Stock markets continue to plummet as President Trump’s sweeping global tariffs drew widespread condemnation and plans for countermeasures. China, which is now subject to a 54% tariff, announced a retaliatory 34% tariff on U.S. goods starting April 10 and accused the U.S. of “bullying” tactics. French President Emmanuel Macron called for unity among European leaders and for the suspension of investments in the U.S.

President Emmanuel Macron: “I think what’s important — and that’s all the work that must be done by the sector — that future investments or investments announced in recent weeks should be suspended until things are clarified with the United States, because what message will it send to have big European players investing billions of euros in the American economy at a time when we’re being hit? So we must show collective solidarity.”

France is also urging Europe to tax U.S. tech companies as part of a retaliatory strategy. Canada introduced a 25% tariff on U.S. cars and trucks.
Here in the U.S., the automaker Stellantis said it’s laying off 900 workers at five manufacturing plants after Trump’s tariff plan was announced, and temporarily pausing production at assembly plants in Mexico and in Canada.

In Washington, D.C., a newly introduced Senate bill with bipartisan support would limit Trump’s authority to impose tariffs without going through Congress. In a separate challenge to Trump’s trade war, the New Civil Liberties Alliance sued to block tariffs on China, arguing Trump unlawfully invoked emergency powers to impose them. Several analysts have pointed out that Trump’s tariff plan appears to have been based on math calculated by AI chatbots.