Diplomats Urgently Seek Relief From Trump Tariffs

Many countries are racing to speak to the Trump administration as they seek to minimize or avoid tariffs next week. European Union trade chief Maros Sefcovic will meet tomorrow with Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. India is seeking an exemption from President Donald Trump’s threatened “reciprocal tariffs” when a US delegation arrives tomorrow for discussions. And others are reaching out more quietly ahead of the tariff deadline of April 2, which Trump has dubbed “Liberation Day.” There are some signals that the threatened tariffs may be more targeted than Trump’s strong rhetoric has suggested. Markets have been buoyed a bit by the prospect of a more calibrated approach. At the same time, Trump said today that he plans a 25% tariff on any nation that purchases oil and gas from Venezuela, which could hit China. He also said car tariffs will be announced shortly, and those on pharmaceuticals at “some point in the not too distant future.”

Turkey worked to stabilize its markets after tumult sparked by the detention of President Recep Tayyip Erdogan’s biggest rival. We’re told that the country’s top economy officials are discussing a string of measures to help defend the lira. Turkey’s Western allies have been noticeably muted in their responses to the political turmoil, even as thousands of protesters took to the streets over the weekend. The commander of NATO’s second-biggest army is banking on the world needing him more than it needs to join a fight over the country’s democracy. But the chaos may be the last step for Wall Street, which appears to have soured on Erdogan’s promises of the stability. Read how investors rushed to unravel their embrace of Turkey in a 30-minute stretch.