KARACHI: Encouraged by the Beijing’s proclamation apropos retaliatory tariffs on the commodities US exports to China, bears on Monday (7th April, 2025) coloured the bourse here red.
When, by afternoon the KSE-100 Index crashed by 5.29%, the automatic circuit breakers came into action and the transactions halted for an hour, but failed to cool the bourse. It is pertinent to mention here that global markets plummet as US tariffs took effect. It may be recalled that on 3rd April US President Donald Trump (who is desperately trying to transform his country into a Mercantile entity), had also imposed 29% reciprocal tariffs on commodities imported from Pakistan. Indian exporters will be paying twenty-six percent tariff for the commodities sent to US. Whereas, Sri Lanka too will be paying forty-four percent tariffs for the stuffs exporting to USA.
Responding to Donald Trump’s announcement apropos imposition of 54% levies on commodities that China exports to US, the Finance Ministry in Beijing had imposed 34 percent additional Tariffs on the imports of American goods. Chinese Commerce Ministry maintained: “The purpose of the Chinese government’s implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation.” The extra tariffs would be imposed on US commodities from 10th April. The Chinese customs had also suspended imports of sorghums, poultry & bonemeal from US.
Canadian PM had said that his country would respond forcefully to Trump’s tariffs. Savants at the helm of affairs are positive, though countries like UK will not retaliate, the United States of America itself will experience an economic slowdown. European Commission President Ursula von der Leyen, while addressing the spectre of Trump’s Tariffs (that he unleashed on Liberation Day), stated during a discourse that Europe had a strong plan to retaliate.
Pointing out that Europe had not started the confrontation she held: “We do not necessarily want to retaliate but, if it is necessary, we have a strong plan to retaliate and we will use it.” US, that has augmented the tariffs on imports of steel, aluminium and cars, had announced massive import levies. Trump administration wants to pile-up metals and precious minerals to manufacture more and more commodities in order to export to generate external revenue instead of importing.
Newspakistan.tv
