bonds and leveraged loans have taken a sharp hit, with indexes in both sectors recording their steepest declines in over two years amid rising fears over global tariffs.
A Bloomberg index tracking European junk bonds posted its largest fall since June 2022 on Friday, while a Morningstar gauge of leveraged loans saw its biggest drop since September of that year. The sell-off has effectively stalled new debt issuance, as investor appetite dries up in the face of mounting trade war concerns.
10.15 - The products on EU’s Trump tariff hitlist
The European Union is to target US products including meat, cereals, wine and wood in response to US President Donald Trump’s steel and aluminium tariffs – but bourbon whiskey is likely to be exempted.
The list of products on the EU’s hitlist also includes chewing gum, dental floss, vacuum cleaners and toilet paper, according to Reuters which reported details of the plan.
9.45 - China reserves firepower for Trump trade battle
China may intensify pressure on American businesses as it responds to president Donald Trump’s escalating tariff measures, while still preserving some leverage for potential trade negotiations.
Beijing has already raised tariffs on US imports by 34 per cent and introduced a series of countermeasures, such as restricting rare earth exports and launching an antitrust investigation into the Chinese operations of US chemical firm DuPont. The moves signal a willingness to push back hard, even as the door to talks remains open.
9.25 - Fed expected to slash rates five times this year
Fears that the US trade tariffs will trigger a recession are growing, with traders now expecting the Federal Reserve to slash interest rates another five times this year.
8.58 - Wall Street’s ‘fear gauge’ soars to 60
Wall Street’s “fear gauge” surged on Monday as investor anxiety spiked amid escalating global market turmoil. The Vix index, which measures expected volatility in the US stock market over the next 30 days, climbed above 60 — its highest level since August last year.
A reading above 30 is generally seen as a sign of extreme market stress. Such levels have only been breached a few times in recent years, typically during periods of major economic or geopolitical shocks. The latest surge reflects deepening concern over the fallout from president Donald Trump’s sweeping new tariffs.
8.35 - European stocks tumble on tariff panic
European stocks tumbled on Monday, hitting their lowest levels since December 2023 after a wave of tariffs announced by US president Donald Trump sent markets reeling. Germany’s DAX Index plunged as much as 10 per cent, while the pan-European Stoxx 600 shed 5.8 per cent in early trading.
The sell-off deepened following the worst weekly performance since the onset of the pandemic in March 2020. Sweden’s OMX Stockholm 30 Index dropped 6.1 per cent, putting it on course for a bear market.
Major indexes in France, Italy, Switzerland and Germany all slid into correction territory last week, reflecting growing fears over global trade disruptions.
8.10 - Irish markets update
The Iseq All Share opened in the red this morning, down 3.37 per cent to 9,375.73.
AIB and Bank of Ireland led the losses, with stocks down around 8 per cent each, while Uniphar, Malin Corp and Mincon followed. Nearly all shares dropped on the index as Trump’s tariffs announcement continues to shake markets.
7.50 - European gas prices extend slump as market rout worsens
European natural gas prices continued to slide on Monday, falling as much as 8 per cent, as the deepening market sell-off triggered by US tariffs weighed on commodities. The drop extends last week’s 10 per cent decline, with investors concerned that president Donald Trump’s trade policies could dampen economic activity and reduce demand for energy.
The latest downturn leaves European gas prices nearly half their February peak, potentially easing pressure on the region’s efforts to replenish storage ahead of next winter. A seasonal price premium, where summer rates typically outpace winter, has now mostly vanished, improving the financial case for stockpiling gas.
7.30 - US and European equity-index futures fall more than 3.7%
Equity-index futures in both the US and Europe dropped more than 3.7 per cent as investors braced for further market turmoil amid escalating global trade tensions. The sharp decline signalled growing concern over the impact of retaliatory tariffs and economic uncertainty.
Oil prices also retreated, while yields on two-year US Treasuries — considered the most sensitive to policy shifts — fell sharply. The dollar posted a mixed performance against major currencies, but traditional havens such as the yen and Swiss franc gained ground as traders sought safety.
7.15 - Asian markets update
Global stock markets plunged on Monday as investors fled equities and sought safety in haven assets, following China's announcement of retaliatory tariffs in response to president Donald Trump's trade measures.
The selloff swept across Asia, with shares from Tokyo to Mumbai tumbling and a key regional benchmark falling nearly 8 per cent — marking its steepest intraday drop in more than 16 years. The sharp decline underscored deepening fears of a prolonged trade war between the world’s two largest economies.
The MSCI Asia Pacific Index fell as much as 7.9 per cent, the most since October 2008.
7.00 - Good morning
Good morning from the Business Post. Vish Gain here to keep you up to date on all the latest news.
Kick off your morning with Megan O’Brien’s report on a Bank of Ireland index that has revealed growing investor anxiety amid a market decline.
Meanwhile, a senior European Central Bank policymaker said Trump’s sweeping tariffs risk triggering a large “negative demand shock” in the Eurozone, according to the Financial Times.