Bloomberg

Goldman Sees Slower China Growth as 125% US Tariff Hits

• Trump announces 90-day pause on higher tariffs except for China
• China leaders discuss stimulus as US sets 125% tariff

Traders Reveling in Rally Wonder Just How Far It Can Go

• America’s third-largest trading partner that sent more than $500 billion worth of goods last year.
• Trump also left a 10% levy against the rest of the world. 

Yuan Falls Versus Everything as China’s Tariff Relief Valve

• China is letting the yuan weaken against almost all major currencies
• The onshore yuan dropped to levels last seen during the global financial crisis against the dollar on Thursday.

US Crude Flows to China Trickle to Near Zero After Tariff Blitz

• After climbing in recent years, oil shipments from the US to China have been on the decline for much of 2025
• Some of that crude would instead be going to other buyers in Asia. In recent days, Indian refiners have purchased cargoes to take advantage of lower prices.
• China will likely fill the gap with supply from Oman, UAE, Iran or Russia

US Tariffs Are Still at Historic High Even After Trump’s Pause

• The average US tariff rate is still rising to 24%, up almost 22%p since Trump started his second term.

Taiwan Aims to Triple US Share of LNG Imports to Avoid Tariffs

• Asian governments from South Korea to Indonesia are rushing to sign up for LNG purchases from the US, hoping to reduce trade surpluses.

Goldman Warns Oil Crash Could Push Saudi Arabia’s Budget Deficit to $67 Billion

TSMC Sales Beat Estimates as AI Demand Soars Ahead of US Tariffs

• 25Q1 rose a larger than anticipated 42%, reflecting strengthening demand for AI servers and smartphones before US tariffs kicked in.

A $20 Billion Gas Plant Exposes Australia’s Energy Conundrum

• Australia’s top exports:
  • Coal: A$91b
  • Gas: A$68b
  • Education-related Travel Services: A$51b
  • Gold: $33b
  • Personal Travel: A$22b

CNBC

China consumer prices decline for a second straight month; producer deflation deepens

• Producer prices fell for the 29th straight month, dropping 2.5% in March from a year earlier and marking the largest contraction since November 2024.
• Consumer price index slid 0.1% year on year in March, remaining in deflationary territory after having contracted 0.7% in February, according to data released by the National Statistics Bureau Thursday.

Live: S&P 500 futures fall after historic rally on Trump’s tariff walkback

• Futures tied to the S&P 500 were 0.66% fell, while Nasdaq-100 futures traded up 1.2%. Dow Jones Industrial Average futures lost 108 points, or about 0.3%.

• The moves come after a historic surge on the Street, where the S&P 500 soared more than 9% during Wednesday’s session to see its third-largest gain in a single daysince World War II.

Live: Trump tariffs: ‘Do not retaliate and you will be rewarded,’ White House says

• White House advisors claimed the flip flop was always the strategy, suggesting that the past week of massive tariffs that triggered huge market losses was all for show.
• Beijing has announced a reciprocal 84% tariff rate on U.S. goods, effective April 10.

Dot-com bust, 1987 crash had massive relief rallies similar to Wednesday’s pop

• During the financial crisis in October 2008, the Nasdaq enjoyed two of its best five days ever. The other two came as the tech bubble was bursting. The index’s sixth-best day since its beginning in 1971 came on March 13, 2020, as the Covid pandemic was hitting the U.S.
• Call it a dead-cat bounce, a relief rally or short covering. It’s a familiar reaction during the worst of times for Wall Street.
• The big difference between the current market tumult and the downturns in 1987, 2000-2001, 2008 and 2020 is that many investors say this one was easily avoidable and, potentially, can be reversed based on what the president decides to do.

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