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US President Donald Trump on Wednesday unveiled a raft of punishing tariffs targeting countries around the world including some of its closest trading partners, in a move that risks sparking a ruinous trade war. Speaking in the White House Rose Garden against a backdrop of US flags, Trump slapped the most stinging tariffs on China and the European Union on what he called “Liberation Day.”The dollar fell one percent against the euro and slipped against other major currencies as Trump was speaking.”For decades, our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike,” Trump said.Trump reserved some of the heaviest blows for what he called the “nations that treat us badly,” including 34 percent on goods from superpower rival China, 20 percent on key ally the European Union and 24 percent on Japan.But the 78-year-old Republican — who held up a chart with a list of levies — said that he was “very kind” and so was only imposing half the amount that those countries taxed US exports.For the rest, Trump said he would impose a “baseline” tariff of 10 percent, including Britain.An audience of cabinet members, as well as workers in hard hats from industries including steel, oil and gas, whooped and cheered as Trump said the tariffs would “make America wealthy again.””This is Liberation Day,” Trump said, adding that it would “forever be remembered as the day American industry was reborn, the day America’s destiny was reclaimed.”Sweeping auto tariffs of 25 percent that Trump announced last week are also due to take effect at 12:01 am (0401 GMT) Thursday.- ‘Golden Age’ -Trump has telegraphed the move for weeks, insisting tariffs will keep the United States from being “ripped off” by other countries and spur a new “Golden Age” of American industry.But many experts warn the tariffs risk triggering a recession at home as costs are passed on to US consumers, and a damaging trade war abroad.The world has been on edge ahead of Trump’s announcement.Markets have been volatile as investors hedged their bets, and the announcement came after Wall Street stocks closed.The tariffs will also reinforce fears that Trump is backing even further away from US allies towards a new order based on a vision of American supremacy.US trading partners have vowed swift retribution, while also trying to persuade Trump to reach deals to avoid tariffs in the first place.  Germany warned Wednesday that trade wars hurt “both sides.”The European Union will react to new Trump tariffs “before the end of April,” said a French government spokeswoman.The 27-nation bloc’s initial salvo would counter US actions on steel and aluminum, followed by sector-by-sector measures.British Prime Minister Keir Starmer, who made intense, said a “trade war is in nobody’s interests.” “We have prepared for all eventualities — and we will rule nothing out,” he told parliament.- Recession fears -Trump has had a long love affair with tariffs, insisting in the face of experts that they are a cure-all for America’s trade imbalances and economic ills.The billionaire insists the levies will bring a “rebirth” of America’s hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.But critics say US businesses and consumers could bear the burden if importers pass on the cost, adding that the policy could increase risks of a recession.”If this trade war continues through Labor Day (on September 1), the US economy will likely suffer a recession this year,” Mark Zandi, chief economist of Moody’s Analytics, told AFP.Negotiations are likely to continue though as countries seek to halt the tariffs.Trump has previously been persuaded however to halt tariffs on neighbors Canada and Mexico while trade talks continued.He ordered levies on both on the grounds that they had failed to stop the flow of the deadly opioid fentanyl into the United States.”I understand that it’s a game of tug-of-war,” truck driver Alejandro Espinoza told AFP as he waited in a queue to cross the Mexican-US border. “But unfortunately, we’re the ones who pay in the end.” burs-dk/sst

US President Donald Trump geared up to unveil sweeping new “Liberation Day” tariffs on Wednesday in a move that threatens to ignite a devastating global trade war.Key US trading partners including the European Union and Britain said they were preparing their responses to Trump’s escalation, as nervous markets fell in Europe and America.Trump will unveil the levies in a grand ceremony with his cabinet members in the White House Rose Garden — just as Wall Street stocks close at 4:00 pm (2000 GMT).”IT’S LIBERATION DAY IN AMERICA!” Trump posted a one-liner on his Truth Social platform early Wednesday.The 78-year-old has promised so-called reciprocal tariffs on friends and foes alike if they target the world’s largest economy, saying the levies will stop the United States being “ripped off.”But Trump has kept the world guessing until the last minute about the scale and scope, with the White House saying he was still “perfecting” them with just hours to go.Reports say he could either hit countries with tit-for-tat tariffs, impose blanket 20 percent tariffs — or, more probably, give some countries preferential treatment depending on their deficits.The Republican president said in his last public appearance Monday that he would be “very kind” but gave little away.- ‘Tug-of-war’ -Critics say US businesses and consumers could bear the burden if importers pass on the cost, adding that the policy could increase risks of a recession.”If this trade war continues through Labor Day (on September 1), the US economy will likely suffer a recession this year,” Mark Zandi, chief economist of Moody’s Analytics, told AFP.Trump’s long-awaited announcement is also causing global turmoil, with stock markets jittery for days and countries in the crosshairs scrambling to decide how to react.European Central Bank President Christine Lagarde warned Wednesday that whatever steps other countries take “it will be negative anyway the world over.”America’s neighbors Mexico and Canada, whose economies are closely linked with the United States, are those that could suffer the most from a bruising trade war.”I understand that it’s a game of tug-of-war,” truck driver Alejandro Espinoza told AFP as he waited in a queue to cross the Mexican-US border. “But unfortunately, we’re the ones who pay in the end.” Major economies have however vowed retribution The European Union will react to new Trump tariffs “before the end of April,” said a French government spokeswoman.The 27-nation bloc’s initial salvo would counter US actions on steel and aluminum, followed by sector-by-sector measures.British Prime Minister Keir Starmer, who has made intense but so far fruitless efforts to win a carve-out from Trump, said a “trade war is in nobody’s interests.” “We have prepared for all eventualities — and we will rule nothing out,” he told parliament.- ‘Rebirth’ -Germany warned Wednesday that trade wars hurt “both sides.”Canada’s Prime Minister Mark Carney, who goes into elections later this month dominated by tensions with Trump, said his country would be “very deliberate” in its response.The White House said Trump’s tariffs would come into effect “immediately” after Wednesday’s announcement, effectively ruling out delays for negotiations.Sweeping auto tariffs of 25 percent are due to take effect April 3, after Trump earlier imposed duties on steel and aluminum imports and goods from China.But Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.The billionaire has had a long love affair with tariffs, insisting in the face of experts that they are a cure-all for America’s trade imbalances and economic ills.Trump insists the levies will bring a “rebirth” of America’s hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.The tariffs meanwhile underscore the growing and profound gulf between Trump’s America and many of its closest allies, not only on trade but on security, defense and almost everything else.burs-dk/gv

Wall Street stocks rose ahead of US President Donald Trump’s fresh wave of tariffs, while European stocks ended the day lower. The dollar was mostly lower, oil prices wobbled, while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, European equity markets dropped, led lower by Frankfurt.Wall Street’s leading indexes opened lower, but climbed into positive territory during morning trading.”For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, analyst at traders Scope Markets.Global equities have been hit hard leading up to Trump’s announcement — dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States. He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose.But US media reported he has also considered either blanket 20-percent levies or another plan where some countries get preferential treatment.Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.The White House has said Trump will unveil his decision at 4:00 pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.”With the exact scope of these measures still uncertain, you can understand why investors are cautious, reluctant to take on greater exposure to riskier assets just yet,” said City Index and FOREX.com analyst Fawad Razaqzada.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, even if it limited the scope for talks.”This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.”That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”The planned duties have ramped up fears of a global trade war after several countries warned they were preparing their responses.Economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.Tesla shares sank around five percent in early trading after the electric car maker released lacklustre sales figures, but pushed higher to show a gain of more than three percent in midday trading.The firm reported a 13-percent drop in first-quarter auto sales amid lower production during factory upgrades, as well as perceived customer reluctance over CEO Elon Musk’s work for the Trump administration.- Key figures around 1530 GMT -New York – Dow: UP 0.4 percent at 42,144.61 pointsNew York – S&P 500: UP 0.4 percent at 5,654.57New York – Nasdaq Composite: UP 0.5 percent at 17,529.17London – FTSE 100: DOWN 0.3 percent at 8,608.48 (close) Paris – CAC 40: DOWN 0.2 percent at 7,858.83 (close)Frankfurt – DAX: DOWN 0.7 percent at 22,390.84 (close)Tokyo – Nikkei 225: UP 0.3 percent at 35,725.87 (close)Hong Kong – Hang Seng Index: FLAT at 23,202.53 (close)Shanghai – Composite: UP 0.1 percent at 3,350.13 (close)Euro/dollar: UP at $1.0858 from $1.0793 on TuesdayPound/dollar: UP at $1.2971 from $1.2920Dollar/yen: UP at 150.01 yen from 149.53 yenEuro/pound: UP at 83.71 pence from 83.51 penceWest Texas Intermediate: DOWN less than 0.1 percent at $71.17 per barrelBrent North Sea Crude: DOWN 0.2 percent at $74.33 per barrel

US and European stock markets fell Wednesday as investors fretted over what shape US President Donald Trump’s fresh wave of tariffs would take at the end of the day.The dollar and oil prices dipped while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, Europe dropped, led lower by Frankfurt, and Wall Street’s leading indexes followed after the open.”For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, analyst at traders Scope Markets.Global equities have been hit hard leading up to Trump’s announcement — dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States. He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose.But US media reported he has also considered either blanket 20-percent levies or another plan where some countries get preferential treatment.Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.The White House has said Trump will unveil his decision at 4:00 pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.However, officials admitted he was still ironing out the details late Tuesday.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, even if it limited the scope for talks.”This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.”That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”The planned duties have ramped up fears of a global trade war after several countries warned they were preparing their responses.Economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.Tesla shares sank around five percent in early trading after the electric car maker released lacklustre sales figures.The firm reported a 13-percent drop in first-quarter auto sales amid lower production during factory upgrades, as well as perceived customer reluctance over CEO Elon Musk’s work for the Trump administration.- Key figures around 1015 GMT -New York – Dow: DOWN 0.3 percent at 41,850.20New York – S&P 500: DOWN 0.4 percent at 5,613.46New York – Nasdaq Composite: DOWN 0.3 percent at 17,399.32London – FTSE 100: DOWN 0.7 percent at 8,572.49 pointsParis – CAC 40: DOWN 0.8 percent at 7,814.50Frankfurt – DAX: DOWN 1.3 percent at 22,245.82 Tokyo – Nikkei 225: UP 0.3 percent at 35,725.87 (close)Hong Kong – Hang Seng Index: FLAT at 23,202.53 (close)Shanghai – Composite: UP 0.1 percent at 3,350.13 (close)Euro/dollar: UP at $1.0819 from $1.0793 on TuesdayPound/dollar: UP at $1.2945 from $1.2920Dollar/yen: DOWN at 149.51 yen from 149.53 yenEuro/pound: UP at 83.58 pence from 83.51 penceWest Texas Intermediate: DOWN 0.1 percent at $71.11 per barrelBrent North Sea Crude: DOWN 0.24 percent at $74.31 per barrel

US President Donald Trump is poised to unveil sweeping new “Liberation Day” tariffs on Wednesday, but kept the world guessing until the last minute about the scope of an onslaught that could spark a global trade war.Trump will unveil the measures flanked by cabinet members in the Rose Garden of the White House at 4:00 pm (2000 GMT) — after Wall Street markets close — promising that they will stop America being “ripped off” and will deliver a new “golden age” of US industry.While Trump insisted he had decided on the reciprocal tariffs hitting countries that have targeted the world’s biggest economy, the White House admitted he was still ironing out details hours before the announcement.Early Wednesday, Trump posted a one-liner on his Truth Social platform: “It’s Liberation Day in America!”The Republican billionaire has had a long love affair with tariffs, insisting in the face of economic experts that they are a cure-all that will tackle America’s trade imbalances with friends and foes alike.Critics say US businesses and consumers could bear the burden if importers pass on the cost, adding that the policy could increase risks of a recession.”If this trade war continues through Labor Day (on September 1), the US economy will likely suffer a recession this year,” Mark Zandi, chief economist of Moody’s Analytics, told AFP.Global markets have been jittery for days ahead of Trump’s announcement, while the countries most likely in the crosshairs have called for talks — even as they ready retaliatory measures.- ‘Immediately’ -The move also underscores the growing and profound gulf between Trump’s America and many of its closest allies, not only on trade but on security, defense and almost everything else.The 78-year-old US president has trailed the measures for weeks, initially suggesting that the tariffs would simply match whatever levies other countries impose.He said Monday that he would be “very kind” but gave little away.As the deadline approached, US media reported that he had been considering blanket 20 percent tariffs — and then that he was looking at a third option where some countries would get preferential treatment.A broad 20 percent tariff on imports could cost the average US household at least $3,400, according to the Budget Lab at Yale University.White House Press Secretary Karoline Leavitt said Trump was meeting top advisors on the eve of his announcement, “to make sure this is a perfect deal.”The tariffs would come into effect “immediately” after Wednesday’s roll-out, she said, effectively ruling out delays for negotiations with other countries.Trump has wobbled on several other tariff announcements since returning to office in January, blinking at the last minute with allies such as Canada and Mexico.His plans have however sparked growing fears of a painful global trade war that could drive up prices and cause widespread disruption.European Central Bank President Christine Lagarde warned Wednesday the impacts will “unsettle the trade world as we know it,” speaking with Irish radio station Newstalk.- Hurting both sides -Major economies including the European Union and Canada have vowed retaliation.The EU will react to new tariffs “before the end of April,” said the French government spokeswoman.An initial response planned for mid-April counters US action on steel and aluminum, and this will be followed by a sector-by-sector study.The spokeswoman said: “A European decision should be announced before the end of April.”Germany warned Wednesday that trade wars hurt “both sides.””We are going to be very deliberate in terms of the measures we take,” Canadian Prime Minister Mark Carney said Tuesday.Elsewhere, British Prime Minister Keir Starmer spoke with Trump on talks towards a trade deal, while Vietnam said it would slash duties on various goods.Other top exporters are seeking to build up alliances to counter Washington, with China, Japan and South Korea speeding up talks on a free trade agreement.The former property tycoon insists the levies will bring a “rebirth” of America’s hollowed-out manufacturing capacity, and says companies can avoid tariffs by moving to the United States.Sweeping auto tariffs of 25 percent are due to take effect April 3, after Trump earlier imposed duties on steel and aluminum imports and goods from China.

Stock markets diverged Wednesday as investors fretted over what shape US President Donald Trump’s fresh wave of tariffs would take later in the day.The dollar and oil prices dipped while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.After Tokyo’s stock market closed up slightly and Chinese indices steadied, Europe dropped, led lower by Frankfurt.”For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, analyst at traders Scope Markets.Global equities have been hit hard leading up to Trump’s announcement — dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States. He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose.But US media reported he has also considered either blanket 20-percent levies or another plan where some countries get preferential treatment.Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.The White House has said Trump will unveil his decision at 4:00 pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.However, officials admitted he was still ironing out the details late Tuesday.Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, even if it limited the scope for talks.”This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.”That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”The planned duties have ramped up fears of a global trade war after several countries warned they were preparing their responses.With that in mind, economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.- Key figures around 1015 GMT -London – FTSE 100: DOWN 0.9 percent at 8,561.94 pointsParis – CAC 40: DOWN 0.6 percent at 7,831.20Frankfurt – DAX: DOWN 1.1 percent at 22,295.88 Tokyo – Nikkei 225: UP 0.3 percent at 35,725.87 (close)Hong Kong – Hang Seng Index: FLAT at 23,202.53 (close)Shanghai – Composite: UP 0.1 percent at 3,350.13 (close)New York – Dow: FLAT at 41,989.96 (close)Euro/dollar: UP at $1.0803 from $1.0793 on TuesdayPound/dollar: UP at $1.2941 from $1.2920Dollar/yen: DOWN at 149.42 yen from 149.53 yenEuro/pound: DOWN at 83.47 pence from 83.51 penceWest Texas Intermediate: DOWN 0.4 percent at $70.94 per barrelBrent North Sea Crude: DOWN 0.4 percent at $74.19 per barrel

Business was already tough for auto parts maker Asahi Tekko, but with US car tariffs due to bite this week its president has a simple message for Donald Trump: “Give me a break.”The 425 workers at the company are some of the 5.6 million Japanese people employed directly or indirectly in the auto sector who are now fearful about their future.”There is no point in learning about this only two or three months in advance,” company president Tetsuya Kimura said at Asahi Tekko’s factory in Hekinan in central Japan.”Frankly speaking, I want to say: ‘Give me a break’,” Kimura, a former engineer at Toyota, his current firm’s main customer, told AFP.At the plant, where the noise of clanging metal fills the air, robotic arms and machine tools busily produce precision brake, engine and transmission components.The factory is in the Aichi region, Japan’s industrial heartland where Toyota, the world’s biggest automaker by sales, has its global headquarters.Autos have for decades been one of Japan’s biggest success stories. Last year vehicles accounted for around 28 percent of the country’s 21.3 trillion yen ($142 billion) of US-bound exports, and roughly eight percent of all Japanese jobs are tied to the sector.- Ripple effect -But rising costs, tougher emission rules, a global shift toward electric vehicles and a shrinking and ageing Japanese population have pressured the industry for years.Honda and Nissan recently abandoned efforts to merge.The US president last week announced he would impose 25 percent duties on imports of all vehicles into the country from April 3 — hours after he is due to unveil sweeping measures against trading partners for what he says are years of being “ripped off”.For Japan, this is despite talks in February between Trump and Prime Minister Shigeru Ishiba that saw a joint statement hailing a “new golden age for US-Japan relations”. Japanese companies are also the biggest investors into the United States. Trump’s policies, Ishiba said last week, are “difficult to understand”.To compensate for the tariffs, firms such as Toyota, Honda and Nissan will likely hike prices for US consumers, potentially hitting demand for their vehicles — and by extension for parts.That may come on top of a possible global slowdown, triggered by unpredictable US policies.The tariff “will hit auto production hard, undermine confidence, and reduce orders”, Moody’s Analytics said in a report about Japan’s business sentiment.”Given the long and complex supply chains in car manufacturing, the impact will ripple through the economy,” it said.And Natixis economist Kohei Iwahara told AFP: “Some of the bigger companies could actually transfer their production overseas, and that would have consequences on the smaller auto part companies.”- Added uncertainty -The rapid global shift toward electric vehicles has already been forcing some Japanese parts makers to explore opportunities outside of the sector, said Takeshi Sasaki, president of Hokuriku Light Metal Industry.Hokuriku, based in the Saitama region near Tokyo, makes specialised parts for vehicles under research and development for brands including Honda and Suzuki. But it is now looking to develop parts for industrial robots in order to ensure its future, he told AFP.”EVs require fewer parts than internal combustion engine vehicles,” Sasaki said.”Now we have this tariff. This adds uncertainty on top of the uncertainty that we already had. Forex is a risk. The US economic outlook is at risk.” he said.Kimura’s firm is also trying to grow a new business that offers tools and know-how to improve efficiency while reducing emissions.”I am afraid there will be many suppliers that will suffer and go into the red if vehicle production volumes were to fall. “So I think each of the suppliers will have to work very hard to survive,” Kimura said.”I never expected (Trump) to go this far.”Now that this is happening, we just have to move forward and work as we must.”

China’s embassy in Bangkok called on Chinese companies operating abroad to comply with local laws after a Chinese construction firm came under scrutiny for a deadly building collapse in last week’s earthquake.The 30-storey skyscraper, set to house government offices, was the only major building to collapse in Bangkok when a 7.7 magnitude earthquake struck neighbouring Myanmar Friday, with tremors felt as far as the Thai capital.Thai authorities say they are launching a probe into the construction firms responsible amid suspicions they used substandard steel rebar in the structure.The development near Bangkok’s popular Chatuchak market was a joint project involving China Railway No. 10 Engineering Group (Thailand) — an offshoot of China Railway Group (CREC), one of the world’s largest construction and engineering contractors.AFP was unable to reach the Chinese company involved in the project for comment.The Chinese embassy in Bangkok late Tuesday expressed “deepest condolences” for the collapse and urged firms to “strictly” comply with Thai laws.”The Chinese government has consistently urged Chinese companies overseas to abide by local laws and contribute positively to the society,” the embassy said in a Facebook post only in Thai.Beijing has dispatched a team of rescue experts and disaster relief personnel to assist in Bangkok and vowed to “continue supporting Thailand as needed”, it added.It has also urged Chinese firms to cooperate “strictly” with Thai authorities as they investigate the collapse.The local partner in the project, Italian-Thai Development (ITD), offered condolences on Monday to quake victims but said it was “confident” the incident would not impact its other projects.The collapse was the deadliest single incident in Thailand from the earthquake, with the majority of the kingdom’s 22 fatalities thought to be workers on the building site.

Chinese EV maker Xiaomi said it would cooperate with a police investigation into a fatal crash involving one of its cars which had been in autonomous mode just before the accident.Three college students died on Saturday night after their Xiaomi SU7 hit a concrete barrier on a section of the Dezhou-Shangrao Expressway in eastern Anhui province.Before the crash, the vehicle was in Xiaomi’s Navigate On Autopilot (NAO) assisted driving mode, traveling at 116 kilometres per hour (72 miles per hour), according to a company statement posted online.While travelling on a highway section with roadworks, the vehicle detected an obstacle ahead, issued a warning, and handed control to the driver, Xiaomi said.But seconds later, the vehicle hit a barrier at around 97km/h.Footage posted online showed a car in flames on the highway and later the burned-out wreckage.Xiaomi founder Lei Jun said in a social media post late Tuesday that he was “heavy-hearted” and that his company would “continue to cooperate with the police investigation”.Since the crash, many online have questioned Xiaomi’s assisted driving functions, why the car caught fire, and whether the doors could be opened in an emergency.On the X-like Weibo, an account identified by the platform and local media as the driver’s mother accused Xiaomi of failing to contact her and “not taking the lives of three kids seriously”.”As family members, we have many questions. Why did the vehicle catch fire after hitting the barrier?… We just want an explanation,” the woman wrote.Xiaomi, a consumer electronics giant selling goods from smartphones to vacuum cleaners, launched the SU7 in March 2024 as it entered the auto sector.It sold more than 200,000 units in its first year, with the standard model priced at around 210,000 yuan ($28,900).The company’s share price has fallen around five percent since the accident.China’s EV companies are world leaders in assisted driving technology. Xiaomi says cars using its intelligent driving system can overtake and change lanes on the highway, though it cautions that it is not a replacement for drivers.Xiaomi said it had sent a team to investigate the crash and tried to contact the victims’ families through local authorities.

Asian markets edged up Wednesday as nervous investors brace for Donald Trump’s wave of tariffs later in the day, though speculation about what he has in store is stoking uncertainty on trading floors.Equities have been battered leading up to the US president’s announcement — which he has dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States. He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose. But US media reported he has also considered either blanket 20 percent levies or another plan where some countries get preferential treatment.Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.The White House has said Trump will unveil his decision at 4pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.However, officials admitted he was still ironing out the details late Tuesday.Analysts said the ongoing uncertainty was spooking markets.”Investors and company management dislike uncertainty, and the piecemeal, unreliable way in which tariff announcements are being delivered is creating plenty of it,” said Oliver Blackbourn and Adam Hetts at Janus Henderson Investments in a commentary.”Estimates on what the average tariff rate will look like range from a few percentage points in moderate outcomes to double-digit levels in more forceful scenarios,” they added. “What does seem less uncertain is that tariffs are, without much exception, likely to be bad for economic growth, consumers, and markets.”Pepperstone Group’s Chris Weston said the suggestion that the tariffs would be effective immediately would provide some sort of certainty, even if it limited the scope for talks.”This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.”That said, life is never straightforward, and we will still need to consider the counter response from other countries.”The planned duties have ramped up fears of a global trade war after several countries warned they were lining up their responses.With that in mind, economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.In early trade, Asian markets mostly rose, though they were fluctuating between gains and losses after a recent selloff.Hong Kong, Shanghai, Sydney, Wellington, Taipei and Manila were all up, Tokyo was flat and Singapore and Seoul slipped.Safe haven gold held just below its record high $3,149.00 touched Tuesday.And HSBC strategists led by Max Kettner warned Wednesday might not mark the end of the tariff uncertainty.”We’d argue the potential is in fact higher for the 2 April deadline to introduce even more uncertainty — and hence prolonged broad-based weakness in leading indicators,” they said.Chinese tech giant Xiaomi swung slightly higher in Hong Kong to claw back some of Tuesday’s fall of more than five percent that came after it confirmed one of its electric vehicles was involved in an accident in China that reportedly left three people dead.- Key figures around 0230 GMT -Tokyo – Nikkei 225: FLAT at 35,639.81 (break)Hong Kong – Hang Seng Index: UP 0.6 percent at 23,347.27Shanghai – Composite: UP 0.2 percent at 3,355.60Euro/dollar: UP at $1.0797 from $1.0793 on TuesdayPound/dollar: UP at $1.2924 from $1.2920Dollar/yen: UP at 149.81 yen from 149.53 yenEuro/pound: UP at 83.54 pence from 83.51 penceWest Texas Intermediate: UP 0.1 percent at $71.28 per barrelBrent North Sea Crude: UP 0.1 percent at $74.53 per barrelNew York – Dow: FLAT at 41,989.96 (close)London – FTSE 100: UP 0.6 percent at 8,634.80 (close)