🌐 Markets are under pressure again as sweeping 104% tariffs on Chinese imports officially take effect today (U.S. Eastern Time).
🚫 Hopes for a last-minute move from Beijing have faded — China remains firm in the face of Trump’s aggressive trade policy.
📉 US stock futures are down 2.00%, nearing Monday’s lows.
💵 USD Index down 0.70%,
🪙 Gold is shining again, up 1.20% to $3,020/oz.
📉 Asia-Pacific indices are in the red (-1.5% to -3.0%),
📈 but Chinese CFDs are rebounding by 2.0–3.0%.
💡 Note: Cash indices in China are still down 1.5–2.0%.
💴 PBOC has set the lowest yuan rate since 2007, allowing gradual depreciation to cushion the tariff blow.
💊 Trump says the long-awaited tariff on pharma products is “crucial” and inevitable.
⚠️ He accuses China of manipulating the yuan to stay competitive.
🇯🇵 BoJ Governor Ueda remains cautious — Japan is waiting to assess the full impact.
🤝 Tokyo prepares for direct talks with U.S. officials.
🏦 RBNZ cuts rates by 25 bps to 3.5%, citing rising global uncertainty.
📉 More rate cuts may follow if trade tensions worsen.
🚗 South Korea answers back — launching support for its auto sector after the U.S. imposed a 25% vehicle tariff.
📉 Car purchase tax cut from 5% → 3.5% (till mid-2025)
🔋 EV subsidies boosted to 30–80% (till year-end).
💰 Fitch Ratings says tariffs might add $800B to U.S. revenues short-term,
📉 but warns of long-term damage: higher costs → weaker spending & investment → slower growth.