John Ruich

And the country's Ho Chi Minh stock index shed nearly 7 percent on the day. In Europe, it seems to be a similar story of selling. You know, economists are recalibrating their expectations now and investors are just nervous.

Unhappiness and frustration so far. I mean, many say these tariffs were unwarranted. Here's Prime Minister Anthony Albanese of Australia, which got the bare minimum 10%.

Unhappiness and frustration so far. I mean, many say these tariffs were unwarranted. Here's Prime Minister Anthony Albanese of Australia, which got the bare minimum 10%.

Unhappiness and frustration so far. I mean, many say these tariffs were unwarranted. Here's Prime Minister Anthony Albanese of Australia, which got the bare minimum 10%.

Britain was hit with the minimum 10% also, but the prime minister's office there expressed some relief that the country wasn't hit with 20% like the EU. Speaking of which, the European Commission president said Europe was open to negotiations but working on countermeasures in case the talks fail.

Britain was hit with the minimum 10% also, but the prime minister's office there expressed some relief that the country wasn't hit with 20% like the EU. Speaking of which, the European Commission president said Europe was open to negotiations but working on countermeasures in case the talks fail.

Britain was hit with the minimum 10% also, but the prime minister's office there expressed some relief that the country wasn't hit with 20% like the EU. Speaking of which, the European Commission president said Europe was open to negotiations but working on countermeasures in case the talks fail.

You know, President Trump has signaled that he's open to dealmaking, so many countries are taking these sweeping tariffs as kind of an opening salvo for negotiations. Others are looking at a range of options. You know, Japan, Brazil, China have suggested that tariffs break World Trade Organization rules.

You know, President Trump has signaled that he's open to dealmaking, so many countries are taking these sweeping tariffs as kind of an opening salvo for negotiations. Others are looking at a range of options. You know, Japan, Brazil, China have suggested that tariffs break World Trade Organization rules.

You know, President Trump has signaled that he's open to dealmaking, so many countries are taking these sweeping tariffs as kind of an opening salvo for negotiations. Others are looking at a range of options. You know, Japan, Brazil, China have suggested that tariffs break World Trade Organization rules.

Well, the Commerce Ministry issued a statement calling for the removal of these tariffs, and it says protectionism leads nowhere. China's been hammered by tariffs before and was frankly girding for this moment. The across-the-board tariff rate on Chinese imports to the U.S. now is about 54 percent. Trump was talking about 60 percent while he was campaigning, so it's not far off from that.

Well, the Commerce Ministry issued a statement calling for the removal of these tariffs, and it says protectionism leads nowhere. China's been hammered by tariffs before and was frankly girding for this moment. The across-the-board tariff rate on Chinese imports to the U.S. now is about 54 percent. Trump was talking about 60 percent while he was campaigning, so it's not far off from that.

Well, the Commerce Ministry issued a statement calling for the removal of these tariffs, and it says protectionism leads nowhere. China's been hammered by tariffs before and was frankly girding for this moment. The across-the-board tariff rate on Chinese imports to the U.S. now is about 54 percent. Trump was talking about 60 percent while he was campaigning, so it's not far off from that.

Professor Wu Xinbo of Fudan University in Shanghai thinks China will retaliate once the Trump tariffs take effect in a few days, and then hopefully at some point the two sides can talk.

Professor Wu Xinbo of Fudan University in Shanghai thinks China will retaliate once the Trump tariffs take effect in a few days, and then hopefully at some point the two sides can talk.

Professor Wu Xinbo of Fudan University in Shanghai thinks China will retaliate once the Trump tariffs take effect in a few days, and then hopefully at some point the two sides can talk.

But he thinks China can afford to punch back and then wait for a bit to see if Trump administration feels some heat from all these tariffs. Any sense of how damaging these tariffs will be to these countries? Yeah, I asked Jack Zhang about this. He's a professor at the University of Kansas, and he runs the trade war lab there. He says it kind of all depends.

But he thinks China can afford to punch back and then wait for a bit to see if Trump administration feels some heat from all these tariffs. Any sense of how damaging these tariffs will be to these countries? Yeah, I asked Jack Zhang about this. He's a professor at the University of Kansas, and he runs the trade war lab there. He says it kind of all depends.

But he thinks China can afford to punch back and then wait for a bit to see if Trump administration feels some heat from all these tariffs. Any sense of how damaging these tariffs will be to these countries? Yeah, I asked Jack Zhang about this. He's a professor at the University of Kansas, and he runs the trade war lab there. He says it kind of all depends.

I still hold out a sliver of hope because it depends on how much trade destruction happens, and that depends on how much retaliation we're going to see. You know, a lot of economists think these tariffs are going to be a big global shock anyway and could push, you know, many countries into recession. That is NPR's John Wirtz in Beijing.