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The world's richest man, Elon Musk, said in a video conference with Italy's League party leader Matteo Salvini on Saturday that the United States and Europe should have "a very close and strong partnership" in the future and create a "zero-tariff zone." Musk's idea was to create a free trade zone between Europe and North America.
Britain and France leaders discuss trade war
British Prime Minister Keir Starmer and French President Emmanuel Macron on Saturday discussed the impact of new tariffs imposed by Trump. The two leaders agreed that a trade war is not in anyone's interest and it is important that traders have access to updated information on trade matters. The two also discussed the Ukraine war and considered increasing cooperation in peace efforts.
Reaction after Trump's new tariffs were imposed
The 10% tariffs imposed by US President Donald Trump came into effect on Saturday, bringing about changes in business processes. Trump called the move an "economic revolution", but the market reaction has been negative. Stock markets have fallen sharply. In addition, the high tariffs imposed by Trump will come into effect next week for some countries, including Lesotho, Cambodia and Madagascar.
China criticizes Trump's tariffs
China reacted strongly to the new US tariffs. China says that US tariffs are damaging the global trade system and are unilateral, protectionist and an attempt to create economic pressure. China called the US action unacceptable and said that it is "unnecessary and unjust to the world". At the same time, China also said that it will continue its economic policy in a more open manner.
Jaguar and Land Rover halt US shipments
British carmakers Jaguar and Land Rover have halted shipments of their cars to the US. This step has been taken due to the 25% import duty imposed by the Trump administration. The company said that it is making changes to the shipment process and preparing its plan according to the new trade rules.
