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.

15:25-15:54

CNBC

Trump trade fight: Customs starts collecting new tariffs on imports from 86 countries at midnight

Elon Musk ratchets up attacks on Navarro as Tesla shares slump for fourth day

• Musk called Navarro “dumber than a sack of bricks,” before later apologizing to bricks. Musk also called Navarro “dangerously dumb.”

Tech analyst responds to Trump wanting Apple to make iPhones in U.S.: ‘I don’t think that’s a thing’

• Wedbush analyst Dan Ives said an iPhone would cost $3,500 if produced in the country.
• Additionally, the process of Apple moving its supply chain to the U.S. would take years, Martin said. Most supply chain experts say making iPhones completely in the U.S. is impossible.

Investing.com

Stock Market Today: S&P 500 ends below 5,000 in ugly reversal on trade war angst

• amid rising worries about global trade war as the Trump administration prepares to hike levies on China at midnight.
• President Trump later Monday reaffirmed his administration’s commitment to implementing reciprocal tariffs, downplaying any leeway for negotiations.

Is China dumping US treasuries?

• Today, the U.S. 5-year treasury rose 2% to 3.918%, the 10-year rose 3.2% to 4.291%, and the 30-year rose 3.6% to 4.762%.
• China held $761 billion in U.S. treasuries as of the end of January, the second largest foreign holder behind Japan at $1.08 trillion.

Reuters

Wood Mackenzie cuts 5-year US wind energy outlook 40% on Trump policies

Trump says US taking in $2 billion a day from tariffs

• For the entire month of February, the latest full month available, the Treasury netted about $7.25 billion in customs duties. The monthly budget statement for March will be released on Thursday, which will show the latest monthly figures.

Yahoo Finance

Trump’s China tariffs send stocks tumbling as ‘FOMO’ rally fades, S&P 500 closes at lowest level in a year

• “At the slightest whiff of good news, people come roaring back in because that FOMO [fear of missing out] never goes away,”

Signs of Wall Street stress pile up amid Trump tariff turmoil

• IPOs and mergers were put on the shelf. Leverage loan deals were shoved to the sidelines. Bond sales were paused.
• One concerning development is that there were no new offerings in the investment-grade and high-yield bond markets for three days, according to Reuters, as credit spreads widened due to concerns about the rising odds of a recession.

WSJ

Supreme Court Halts Order Requiring Trump Administration to Reinstate Federal Workers

• The Supreme Court lifted a lower-court order that directed the Trump administration to reinstate about 16,000 federal employees it fired, handing the White House the third victory in a row as it seeks the justices’ emergency action to stop district judges from slowing its policies.

Justice Department Scales Back Crypto Enforcement

• The department will no longer bring charges against exchanges, dealers, mixing services and wallet providers “for the acts of their end users,” according to a memorandum issued late Monday by Deputy Attorney General Todd Blanche.

Yahoo Finance

Trump’s economic team faces flood of tariff critiques — even from top White House allies

• more than 50 countries have reached out to begin negotiations
• Musk posted that “a PhD in Econ from Harvard is a bad thing”

Trump tariffs live updates: Trump threatens additional tariffs on China, opens negotiations with other countries

• if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50%, effective April 9th.

Bloomberg

The 7-Minute $2.5 Trillion Stock Rally Confounds Wary Investors

• The rumors only lasted about seven minutes.
• “There’s no question that if Trump woke up tomorrow and said, ‘you know what? I’m not doing this’ the markets would just move back to a new high,” said Ross Gerber

China Vows ‘Fight to the End’ on Tariffs as It Props Up Markets

Reuters

Chinese LNG buyers resell US cargoes as tariffs bite

• China, the world’s largest buyer of liquefied natural gas, imported no U.S. LNG during March, data from Kpler and LSEG show.

Hong Kong leader says city will sign more free trade pacts amid ‘ruthless’ US tariffs

CNBC

British carmaker Jaguar Land Rover pauses U.S. shipments over Trump tariffs

• The U.S. president has implemented a 25% tariff on all foreign cars imported into the country, a move that came into effect on Thursday. The White House also said it intends to place tariffs on some auto parts no later than May 3.

EU seeks unity in first strike back at Trump tariffs

• The 27-nation bloc faces 25% import tariffs on cars and steel and aluminium, and “reciprocal” tariffs of 20% from Wednesday for almost all other goods.

TikTok reportedly stays on App Store after assurance from Attorney General Pam Bondi

• President Donald Trump extended the divestiture deadline for U.S. operations for at least 75 days.

Bitcoin drops Sunday evening as cryptocurrencies join global market rout

• The price of bitcoin was last lower by 4% at $78,835.07

Bloomberg

Tesla Bull Slashes Stock Price Target 43%, Citing Musk and Trump

• Ives reduced his Tesla share-price target to $315 from $550, which had been the second-highest among the 72 analysts tracked by Bloomberg.
• Ives’ biggest concern is the potential for Tesla to get caught up in backlash against the US president’s tariff policies in China, where Tesla generated more than a fifth of its revenue last year. President Xi Jinping’s government plans to impose a 34% tariff on all imports from the US starting April 10, matching the level of Trump’s so-called reciprocal tariffs on Chinese products.

Bessent Defiant on Tariffs as He Rejects a US Recession

Treasuries Star as a Haven Even as Trump Fans Stagflation Fears

• After a rally in US government debt that sent the two-year yield to touch the lowest since 2022, traders are positioning for more gains and pricing in a greater chance the Federal Reserve moves most aggressively to cut interest rates to keep the economy from stalling.

Yahoo Finance

Forget 60/40. BlackRock’s Larry Fink wants investors to embrace 50/30/20.

• “The future standard portfolio may look more like 50/30/20 — stocks, bonds, and private assets like real estate, infrastructure, and private credit,” Fink wrote in his annual letter to clients this week.

Reuters

Hamas fires rockets at Israeli cities, Israel issues evacuation orders in Gaza

• Palestinian militant group Hamas said it fired a barrage of rockets at cities in Israel’s south on Sunday in response to Israeli “massacres” of civilians in Gaza.

Russian troops push into Ukraine’s Sumy region

• Ukrainian officials later denied the report, saying Russian forces were not in control of Basivka.

Le Pen evokes spirit of Martin Luther King Jr. as supporters rally in Paris

• A Paris court convicted Le Pen and two dozen National Rally (RN) party members of embezzling EU funds last week and imposed a sentence that will prevent her from standing in France’s 2027 presidential election unless she can get the ruling overturned within 18 months.

WSJ

How Investing Will Change if the Dollar No Longer Rules the World

• If you’ve been investing your savings for the past 15 years, there is a situation you’ve hardly ever encountered: the U.S. dollar getting structurally weaker. Given the fallout from President Trump’s “Liberation Day,” you may need to get used to it.
• Two forces helped drive this. One was the fracking boom, which made the U.S. largely energy self-sufficient, cutting corporate costs and turning the dollar into a kind of “petrocurrency.”
• The other factor was that U.S. consumer spending was unrelenting, even at times when gas-pump prices increased. For years, it has been powered by government deficit spending, a tech sector exporting services globally at scale, and the wealth effects from a booming stock market.

In Vietnam’s Streets and Factories, Boom Built on U.S. Trade Suddenly Looks Fragile

• For Ha Pham, who runs a network of garment factories employing 500 Vietnamese workers, America has been good for business.
• So when Trump ordered a 46% tariff on Vietnamese goods, to go into effect on Wednesday, it sent her on a crash mission to find new customers in Europe and elsewhere.
• The U.S. trade deficit with Vietnam—the basis for Trump’s tariff rate—is third only to China and Mexico.

Trump Promised to Lower Energy Prices—but It Wasn’t Supposed to Be Like This

• Instead, frackers—and everyone else—are caught in a trade war that investors fear will clobber the global economy and sink demand for crude oil. Over two trading sessions, benchmark U.S. oil prices fell almost 14% to $61.99 a barrel, their lowest level since April 2021. That’s a price that shale drillers say would eventually hinder their investment plans.

WSJ

In Matter of Days, Outlook Shifts From Solid Growth to Recession Risk

• The duties unveiled by Trump on April 2 will raise the average effective U.S. tariff rate from 2.5% in 2024 to around 22.5%, according to the left-of-center Yale Budget Lab.
• Trump said on social media last week that his policies never change, suggesting negotiations were off the table. But on Friday, Trump claimed Vietnam had offered to eliminate its tariffs in return for a deal. Markets interpreted that as a willingness to negotiate, sending up the shares of Nike which sources from Vietnam.

China Wanted to Negotiate With Trump. Now It’s Arming for Another Trade War.

Nations Strategize Before Week of Rising Trump Tariffs

Americans Are Sitting on a Cash Pile as Stocks Reel

CNBC

How Trump’s tariffs rollout turned into stock market mayhem

• The plan: Slap 10% tariffs on every U.S. trading partner starting Saturday, with individualized rates for 60 other countries that would begin in a week. Virtually overnight, the effective U.S. tariff rate was set to spring from 2.5% to well past 20%.
• China retaliated with 34% tariffs on all goods, European Union leaders also are considering countermeasures, and the suddenly antagonistic relationship with Canada and Mexico will have to be smoothed over during United States-Mexico-Canada Agreement talks in coming months.
• Investors responded by selling everything except bonds.

China to impose 34% retaliatory tariff on all goods imported from the U.S.

• The ministry criticized Washington’s decision to impose 34% of additional reciprocal levies on China — bringing total U.S. tariffs against the country to 54% — as “inconsistent with international trade rules.”

Automakers seek ‘opportunity in the chaos’ of Trump’s tariffs

• Ford and Stellantis are offering employee-pricing programs, while Hyundai Motor said it would not raise prices for at least two months to ease consumer concerns.

Trump’s 25% auto tariffs are in effect. What investors need to know

• The 25% tariffs are on any vehicle not assembled in the U.S., which S&P Global Mobility reports accounted for 46% of the roughly 16 million vehicles sold domestically last year.
• some auto parts such as engines and transmissions, but those are set to take effect no later than May 3.
• Excluding potential tariffs on parts, U.S. electric vehicle leader Tesla as well as EV startups Rivian Automotive and Lucid Group are far better positioned. All of their vehicles sold in the U.S. have final assembly in the country.

How did the U.S. arrive at its tariff figures?

• Many, including journalist and author James Surowiecki, said the U.S. appeared to have divided the trade deficit by imports from a given country to arrive at tariff rates for individual countries.

Trump tariff fallout: Navarro downplays sell-off, while Musk slams his qualifications; tech and finance chiefs reportedly head to Mar-a-Lago

China says ‘market has spoken’ after Trump tariffs spark global stocks rout

Yahoo Finance

Trump tariffs live updates: 10% tariff begins, Musk calls for US-Europe ‘zero-tariff situation’

• Elon Musk, appearing at an event on Saturday, said that “Europe and the United States should move, ideally, in my view, to a zero-tariff situation.”

The many ways Trump world is explaining the market’s tariff tantrum

• Trump’s message is that tariffs are best understood as the force that will instead steady America’s economic ship. That’s why markets eventually “are going to boom,”
• Bessent repeatedly focused on DeepSeek, a Chinese artificial intelligence company, to make the case, as he put it on Fox, that “a lot of what we have seen has been just an idiosyncratic tech sell-off.”

Stock rout and dealmaking freeze raise stakes for start of Wall Street’s earnings season

• Amid the turmoil of this past week, StubHub and Klarna (KLAR.PVT) decided to postpone their IPO roadshows, while another fintech company called Chime (CHIM.PVT) delayed its plans to go public, according to the Wall Street Journal.
• Executives at JPMorgan, Goldman, and Bank of America, as a result, are already considering revising down revenue for their M&A advisory businesses, according to Bloomberg.

Bloomberg

Wall Street Gets Rude Shock as Bessent Plays Second Fiddle on Tariffs

• The tariffs were largely shaped by a small group within Trump’s inner circle, with critical decisions about the duties’ structure going down to the wire before the president’s announcement.

Tariffs Stoke Fears That Hung Debt Will Return

• Wall Street lenders typically sell credit they’ve committed for an acquisition before it closes, but face the prospect of being left with so-called “hung” debt if they can’t move underwritten loans off their balance sheets by that time.
• New issuance of junk debt, too, has ground to a halt in the US. The past six trading sessions saw just one new high-yield bond and no leveraged loan launches.

AP

Tariffs will make sneakers, jeans and almost everything Americans wear cost more, trade groups warn

• About 97% of the clothes and shoes purchased in the U.S. are imported, predominantly from Asia, the American Apparel & Footwear Association said, citing its most recent data. Walmart, Gap Inc., Lululemon and Nike are a few of the companies that have a majority of their clothing made in Asian countries.