Trump puts markets on high alert

His 'Liberation Day' is expected to escalate global trade tensions.

Get full access to Reuters.com for just $1/week. Subscribe now. Daily Briefing Daily Briefing By Edson Caldas Hello. Donald Trump is poised to impose sweeping new reciprocal tariffs on global trading partners. We look at the market's expectations and the potential impact on the ocean shipping industry. You can also follow live updates here. Today we're also covering China's live-fire drills in the East China Sea, a major expansion of Israeli military operations in Gaza and a desperate search for earthquake survivors in Myanmar. Business & Markets   Trump's 'Liberation Day' Donald Trump is set to slap a broad set of tariffs on imported goods, upending decades of rules-based trade, threatening cost increases and likely drawing retaliation from all sides. Financial markets remain on edge ahead of his announcement. On today's Reuters World News podcast, Economics Editor Dan Burns shares what to expect on Trump's "Liberation Day." The new duties will take effect immediately after the US president unveils them, a White House spokesperson said, while a separate 25% tariff on auto imports will come into force on April 3. We look at how one of the world's largest auto suppliers is preparing for it. Trump's tariff plan also has the ocean shipping industry on edge as he stokes a trade war destined to stanch transport demand and send companies scrambling to manage the fallout. In other business news Boeing CEO Kelly Ortberg will face tough questions on the planemaker's recent safety issues and other hot-button topics when he appears before senators later today. Trump will consider a final proposal related to TikTok ahead of an April 5 deadline for the app to find a non-Chinese buyer or face a US ban, a White House official told Reuters. Nintendo is set to reveal details of its Switch 2 with investors eager to learn about the pricing and launch date. Analysts expect a smooth transition to the new device as the company plans to offer upgraded hardware while closely following the form and function of its hit predecessor. Watch: Here is what else you need to know about markets today. World News   Palestinians inspect the site of an Israeli strike, April 2, 2025. REUTERS/Hatem Khaled Israel announced a major expansion of military operations in Gaza, saying large areas of the enclave would be seized and added to its security zones, accompanied by large-scale evacuations of the population. Follow the latest. China's military held long-range live-fire drills in the East China Sea in an escalation of ongoing drills around Taiwan, saying it was practicing precision strikes on port and energy facilities but with no details on the exact location. South Korea's interim leader called on the nation to calmly accept the decision from the Constitutional Court on the impeachment of President Yoon Suk Yeol, as police ramped up security around the court ahead of the ruling on April 4. The Congo government and Rwanda-backed M23 rebels aim to hold direct talks on April 9, sources from both camps said, a potential boost to Qatar's efforts to end the Central African country's worst fighting in decades. European visitors to Britain will have to purchase an electronic permit in advance for trips from today, as the UK government follows other countries in seeking to strengthen immigration security by screening people before they cross its borders. US politics Wisconsin voters elected Susan Crawford to the state Supreme Court, in a setback for Trump and his ally Elon Musk, who had backed her conservative rival. Meanwhile in Florida, Republican candidates are projected to win two special elections, boosting the party's slim majority in the House of Representatives. In just 10 weeks in office, Trump has imposed his will on perceived adversaries in business, politics, the media and allied nations by leveraging power in ways no other modern US president has tried. In Pictures   People take shelter in a makeshift camp in front of a damaged building following a strong earthquake in Myanmar. REUTERS/Stringer Myanmar's deadliest natural disaster in years has strengthened the position of ruling general Min Aung Hlaing, by opening diplomatic channels closed for four years after his junta ousted an elected government to unleash a brutal civil war. We look at scenes of devastation and desperation after an earthquake that killed more than 2,700 people. See photo gallery And Finally... Actor Val Kilmer attending a film premiere in 2005. REUTERS/Mario Anzuoni Val Kilmer, who starred in films such as "Top Gun," "The Doors," and "Batman Forever", has died aged 65, the New York Times reported. The California-born, Juilliard-trained actor was one of Hollywood's most prominent leading men in the 1990s. Read more Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Terms & Conditions and Privacy Statement © 2025 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036