Sweeping new tariffs announced Wednesday by U.S. President Donald Trump provoked dismay, threats of countermeasures and calls for further negotiations to make trade rules fairer.

But responses were measured, highlighting a lack of appetite among key trading partners for an outright trade war with the world’s biggest economy.

Trump said the import taxes, ranging from 10% to 49%, would do to U.S. trading partners what they have long done to the U.S. He maintains they will draw factories and jobs back to the United States.

European Commission President Ursula von der Leyen said they are a “major blow to the world economy,” while Japanese Prime Minister Shigeru Ishiba said they will have a “great impact” on U.S.-Japan relations and Korean Prime Minister Han Duck-soo called for emergency measures to support industries affected by the tariffs.

Asian markets fell in Thursday trading and U.S. futures tumbled.

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Here’s the latest:

Honda CEO says company will take some time to determine how to respond to tariffs

Honda Chief Executive Toshihiro Mibe says the Japanese automaker will take some time to look at the market situation and other factors to determine the right way to respond to Trump’s tariffs.

“Sudden changes like this are tough as it’s hard to respond speedily,” he told reporters on Thursday.

Taiwan calls US tariffs ‘strongly unreasonable’

Taiwan responded to the imposition of a 32% tariff on its high-tech economy by calling it “strongly unreasonable and highly regrettable,” adding it would “lodge solemn representations with the United States.”

“The proposed tax rate does not reflect the actual economic and trade situation between Taiwan and the United States (and) is unfair to Taiwan,” Cabinet spokesperson Lee Hui-chih said in an official news release.

Lee said the tariff calculation method was unscientific and unclear and “cannot reflect the high degree of complementarity in the trade structure between Taiwan and the U.S. and the actual trade relationship.”

Taiwan’s exports to the U.S. and corresponding trade surplus have risen significantly in recent years, mainly reflecting the surge in demand from U.S. customers for semiconductors and related products, especially AI products, Lee said.

British officials say they will push to secure a free trade deal with US

The British government says it will push to secure a free trade deal with the United States rather than retaliate after Trump slapped a 10% tariff on U.K. goods.

Labelling the announcement a “disappointment,” Business Secretary Jonathan Reynolds said “I’m pleased the U.K. is in a better position than other countries, but I’m not satisfied.”

Reynolds told Sky News that the message he was hearing from businesses was “remain at the table, don’t overreact.”

Britain argues that it has a broadly balanced trade relationship with the U.S., and has been negotiating with Washington on a trade deal in hope of escaping import taxes.

Japan’s prime minister says tariffs will have a ‘great impact’ on U.S.-Japan relations

Japanese Prime Minister Shigeru Ishiba says the tariffs are a matter of great concern and stressed that Japan’s contributions to the American economy are significant both in terms of investment and jobs.

He said he repeatedly made his case with the Trump administration not to move ahead with the tariffs.

“They will have a great impact not only on U.S.-Japanese economic relations but also on the global economy and various trade relations overall,” Ishiba told reporters Thursday.

“We as the government will work as one to decisively protect people’s lives, jobs and industries,” he added.

Thailand says it is ready to negotiate with US over trade balance

The Thai prime minister says her country is ready to negotiate with the U.S. to find a fair trade balance for both sides, after Trump announced 36% tariffs on Thailand.

Paetongtarn Shinawatra said Thursday that Thailand is committed to working with the U.S. to achieve sustainable economic growth.

She added that Thai exporters should also look for additional markets for their products to reduce their risk of relying on one main market.

Indian analysts see opportunity in supply chain realignments

Indian exporters and analysts say Trump’s new tariffs are a mixed bag for the country.

Trump announced a reciprocal tariff of 26% for India, as compared to 34% for China, 46% for Vietnam, 37% for Bangladesh and 36% for Thailand.

Observers said Thursday the move will likely impact Indian industry and pressure jobs, but that there is room for new business to come in since India is in a lower band than its Asian peers.

“These tariffs do present challenges, but India’s position remains comparatively favorable,” said S.C Ralhan, president of the Federation of Indian Exports Organisations.

Ajay Srivastava, a former Indian trade official and founder of the New Delhi-based think tank Global Trade Research Initiative, said the protectionist tariff regime could be a catalyst for India to gain from global supply chain realignments.

South and Southeast Asia are targeted with some of the highest tariff rates

Vietnam, Sri Lanka and other countries across South and Southeast Asia are the targets of some of the highest tariff rates.

Trump imposed 46% “reciprocal” duties on goods from Vietnam, 49% on products from Cambodia, 37% on Bangladesh and 44% on Sri Lanka.

The duties will affect domestic exporters to the U.S. but also Chinese, Japanese and South Korean companies that have over the past few years shifted production to Southeast Asian nations to escape the trade frictions during Trump’s first term in office.

Automaker Stellantis will shut down its assembly plant in Windsor, Canada, for 2 weeks

Automaker Stellantis will shut down its assembly plant in Windsor, Canada, for two weeks from April 7, the local union said late Wednesday.

The president of Unifor Local 444, James Stewart, said more scheduling changes were expected in coming weeks.

“The company said there are multiple factors at play, with the primary driver behind the final decision being this afternoon’s announcement from U.S. President Donald Trump of the U.S. tariffs,” Stewart said. “This has and continues to create uncertainty across the entire auto industry. This is not just affecting our plant—it’s impacting facilities in the U.S. and Mexico as well.”

EU leader says tariffs are a major blow to the world economy

European Commission President Ursula von der Leyen says the tariffs are a “major blow to the world economy.”

“The consequences will be dire for millions of people around the globe,” von der Leyen said. Groceries, transport and medicines will cost more, she said, “And this is hurting, in particular, the most vulnerable citizens.”

Von der Leyen acknowledged that the world trading system has “serious deficiencies” and said the EU was ready to negotiate with the U.S.

Japan’s chief cabinet secretary calls tariffs ‘extremely regrettable’

Japan’s chief cabinet secretary has called the tariffs “extremely regrettable,” saying officials thought the country deserved an exemption, after Trump slapped 24% additional tariffs on Japan.

Yoshimasa Hayashi on Thursday also questioned whether the tariffs are compatible with Japan-U.S. bilateral trade agreements and said the move would likely impact their economic ties, as well as the global economy and multilateral trade system.

He said Japanese officials are continuing to negotiate with Washington seeking an exemption. Asked if Japan would consider retaliatory tariffs or file complaints with the World Trade Organization, Hayashi declined to comment.

Asian markets tumble following Trump’s tariff announcement

Tokyo’s Nikkei 225 index dipped more than 3.4%, while the Kospi in South Korea dropped 1.8%. In Australia, the S&P/ASX 200 also sank 1.8%.

U.S. stocks whipped through another dizzying day before Trump’s unveiled the tariffs Wednesday. The S&P 500 rose 0.7%, and the Dow gained 0.6%. The Nasdaq composite surged 0.9%.

Tesla swung from a sharp loss in the morning to a gain later in the day to help pull the market higher. Treasury yields also veered from lower to higher following a better-than-expected report on the job market.

▶ Read more about markets’ reaction to the tariffs

House majority whip praises Trump’s actions, including tariffs, during town hall

House Majority Whip Tom Emmer fielded mostly friendly questions during an hourlong telephone town hall with constituents in Minnesota.

House Speaker Mike Johnson has encouraged Republican lawmakers to avoid holding in-person town halls where they’d run the risk of hostile questioning and protesters.

Emmer extensively praised the actions that Trump has been taking in his first months back in office, including the tariffs he announced earlier Wednesday.

“How about we give this guy some grace while he tried to actually do what he’s been campaigning on for years and his mission to protect American companies and workers?” Emmer said. “There’s still going to be some choppy waters, but when we come out the other side, it’s going to be much better than it was beforehand, and certainly much better than it was the last four years.”

South Korea prime minister calls for emergency measures to support industries affected by tariffs

South Korea’s acting leader called for swift emergency measures to support the auto industry and other businesses potentially affected by the Trump administration’s new tariffs, pledging full government efforts to address what he described as a looming “global tariff war.”

During an emergency government meeting, Prime Minister Han Duck-soo also instructed officials to work with business groups to analyze the impact of the U.S. tariff increases and actively engage in negotiations with Washington to “minimize damage” to South Korea’s economy, the trade ministry said.

Han, serving as South Korea’s acting leader while President Yoon Suk Yeol remains impeached over his December imposition of martial law, convened the meeting with trade and foreign policy officials after Trump announced a 25% tariff on South Korea.