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US, European Stocks Fall As Looming Trump Tariffs Raise Fears

US and European stock markets fell Wednesday as investors fretted over what shape US President Donald Trump’s fresh wave of tariffs would take at the end of the day.
The dollar and oil prices dipped while gold, viewed as a safe-haven investment, came close to achieving a fresh all-time high.
After Tokyo’s stock market closed up slightly and Chinese indices steadied, Europe dropped, led lower by Frankfurt, and Wall Street’s leading indexes followed after the open.
“For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war,” said Joshua Mahony, analyst at traders Scope Markets.
Global equities have been hit hard leading up to Trump’s announcement — dubbed “Liberation Day” — with warnings that friend and foe are in the crosshairs after what he says is years of “ripping off” the United States.
He has trailed the measures for weeks, initially suggesting they would match whatever levies other countries impose.
But US media reported he has also considered either blanket 20-percent levies or another plan where some countries get preferential treatment.
Sweeping auto tariffs of 25 percent announced last week are also due to come into effect on Thursday.
The White House has said Trump will unveil his decision at 4:00 pm in Washington (2000 GMT), after Wall Street markets close, with the Republican promising a new “golden age” of US industry.
However, officials admitted he was still ironing out the details late Tuesday.
Chris Weston, analyst at investors Pepperstone Group, said the suggestion that the tariffs would be effective immediately would provide some certainty to markets, even if it limited the scope for talks.
“This scenario — while hardly a positive for economics or earnings assumptions — would increase the conviction behind how we respond to the ‘facts’,” he explained.
“That said, life is never straightforward, and we will still need to consider the counter-response from other countries.”
The planned duties have ramped up fears of a global trade war after several countries warned they were preparing their responses.
Economists have warned that economic growth could take a hit and inflation reignite, dealing a blow to hopes that central banks would continue cutting interest rates.
Tesla shares sank around five percent in early trading after the electric car maker released lacklustre sales figures.
The firm reported a 13-percent drop in first-quarter auto sales amid lower production during factory upgrades, as well as perceived customer reluctance over CEO Elon Musk’s work for the Trump administration.
– Key figures around 1015 GMT –
New York – Dow: DOWN 0.3 percent at 41,850.20
New York – S&P 500: DOWN 0.4 percent at 5,613.46
New York – Nasdaq Composite: DOWN 0.3 percent at 17,399.32
London – FTSE 100: DOWN 0.7 percent at 8,572.49 points
Paris – CAC 40: DOWN 0.8 percent at 7,814.50
Frankfurt – DAX: DOWN 1.3 percent at 22,245.82
Tokyo – Nikkei 225: UP 0.3 percent at 35,725.87 (close)
Hong Kong – Hang Seng Index: FLAT at 23,202.53 (close)
Shanghai – Composite: UP 0.1 percent at 3,350.13 (close)
Euro/dollar: UP at $1.0819 from $1.0793 on Tuesday
Pound/dollar: UP at $1.2945 from $1.2920
Dollar/yen: DOWN at 149.51 yen from 149.53 yen
Euro/pound: UP at 83.58 pence from 83.51 pence
West Texas Intermediate: DOWN 0.1 percent at $71.11 per barrel
Brent North Sea Crude: DOWN 0.24 percent at $74.31 per barrel
AFP
News
Senator Manu donates five operational vehicles to Taraba PDP(Photos)

…hails emergence of Bawa as state chairman
The Senator representing Taraba Central Senatorial District Senator Manu Haruna on Sunday donated five operational vehicles to Taraba Peoples Democratic Party, PDP to enhance its operations.
Manu also seized the opportunity to congratulate the state Chairman, Hon Abubakar Bawa when he visited the secretariat in Jalingo last Sunday.
The former State Deputy Governor expressed his congratulations to Chairman Bawa and the state working committee for their election, emphasizing the importance of unity and progress within the party. He commended their commitment to strengthening the People’s Democratic Party (PDP) in Taraba State.
In a generous move to enhance the operational capacity of the party at the grassroots level, Senator Manu donated five vehicles — one for each Local Government Area (LGA) party chapter in Taraba Central.
This donation is intended to facilitate better coordination and outreach efforts within the party.
Senator Manu praised Hon. Abubakar Bawa for his dedicated efforts to elevate the PDP in the state, asserting that Taraba will always remain a stronghold for the party.
In response, State Party Chairman Alhaji Bawa expressed his heartfelt gratitude to Senator Manu for his thoughtful visit and generous donation. He acknowledged the impact of such contributions on the party’s progress and reemphasized the commitment of the PDP to serve the interests of the people in Taraba State.
News
Justice Minister, Fagbemi seeks support for govt’s national law reform initiative

By Francesca Hangeior
The Attorney General of the Federation and Minister of Justice, AGF, Prince Lateef Fagbemi, SAN, has canvassed for greater efforts and commitments to the Federal Government’s aspirations to produce a workable legal framework for the country.
He charged the Committee put in place by the federal government to review, revise and consolidate the Laws of the Federation of Nigeria, LFN, to double the efforts and commitments to deliver on the mandate at the appointed time.
Fagbemi, a Senior Advocate of Nigeria, spoke on Monday in Abuja at the second retreat of the Committee put in place in October last year for the laws of the federation revision and reform.
The AGF while challenging the committee to be up and doing asked the members to remain united in purpose and steadfast in the resolve to produce a legal framework that is worthy of the nation’s aspirations.
He said the second retreat organized by the federal government was a strategic consolidation of the national law reform efforts and to provide an invaluable opportunity to come up with a better workable legal framework for the nation.
“Let me start by expressing gratitude to the Chairman, Co-Chairperson and members of the Committee for their selfless service and sacrifice, to ensure that this project is executed efficiently and effectively.
“The call to be part of this assignment is indeed a sacred that inevitably and positively affects the lives of individuals, government, businesses as well as citizens of this nation.
“The general purpose of law is to regulate human behavior by protecting lives and properties in society. The inauguration of the Committee on the 24th October, 2024 marked a historic milestone in our collective efforts to modernize, consolidate, and harmonize Nigeria’s body of federal statutes.
“The retreat successfully provides a clear framework for the structure and methodology of the revision exercise, oriented the 14 Working Groups tasked with reviewing specific legal subject areas, and fostered collaboration among key institutions and stakeholders on the project.
“Following the initial retreat, I wish to note that the Committee has recorded steady progress in its work.
“The Ministry has taken several measures to ensure that the assignment is delivered efficiently, including:training sessions for secretaries of the working groups to enhance documentation and coordination; technical meetings of the main committee and its various sub-committees; working sessions and deliberations among editors and reviewers; and ongoing technical collation of revised laws by the Secretariat.
“This second retreat is a strategic consolidation of our national law reform efforts and provides an invaluable opportunity to: review progress made since the first phase;
address any technical or structural challenges encountered during the collation process;
– Harmonize the output across working groups; and set the tone for the final stages of this important project.
“The next stage of the law review and consolidation process would include editing and proofreading the reviewed legislation, ahead of the final collation, production and printing of the laws of the federation.
“It is my conviction that these phases will be executed with even greater commitment by the Committee, with the support of stakeholders and development partners.
“I wish to commend the leadership of the LFN Committee, the Secretariat for its diligent coordination and day-to-day management as well as the Working Groups, Editors, and Reviewers, for their intellectual rigour and professionalism.
“Special gratitude to our development partners, particularly RoLAC, for standing firmly behind this national project.
“Let me urge all participants to use this retreat as a platform for robust engagement, peer learning, and practical collaboration.
“We must remain united in purpose and steadfast in our resolve to produce a legal framework that is worthy of our nation’s aspirations.
” I wish to express gratitude for your commitment to duty and I charge you to work in synergy and cooperation, in the overall interest of the nation”, the AGF said.
News
You must refund N300m, Rivers State tells NBA

The Rivers State Sole Administrator, Vice Admiral Ibok-Ete Ibas (retd.), has replied to the Nigerian Bar Association regarding the reason for relocating its Annual General Conference from Port Harcourt to Enugu State.
Ibas faulted the reason cited by the NBA, describing it as misleading and uncharitable.
The Sole Administrator stated this in a statement issued in Port Harcourt on Monday by his media aide, Hector Igbikiowubo, and sent to newsmen.
He said while the NBA reserves the right to choose a venue for its conference, the association had yet to address the issue of the refund of the hosting rights paid by the state government for the conference.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
The statement partly reads, “While we respect the NBA’s right to choose its conference venues, we find it curious that the association—despite its “principled position”— didn’t address the refund of the N300 million already paid by the Rivers State Government for the hosting rights of the 2025 conference.
“If the NBA truly stands on principle, it should demonstrate the same integrity by promptly returning these funds rather than benefiting from a state it now publicly discredits.”
It added, “The attention of the Rivers State Government has been drawn to the Nigeria Bar Association’s announcement dated 10th April 2025, relocating its 2025 Annual General Conference from Port Harcourt to Enugu.
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