Trump’s sweeping global tariffs, including 104% against China, due to take effect

Summary

In case you’re just catching up with the latest upheaval in Donald Trump’s deepening global trade war, here’s a recap of today’s developments. And you can read our latest full report here.

• Trump’s new wave of tariffs on dozens of economies came in force on Wednesday, including 104% levies against Chinese goods, as Washington and Beijing were locked in a high-stakes game of brinkmanship.

• Rates on imports to the US from exporters like the European Union or Japan rose further at 12.01am (05.01am BST) Wednesday, after the imposition of sweeping 10% tariffs rocked the global economy since coming into force over the weekend.

• China has been hardest hit by the tariffs but has shown no signs of backing down, vowing to fight a trade war “to the end” and promising countermeasures to defend its interests. China’s retaliatory tariffs of 34% on US goods are due to enter in force on Thursday.

• Trump said on Tuesday his government was working on “tailored deals” with trading partners, with the White House saying it would prioritise allies like Japan and South Korea. His top trade official Jamieson Greer also told the Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.

• Trump told a dinner with fellow Republicans on Tuesday night that countries were “dying” to make a deal. The US president said: “I’m telling you, these countries are calling us up kissing my ass.”

• A sell-off across Asian markets resumed on Wednesday, with Japan’s Nikkei down more than 3%, Hong Kong plunging more than 3%, South Korea’s currency hitting a 16-year low and government bonds suffering heavy losses. Australian shares lost billions of dollars of value, while Taiwain stocks fell 5.8% in afternoon trading. Trillions in equity have been wiped off global bourses in the past days.

• Foreign exchange markets also witnessed ructions, with the South Korean won falling to its lowest level against the dollar since 2009 this week. China’s offshore yuan also fell to an all-time low against the US dollar, as Beijing’s central bank moved to weaken the yuan on Wednesday for what Bloomberg said was the fifth day in a row. Oil prices slumped, with the West Texas Intermediate closing below $60 for the first time since April 2021.

• India’s central bank cut interest rates, citing “challenging” global conditions.

• The European Union has sought to cool tensions, with bloc chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese premier Li Qiang. She stressed stability for the world’s economy, alongside “the need to avoid further escalation”, an EU readout said.
  
  With news agencies

How come Chinese stock market indices rose on Wednesday, when share prices everywhere else slumped? Possible government intervention is one key aspect.

“,”elementId”:”8373bb5b-0a0e-4e91-8d9f-7372178f20bf”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Reuters reported that top leaders from the Chinese government will meet as soon as today to discuss the response to US tariffs and “to discuss measures to boost the economy and stabilise the capital markets”.

“,”elementId”:”50a15919-48ab-4e38-a8a6-5253e4f8a6d3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The news agency reported:

“,”elementId”:”c871809a-d0e5-470e-972b-7c733d2c873f”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Senior officials from the State Council, several government and regulatory bodies were expected to attend the meeting, said the two sources.

n

Some of the measures to stimulate the world’s second-largest economy could be implemented in the coming weeks, the second source said.

n

“,”elementId”:”93f40d41-dcb3-443b-abf2-d8f77c557165″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744187124000,”blockCreatedOnDisplay”:”04.25 EDT”,”blockLastUpdated”:1744187484000,”blockLastUpdatedDisplay”:”04.31 EDT”,”blockFirstPublished”:1744187485000,”blockFirstPublishedDisplay”:”04.31 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.31″,”title”:”Chinese leaders to consider economic support in response to tariffs – report”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f629fd8f087f8f33468365″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The EU will vote later on Wednesday on imposing retaliatory duties on €21bn of US goods, including agricultural produce, make-up, steel parts and plastics, in Europe’s first act of retaliation against Donald Trump’s tariffs.

“,”elementId”:”9214bef9-5709-47b8-b0aa-380370622c30″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The EU is looking at 25% tariffs on scores of goods from almonds to yachts, according to a document seen by the Guardian and first reported by Reuters. Most of the tariffs would apply from 15 May, unless blocked by a large majority of member states.

“,”elementId”:”d67d9f0b-985d-42e4-a8a7-dfc743f5be69″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The measures are a response to the US tariffs on steel and aluminium announced by Trump in February. The EU has chosen goods that can be easily sourced from elsewhere, while some targets are intended to inflict political pain on key Republican states. The European Commission, for example, wants tariffs on US soybeans, grown abundantly in Louisiana, the home state of House of Representatives Speaker Mike Johnson.

“,”elementId”:”335ff152-9d8f-4cab-a047-10c875c3dab5″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”2979″,”width”:”4964″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/4964.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=a1efdbdf0f469bd12f8ef2c0a8f2c177″,”width”:960}]}],”data”:{“alt”:”A farmer harvests soybeans on a farm near Waukegan, Illinois, USA, in 2021. Soybeans could be among the products hit by EU tariffs on US exports.”,”caption”:”A farmer harvests soybeans on a farm near Waukegan, Illinois, USA, in 2021. Soybeans could be among the products hit by EU tariffs on US exports.”,”credit”:”Photograph: Tannen Maury/EPA”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

A European Commission spokesperson said on Tuesday that the second phase of the EU’s response – retaliatory measures in response to tariffs on cars and the sweeping “reciprocal tariffs” announced on 2 April – would be presented “early next week”.

“,”elementId”:”6017b831-c02d-4edb-ac3e-b0eb85b07305″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Around 70% of EU exports to the United States, goods worth €382bn, will be affected by Trump’s tariffs, a move that has rang alarm bells across the continent, amid forecasts of job losses and a hit to economic growth.

“,”elementId”:”2e71e296-e266-4a02-95d8-7b04ae0e1e4e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

EU trade commissioner Maroš Šefčovič said on Monday the EU was “not in the business of going cent for cent or tit for tat or dollar for dollar” when it comes to retaliation on goods. EU officials acknowledge that options for retaliatory tariffs – that are relatively pain-free for Europeans – are narrowing. This week the EU dropped plans to target bourbon, after lobbying from drinks-producing nations France, Italy and Ireland, which feared their wine and spirits industries being hit by Trump’s threat of 200% counter tariffs.

“,”elementId”:”0abe36af-880e-4156-82a3-59d6db540134″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

As the EU runs out of options on goods, EU nations are increasingly interested in targeting US service industries, a sensitive area where the US runs a €109bn trade surplus.

“,”elementId”:”944edb8d-3344-4220-8789-05715af84831″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

A meeting of EU trade ministers on Monday revealed varying enthusiasm for the EU’s anti-coercion instrument, which would allow the bloc to adopt wide-ranging actions against a country deemed to be using trade as a weapon, such as revoking intellectual property or market access rights. Michał Baranowki, the Polish economy minister, who chaired the meeting, said “there was a sense in the room of not being trigger happy… but no one was pushing back for being soft”.

“,”elementId”:”1abe3fe1-4825-44f8-a173-5fbd41a59d97″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

EU officials have said nothing is off the table, while urging the US to enter negotiations.

“,”elementId”:”eaa8f88e-7ee1-4380-aa3d-a534f3df9696″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The European Commission President Ursula von der Leyen revealed on Monday that the White House had been offered a “zero-for-zero” trade deal. She went public with the offer after the billionaire businessman and Trump adviser Elon Musk mused about a free-trade zone between the EU and US over the weekend, in a sign of dissent with the administration.

“,”elementId”:”f6013b27-437a-406d-affe-ce52129296dc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The offer of zero tariffs on cars and industrial goods was first made in mid February when Šefčovič met his counterpart Howard Lutnick, but the idea dates back to a previous effort to persuade Trump to drop tariffs in 2018.

“,”elementId”:”47e799b7-6a86-4759-8907-f9c5e399c438″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The talks have not yielded results so far, amid uncertainty over whether Trump’s tariffs are intended to raise revenues, create leverage over other countries, or to reindustrialise America.

“,”elementId”:”cd0b6b5b-20f0-4c58-8fb5-8a8b70be526f”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744185853000,”blockCreatedOnDisplay”:”04.04 EDT”,”blockLastUpdated”:1744186247000,”blockLastUpdatedDisplay”:”04.10 EDT”,”blockFirstPublished”:1744186247000,”blockFirstPublishedDisplay”:”04.10 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.10″,”title”:”EU to vote on retaliatory 25% tariffs on US exports”,”contributors”:[{“name”:”Jennifer Rankin”,”imageUrl”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/Jennifer_Rankin-2C_L.png?width=300&quality=85&auto=format&fit=max&s=e12882f2580d0f8384b06b108a89b53f”}],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f61b058f087f8f334682fc”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The major stock market indices in London and across Europe slumped in the opening trades on Wednesday morning as Donald Trump’s tariffs took effect.

“,”elementId”:”607fc808-a05e-4aa6-91a8-023e7e300684″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The FTSE 100 dropped by 2.2% in early trades on Wednesday, immediately undoing most of the gains on Tuesday.

“,”elementId”:”bfb08987-13b9-419e-b854-3da50d84f61c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Germany’s Dax index dropped by about 2.3%, while France’s Cac 40 fell by 2.4%. Spain’s Ibex index was down by 2% as well.

“,”elementId”:”7d768cd3-1a72-4dec-ae5e-df7b78adf398″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744182021000,”blockCreatedOnDisplay”:”03.00 EDT”,”blockLastUpdated”:1744182393000,”blockLastUpdatedDisplay”:”03.06 EDT”,”blockFirstPublished”:1744182393000,”blockFirstPublishedDisplay”:”03.06 EDT”,”blockFirstPublishedDisplayNoTimezone”:”03.06″,”title”:”UK and European stock markets slump as Trump tariffs take effect”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f611a98f087f8f334682a9″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Investors are sounding alarm bells over a steep sell-off in US bonds, traditionally seen as a safe haven for investors around the world, as the reaction to Donald Trump’s tariffs threatened to spread.

“,”elementId”:”153c3010-ac29-448a-90c4-167522627644″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The cost of borrowing for the US government has risen sharply this week as investors dumped the bonds usually seen as the safest of assets during market turmoil.

“,”elementId”:”d56741d4-bc98-4519-9c7a-52c63143b8e0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The yield on the benchmark 10-year US Treasury bond rose by 0.16 percentage points on Wednesday to 4.42%, its highest since late February – and this week has seen the three biggest intraday moves since Trump was elected in November. Yields move inversely to prices, so surging yields mean falling prices as demand drops.

“,”elementId”:”865ef6a3-2ac5-4e43-85a2-6ed0238b4298″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“height”:”676″,”width”:”1020″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/1020.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=a48de906515cc369297de6200a6621e6″,”width”:960}]}],”data”:{“alt”:”The yield on the 10-year US Treasury bond has soared to its highest since February, amid a sell-off in US government debt, also known as Treasuries.”,”caption”:”The yield on the 10-year US Treasury bond has soared to its highest since February, amid a sell-off in US government debt.”,”credit”:”Photograph: LSEG”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The move in the 30-year bond was more dramatic. The 30-year yield briefly jumped above 5% to its highest since late 2023, according to London Stock Exchange Group data. It was last trading at 4.9157%, or 0.2 percentage points higher than Tuesday.

“,”elementId”:”11925ba2-6899-414c-9e0a-e201626627c8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The US Treasury market is crucial to the functioning of the global financial system, setting the “risk-free” rate against which most other assets are measured. Yet it would be hard to see anything related to Trump’s economic policies as “risk-free” at the moment.

“,”elementId”:”2f8fca62-3611-41d0-9159-5f4abae48644″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Henry Allen, a strategist at Deutsche Bank, said the sell-off in US government debt was “alarming” in a note to clients this morning.

“,”elementId”:”dbcc72c1-97f7-46ae-a14c-c3f5681c186d”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

US Treasury markets are also experiencing an incredibly aggressive selloff as we go to press, adding to the evidence that they’re losing their traditional haven status.

n

So there’s no sign yet that the market is managing to successfully find a bottom, and it feels like no asset class has been spared as investors continue to price in a growing probability of a US recession.

n

“,”elementId”:”9599b5ca-65a7-447d-992c-087e34c3e1f7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Some investors have suggested that the higher yields may be caused by investors scrambling to access cash by selling their safe assets. The US Federal Reserve will be watching that dynamic closely, as disordered selling of US government debt would cause turmoil across financial markets.

“,”elementId”:”b8c0a9eb-d427-4878-a3bf-3ea300a1639f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Jack Chambers, senior rates strategist at ANZ in Sydney, said:

“,”elementId”:”b7220c5d-5269-4f11-8530-e56f9caf41c5″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

This is beyond fundamentals right now. This is about liquidity.

n

“,”elementId”:”66058b12-9bd9-4e54-ad0f-de080335eeaa”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

You can read more on the importance of US Treasuries to the global economy here:

“,”elementId”:”19cb6215-8d81-4edd-8d41-33e70f600c18″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”Forget Trump’s tariffs, the president’s bond market threat is worse | Heather Stewart”,”elementId”:”a857c9e7-1d51-42ac-8dbc-b901303e538e”,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2025/feb/16/forget-trumps-tariffs-the-presidents-bond-market-threat-is-worse”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744179625000,”blockCreatedOnDisplay”:”02.20 EDT”,”blockLastUpdated”:1744180977000,”blockLastUpdatedDisplay”:”02.42 EDT”,”blockFirstPublished”:1744180978000,”blockFirstPublishedDisplay”:”02.42 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.42″,”title”:”Investors ‘alarmed’ over sell-off in US government bonds”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5f8b88f08165382e3325a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In case you’re just catching up with the latest upheaval in Donald Trump’s deepening global trade war, here’s a recap of today’s developments. And you can read our latest full report here.

“,”elementId”:”3868a8eb-ed8f-4825-afb0-a4ed6fc09a19″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

n
• n

  Trump’s new wave of tariffs on dozens of economies came in force on Wednesday, including 104% levies against Chinese goods, as Washington and Beijing were locked in a high-stakes game of brinkmanship.

n

• n

  Rates on imports to the US from exporters like the European Union or Japan rose further at 12.01am (05.01am BST) Wednesday, after the imposition of sweeping 10% tariffs rocked the global economy since coming into force over the weekend.

n

• n

  China has been hardest hit by the tariffs but has shown no signs of backing down, vowing to fight a trade war “to the end” and promising countermeasures to defend its interests. China’s retaliatory tariffs of 34% on US goods are due to enter in force on Thursday.

n

• n

  Trump said on Tuesday his government was working on “tailored deals” with trading partners, with the White House saying it would prioritise allies like Japan and South Korea. His top trade official Jamieson Greer also told the Senate that Argentina, Vietnam and Israel were among those who had offered to reduce their tariffs.

n

• n

  Trump told a dinner with fellow Republicans on Tuesday night that countries were “dying” to make a deal. The US president said: “I’m telling you, these countries are calling us up kissing my ass.”

n

“,”elementId”:”f8a311a9-9708-48a9-b672-97a534cbaa67″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”2308″,”width”:”3845″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/3845.jpg”},{“index”:1,”fields”:{“aspectRatio”:”5:3″,”isMaster”:”true”,”height”:”2308″,”width”:”3845″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/master/3845.jpg”},{“index”:2,”fields”:{“aspectRatio”:”5:3″,”height”:”1200″,”width”:”2000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/2000.jpg”},{“index”:3,”fields”:{“aspectRatio”:”5:3″,”height”:”600″,”width”:”1000″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/1000.jpg”},{“index”:4,”fields”:{“aspectRatio”:”5:3″,”height”:”300″,”width”:”500″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/500.jpg”},{“index”:5,”fields”:{“aspectRatio”:”5:3″,”height”:”84″,”width”:”140″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://media.guim.co.uk/d4e55638f144931dcb0faba859dcc3ab7b70a0e5/0_23_3845_2308/140.jpg”}]},”elementId”:”d744bcd8-3577-4d1a-bcba-5f8f4ef0bdeb”,”imageSources”:[{“weighting”:”inline”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=85&auto=format&fit=max&s=9106fd75cbc47b785909ff839ef67022″,”width”:620},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=b4f07331b8607a4183f8076138221ab5″,”width”:1240},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=85&auto=format&fit=max&s=c47861f817fda831076aea80395f7caf”,”width”:605},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=5873a85fe357bda72461e5eb83f18b24″,”width”:1210},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=85&auto=format&fit=max&s=3359d81429041173aea82a0b4ce33281″,”width”:445},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=0ddebc14c33a6f52ae04fd5e35f86231″,”width”:890}]},{“weighting”:”thumbnail”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=140&quality=85&auto=format&fit=max&s=8da103d1667d3ae7aec3b3d85d300acf”,”width”:140},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=140&quality=45&auto=format&fit=max&dpr=2&s=ce9557b6759776b1795e2f96f24956ea”,”width”:280},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=120&quality=85&auto=format&fit=max&s=c86aa7048588f6a50c768b7176e871ce”,”width”:120},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=120&quality=45&auto=format&fit=max&dpr=2&s=27a841e52c10e316c27438392d69eb38″,”width”:240}]},{“weighting”:”supporting”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=380&quality=85&auto=format&fit=max&s=112d956107b39f2dff0e7298d2ac82a4″,”width”:380},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=380&quality=45&auto=format&fit=max&dpr=2&s=17e25f58589abbc5420ffce558cccaa4″,”width”:760},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=300&quality=85&auto=format&fit=max&s=7600bad6cfc005ea8ccd1e77b7fc675a”,”width”:300},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=300&quality=45&auto=format&fit=max&dpr=2&s=60cc862949fad854bae4252e89c39087″,”width”:600},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=85&auto=format&fit=max&s=9106fd75cbc47b785909ff839ef67022″,”width”:620},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=b4f07331b8607a4183f8076138221ab5″,”width”:1240},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=85&auto=format&fit=max&s=c47861f817fda831076aea80395f7caf”,”width”:605},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=5873a85fe357bda72461e5eb83f18b24″,”width”:1210},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=85&auto=format&fit=max&s=3359d81429041173aea82a0b4ce33281″,”width”:445},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=0ddebc14c33a6f52ae04fd5e35f86231″,”width”:890}]},{“weighting”:”showcase”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=860&quality=85&auto=format&fit=max&s=abd10a34e5f82ac234e3cff819ea087b”,”width”:860},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=860&quality=45&auto=format&fit=max&dpr=2&s=555643eb4d555ac5c97d6c03288214d1″,”width”:1720},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=780&quality=85&auto=format&fit=max&s=147ed81ea8eb21e2b32282186b0726e5″,”width”:780},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=780&quality=45&auto=format&fit=max&dpr=2&s=e1d339e0758bca8e77e74fa308a57b65″,”width”:1560},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=85&auto=format&fit=max&s=9106fd75cbc47b785909ff839ef67022″,”width”:620},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=b4f07331b8607a4183f8076138221ab5″,”width”:1240},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=85&auto=format&fit=max&s=c47861f817fda831076aea80395f7caf”,”width”:605},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=5873a85fe357bda72461e5eb83f18b24″,”width”:1210},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=85&auto=format&fit=max&s=3359d81429041173aea82a0b4ce33281″,”width”:445},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=0ddebc14c33a6f52ae04fd5e35f86231″,”width”:890}]},{“weighting”:”halfwidth”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=85&auto=format&fit=max&s=9106fd75cbc47b785909ff839ef67022″,”width”:620},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=620&quality=45&auto=format&fit=max&dpr=2&s=b4f07331b8607a4183f8076138221ab5″,”width”:1240},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=85&auto=format&fit=max&s=c47861f817fda831076aea80395f7caf”,”width”:605},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=605&quality=45&auto=format&fit=max&dpr=2&s=5873a85fe357bda72461e5eb83f18b24″,”width”:1210},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=85&auto=format&fit=max&s=3359d81429041173aea82a0b4ce33281″,”width”:445},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=445&quality=45&auto=format&fit=max&dpr=2&s=0ddebc14c33a6f52ae04fd5e35f86231″,”width”:890}]},{“weighting”:”immersive”,”srcSet”:[{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1900&quality=85&auto=format&fit=max&s=bd2448097ffec0fc80f40ec4c9bc2c3c”,”width”:1900},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1900&quality=45&auto=format&fit=max&dpr=2&s=f8c1ec3bb7723387459a439e5a23c8f0″,”width”:3800},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1300&quality=85&auto=format&fit=max&s=bc6f9728f199a6fa0c3b396950a9ba01″,”width”:1300},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1300&quality=45&auto=format&fit=max&dpr=2&s=eb96f767849bcf2f0ed1cf632a55a23b”,”width”:2600},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1140&quality=85&auto=format&fit=max&s=0b270eb4e953c023e36d99ad43292f7b”,”width”:1140},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=1140&quality=45&auto=format&fit=max&dpr=2&s=1ee4c3a4e56c4ab682b9ace16380837c”,”width”:2280},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=980&quality=85&auto=format&fit=max&s=ff53a68e0174946954260359f187f7e8″,”width”:980},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=980&quality=45&auto=format&fit=max&dpr=2&s=4f6dd406428fa9fa7b2ff02d286ac6a6″,”width”:1960},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=740&quality=85&auto=format&fit=max&s=29537d9302b5546c9b03e1bde716fa8c”,”width”:740},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=740&quality=45&auto=format&fit=max&dpr=2&s=d95ab1ef88514b84d3a2e8991c1be886″,”width”:1480},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=660&quality=85&auto=format&fit=max&s=f390ddef8b180dd726fcfb5ce8bb94d6″,”width”:660},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=660&quality=45&auto=format&fit=max&dpr=2&s=0eb3c23fbc06b3de27b77fc4827154d7″,”width”:1320},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=480&quality=85&auto=format&fit=max&s=08cf14bcde78f37603ef568ac8e889f4″,”width”:480},{“src”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3845.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=1d5e2a925739aeb60d0d9b8261fb448f”,”width”:960}]}],”data”:{“alt”:”Donald Trump at the National Republican congressional committee dinner in Washington DC on Tuesday evening”,”caption”:”Donald Trump at the National Republican congressional committee dinner in Washington DC on Tuesday evening.”,”credit”:”Photograph: Nathan Howard/Reuters”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

n
• n

  A sell-off across Asian markets resumed on Wednesday, with Japan’s Nikkei down more than 3%, Hong Kong plunging more than 3%, South Korea’s currency hitting a 16-year low and government bonds suffering heavy losses. Australian shares lost billions of dollars of value, while Taiwain stocks fell 5.8% in afternoon trading. Trillions in equity have been wiped off global bourses in the past days.

n

• n

  Foreign exchange markets also witnessed ructions, with the South Korean won falling to its lowest level against the dollar since 2009 this week. China’s offshore yuan also fell to an all-time low against the US dollar, as Beijing’s central bank moved to weaken the yuan on Wednesday for what Bloomberg said was the fifth day in a row. Oil prices slumped, with the West Texas Intermediate closing below $60 for the first time since April 2021.

n

• n

  India’s central bank cut interest rates, citing “challenging” global conditions.

n

• n

  The European Union has sought to cool tensions, with bloc chief Ursula von der Leyen warning against worsening the trade conflict in a call with Chinese premier Li Qiang. She stressed stability for the world’s economy, alongside “the need to avoid further escalation”, an EU readout said.
  With news agencies

n

“,”elementId”:”7b375f63-2c0b-4167-ae47-0f09826290ff”}],”attributes”:{“pinned”:true,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744173240000,”blockCreatedOnDisplay”:”00.34 EDT”,”blockLastUpdated”:1744182484000,”blockLastUpdatedDisplay”:”03.08 EDT”,”blockFirstPublished”:1744178424000,”blockFirstPublishedDisplay”:”02.00 EDT”,”blockFirstPublishedDisplayNoTimezone”:”02.00″,”title”:”Summary”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5fbab8f087f8f3346823c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Asean must “act boldly” to accelerate regional economic integration as sweeping US tariffs leave much of the world caught in the middle of a devastating trade war, the bloc’s chief said on Wednesday.

“,”elementId”:”d9938298-fd45-4626-a302-cb2e7158ce7a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The 10-member Association of Southeast Asian Nations, which count on the US as their main export market, were among those hit with Donald Trump’s steepest levies.

“,”elementId”:”c71e2ae3-e68e-4f4b-a913-5d391ec6790d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

“To remain relevant and resilient in a world where economic chaos is fast becoming the new normal, we must act boldly, decisively, and together to reaffirm Asean’s commitment to a stable, predictable and business-friendly environment,” Asean’s secretary general, Kao Kim Hourn, told an investment conference.

“,”elementId”:”8b59aa2c-85cb-4298-a904-c4dcf46e0890″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Agence France-Presse reports he was speaking on the eve of a meeting of Asean economic and finance ministers as well as central bank governors in the Malaysian capital of Kuala Lumpur to discuss how to respond to the US tariffs.

“,”elementId”:”fb2b419e-4cea-456f-a58a-40335381696a”},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”1465″,”width”:”2442″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/2442.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=7a9c5442b6aa9776b50204b016c2e341″,”width”:960}]}],”data”:{“alt”:”Asean secretary general Kao Kim Hourn.”,”caption”:”‘We must act boldly, decisively’: Asean secretary general Kao Kim Hourn.”,”credit”:”Photograph: Joel Carrett/EPA”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Asean governments have chosen not to the retaliate against Washington, preferring dialogue. But their export-oriented economies risk being hurt by a global trade war after China – another key market – imposed its own tariffs on the US.

“,”elementId”:”1c55d2f5-31a1-4cc1-9a4a-ea8198c203a0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Kao said:

“,”elementId”:”fb8ff960-36dd-47dc-a4b7-293ea5b149ab”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Without urgent and collective action to accelerate intra-Asean economic integration and diversify our markets and partnerships, we risk ceding our place in a fractured and fast-evolving global economy.

n

“,”elementId”:”de8358cf-c419-4a3b-9d14-c42dd034f801″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744173995000,”blockCreatedOnDisplay”:”00.46 EDT”,”blockLastUpdated”:1744176637000,”blockLastUpdatedDisplay”:”01.30 EDT”,”blockFirstPublished”:1744176225000,”blockFirstPublishedDisplay”:”01.23 EDT”,”blockFirstPublishedDisplayNoTimezone”:”01.23″,”title”:”Asean chief urges ‘boldly’ integrating region’s economies”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f601ad8f08165382e33279″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

India’s central bank has cut interest rates, citing “challenging” global conditions, AFP is reporting.

“,”elementId”:”9c62a69b-441b-4b92-9808-0e270ea1e2d5″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744175533000,”blockCreatedOnDisplay”:”01.12 EDT”,”blockLastUpdated”:1744175590000,”blockLastUpdatedDisplay”:”01.13 EDT”,”blockFirstPublished”:1744175590000,”blockFirstPublishedDisplay”:”01.13 EDT”,”blockFirstPublishedDisplayNoTimezone”:”01.13″,”title”:”India central bank cuts rates”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5f9378f084f01d2573b24″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Japan’s Nikkei benchmark index has dived 5% while the yen rallied 1% as investors seek refuge as the new US tariff regime bites.

“,”elementId”:”1bf38056-77f0-4448-b0ed-a810d84e520e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Stocks in Taiwan, meanwhile, fell 5.8% in afternoon trading, AFP is reporting.

“,”elementId”:”44fa1306-c591-40b6-9c03-7249b937ba4a”},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”2459″,”width”:”4100″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/4100.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=3243a6ddcb7f9eb14bc04e5b283c47bf”,”width”:960}]}],”data”:{“alt”:”A passerby is reflected on a screen showing the Nikkei share average outside a Tokyo brokerage on Wednesday”,”caption”:”A passerby is reflected on a screen showing the Nikkei share average outside a Tokyo brokerage on Wednesday. “,”credit”:”Photograph: Issei Kato/Reuters”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744173367000,”blockCreatedOnDisplay”:”00.36 EDT”,”blockLastUpdated”:1744174781000,”blockLastUpdatedDisplay”:”00.59 EDT”,”blockFirstPublished”:1744173454000,”blockFirstPublishedDisplay”:”00.37 EDT”,”blockFirstPublishedDisplayNoTimezone”:”00.37″,”title”:”Nikkei and Taiwan stocks plummet as yen lifts after new tariffs”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5e4aa8f087f8f334681be”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Donald Trump’s new tariffs on dozens of countries have come into effect, including 104% duties on Chinese goods, deepening his global trade war.

“,”elementId”:”f4a1045c-a1c6-43a6-af8a-74c62fdc97df”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The round of so-called “reciprocal” tariffs on imports to the US – imposed from 12.01am Eastern Time (0401 GMT) – come as the US president’s punishing levies have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward.

“,”elementId”:”8c3e924e-fa08-4779-aad8-4bd9dd4d5745″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market, defined as 20% below its most recent high, Reuters reports. S&P 500 companies have lost $5.8tn in stock market value since Trump unveiled the tariffs last Wednesday.

“,”elementId”:”d72ec492-2f70-498d-abe1-dbc23bc7703f”},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”2304″,”width”:”3840″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/3840.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=a0715b58ad52c118284cb620d9a38f58″,”width”:960}]}],”data”:{“alt”:”Containers for export at Qingdao port in China”,”caption”:”Containers for export at Qingdao port in China. The US’s 104% tariff on China has come into effect.”,”credit”:”Photograph: VCG/Getty Images”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

A sell-off across Asian markets resumed on Wednesday after a brief respite, with Japan’s Nikkei down over 3% and South Korea’s won currency sliding to a 16-year low. US stock futures also pointed to a fifth straight day of losses on Wall Street.

“,”elementId”:”cda439f4-1990-4ede-ac64-c5dd7b0fce80″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to counter-tariffs that Beijing announced last week. China has vowed to “fight to the end” over what it views as blackmail.

“,”elementId”:”d01e87f1-2cda-4545-b2f0-d8500d759e6e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Trump has offered investors mixed signals about whether the tariffs will remain in the long term, describing them as “permanent” but also boasting that they are pressuring other leaders to ask for negotiations.

“,”elementId”:”c8199e89-2809-4d46-93f6-9c8ea945b09c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

“We have a lot of countries coming in that want to make deals,” he said at a White House event on Tuesday afternoon. He said at a later event that he expected China to pursue an agreement as well.

“,”elementId”:”ea93a277-b9b5-4147-ad8a-bb1a807b636b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744168106000,”blockCreatedOnDisplay”:”23.08 EDT”,”blockLastUpdated”:1744171398000,”blockLastUpdatedDisplay”:”00.03 EDT”,”blockFirstPublished”:1744171321000,”blockFirstPublishedDisplay”:”00.02 EDT”,”blockFirstPublishedDisplayNoTimezone”:”00.02″,”title”:”Trump tariffs including 104% against China come into force”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5ea7a8f087f8f334681e5″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The yuan dipped further against the US dollar to a fresh 19-month low on Wednesday after the Chinese currency slid to a record low in offshore markets overnight.

“,”elementId”:”8b431fba-17c6-4d50-a08e-06e0e65566dc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The yuan weakened to a low of 7.3505 per dollar in the morning trading session, the lowest since September 2023, as investors fretted about the intensifying China-US trade tensions.

“,”elementId”:”cfe1adbc-f52b-4872-8ca4-ac74c216004d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The offshore yuan pared losses and climbed about 0.62% to 7.3812 yuan per dollar in Asian trade, after sinking more than 1% in the previous session and hitting its weakest level on record at 7.4288 per dollar overnight, Reuters reports.

“,”elementId”:”ef08b652-feb4-47ca-8104-48a55d82470f”},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”3613″,”width”:”6018″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/6018.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=562ea71d77df25368463ac2b15bcdcb1″,”width”:960}]}],”data”:{“alt”:”Photo illustration of Chinese 100 yuan and US$100 notes”,”caption”:”The yuan weakened to a low of 7.3505 per US dollar in morning trading.”,”credit”:”Photograph: Jade Gao/AFP/Getty Images”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744169594000,”blockCreatedOnDisplay”:”23.33 EDT”,”blockLastUpdated”:1744173701000,”blockLastUpdatedDisplay”:”00.41 EDT”,”blockFirstPublished”:1744169812000,”blockFirstPublishedDisplay”:”23.36 EDT”,”blockFirstPublishedDisplayNoTimezone”:”23.36″,”title”:”China’s yuan slides to 19-month low”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5e5648f084f01d2573abd”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In Australia, shares swung wildly early on Wednesday, wiping tens of billions of dollars of value from the market over concerns the world’s two largest economies are headed for a full-blown trade war.

“,”elementId”:”d4045c2b-abed-469f-bf64-6df248ca8523″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The S&P/ASX 200 opened slightly lower, before plunging more than 2% a few minutes into the session, erasing the rebound of the previous day. By midday, the benchmark had recovered to the 7,435 point mark, representing a 1% fall for the session.

“,”elementId”:”f4be0fe9-e612-48db-88fe-8b4efd7aca4d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Mining companies were early casualties of the drop, with BHP shares falling more than 4% in early trading. Australia’s largest biotech company, CSL, was also down more than 4% after Donald Trump announced that a “major” pharmaceutical tariff was coming soon.

“,”elementId”:”a7fb10c3-eb57-4164-b51a-fdf675d21e99″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Resources companies, especially those involved in iron ore extraction, are particularly sensitive to any slowdown in global economic growth and a trade war between the US and China.

“,”elementId”:”4ddd5d83-c70c-4912-bab8-1d7bbdb54282″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The full story is here:

“,”elementId”:”6ccf564f-ae02-46cc-9019-3cc506fbd65a”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”prefix”:”Related: “,”text”:”ASX 200: Mining companies hit hard as Australian shares plunge on US-China trade war fears”,”elementId”:”d5212435-bbca-4d81-b6ed-d2a5dc896361″,”role”:”thumbnail”,”url”:”https://www.theguardian.com/business/2025/apr/09/asx-200-australian-shares-bhp-csl-stock-market-plunge-us-china-trade”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744168292000,”blockCreatedOnDisplay”:”23.11 EDT”,”blockLastUpdated”:1744168475000,”blockLastUpdatedDisplay”:”23.14 EDT”,”blockFirstPublished”:1744168404000,”blockFirstPublishedDisplay”:”23.13 EDT”,”blockFirstPublishedDisplayNoTimezone”:”23.13″,”title”:”Billions wiped off Australian stocks”,”contributors”:[{“name”:”Jonathan Barrett”,”imageUrl”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/Jonathan_Barrett.png?width=300&quality=85&auto=format&fit=max&s=9e679fbe4bb8b4f791af22b850475dd6″}],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5e1558f087f8f334681a5″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

It’s one hour until Donald Trump’s slew of new tariffs on the US’s largest trading partners are due to come into effect, despite fears of widespread global economic damage and calls to reconsider.

“,”elementId”:”2d89e37b-91a5-4044-bb36-990ab50a76f4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The US will also go ahead with imposing a 104% tariff on China from 12.01am ET (12.01pm China Standard Time) on Wednesday, the White House confirmed after Beijing did not lift its retaliatory tariffs on US goods by Trump’s Tuesday noon deadline.

“,”elementId”:”22122196-155a-401a-8ceb-5e06f6382d20″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The so-called reciprocal tariffs are also due to hit about 60 other countries.

“,”elementId”:”8025c599-231e-4f88-a614-57fb76713804″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The latest tariffs are higher than the 10% flat rate imposed on all global imports to the US last week and are tailored to specific nations based on a formula that has been criticised by economists.

“,”elementId”:”977213ed-ce60-47f1-9292-64bca65887f0″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744167253000,”blockCreatedOnDisplay”:”22.54 EDT”,”blockLastUpdated”:1744168035000,”blockLastUpdatedDisplay”:”23.07 EDT”,”blockFirstPublished”:1744167642000,”blockFirstPublishedDisplay”:”23.00 EDT”,”blockFirstPublishedDisplayNoTimezone”:”23.00″,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5dc668f084f01d2573a8c”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

South Korea has announced emergency support measures for its auto sector, seeking to reduce the blow of the Trump tariffs on a sector that has seen years of sharply rising exports to the US.

“,”elementId”:”acef37f0-4722-4aee-925c-da2ee077be53″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The measures include financial support for the auto industry as well as tax cuts and subsidies to boost domestic demand, while the government also vowed efforts to negotiate with the US and help expand markets, Reuters reports.

“,”elementId”:”f0eb77dd-c93b-43dd-bf37-ba6459cf70d4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Trump has announced a 25% tariff on imported cars and light trucks starting on Thursday. Manufacturers are expected to bear some of the tariff costs in the first year but will eventually alter production and possibly cease importing certain low-volume models into the US market.

“,”elementId”:”a6da567f-e80d-48e8-982c-bf7a305ce72b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The South Korean government said in a statement:

“,”elementId”:”ccaa5aab-46bc-4f83-b8a7-8d87c96934f7″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

Given the (lower) proportion of South Korean automakers’ local production in the United States, our industry is comparably at a disadvantage.

n

“,”elementId”:”2053119a-7783-49bd-8827-3803109e5c42″},{“displayCredit”:true,”_type”:”model.dotcomrendering.pageElements.ImageBlockElement”,”role”:”inline”,”media”:{“allImages”:[{“index”:0,”fields”:{“aspectRatio”:”5:3″,”height”:”2416″,”width”:”4025″},”mediaType”:”Image”,”mimeType”:”image/jpeg”,”url”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/4025.jpg?width=480&quality=45&auto=format&fit=max&dpr=2&s=c273be4cb8403460b812a18a85bb8421″,”width”:960}]}],”data”:{“alt”:”Cars made by Kia Motors – a sister company of Hyundai Motors, South Korea’s biggest automaker – ready to be shipped at a port in Pyeongtaek, South Korea”,”caption”:”Cars made by Kia Motors – a sister company of Hyundai Motors, South Korea’s biggest automaker – ready to be shipped at a port in Pyeongtaek, South Korea.”,”credit”:”Photograph: Kim Hong-Ji/Reuters”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The tariff was expected to cause “significant” damage to South Korean automakers and auto parts manufacturers, though it was difficult to estimate by how much, the government said.

“,”elementId”:”f6404817-3264-4c43-b7d4-1274080e3d6b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

To help prevent any liquidity issues, the government will raise policy financing support for the auto industry to 15tn won ($10.18bn) in 2025 from the 13tn won previously planned, according to the statement.

“,”elementId”:”84b486f1-a6da-4ed2-a0dc-d641593d2b16″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744165990000,”blockCreatedOnDisplay”:”22.33 EDT”,”blockLastUpdated”:1744166641000,”blockLastUpdatedDisplay”:”22.44 EDT”,”blockFirstPublished”:1744166476000,”blockFirstPublishedDisplay”:”22.41 EDT”,”blockFirstPublishedDisplayNoTimezone”:”22.41″,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5ce928f084f01d2573a26″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Shares in Shanghai, Taiwan and Hong Kong fell at the open today as the US-China trade war escalated.

“,”elementId”:”bbd7b3ca-d58c-4e7a-8bb6-25a3b849d55b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

China’s blue-chip CSI300 Index opened down 1.2%, while the Shanghai Composite Index lost 1.1%. China’s SmallCap 1000 Index was down more than 4%, Reuters reports, following the US decision to impose 104% tariffs on Chinese goods starting later on Wednesday.

“,”elementId”:”f0dce988-4b79-4f64-b559-8fc3ccc0d518″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Hong Kong’s benchmark Hang Seng dropped 3.1%.

“,”elementId”:”df037476-7137-476f-8bae-0ccd2e0127b3″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Taiwan’s share market fell 1.8% in early trade.

“,”elementId”:”acec4bb7-4ab3-474b-8167-384843162067″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Chinese state holding companies continued to support the stock market by increasing share investment, while a slew of listed firms announced share buybacks.

“,”elementId”:”619b45dd-3e77-4f33-8083-8dcd39ed9d40″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744162450000,”blockCreatedOnDisplay”:”21.34 EDT”,”blockLastUpdated”:1744163596000,”blockLastUpdatedDisplay”:”21.53 EDT”,”blockFirstPublished”:1744162523000,”blockFirstPublishedDisplay”:”21.35 EDT”,”blockFirstPublishedDisplayNoTimezone”:”21.35″,”title”:”China, Hong Kong and Taiwan stocks fall”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5c78e8f08165382e33128″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

More here from Jonathan Barrett on Australia’s stock market tumble today:

“,”elementId”:”6fb886ab-0cd5-446b-bbbb-5cbf42671a5a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Australian shares fell by a steep 2% in the opening minutes of trading this morning, erasing yesterday’s bounce as hopes deteriorate that the world’s two largest economies will strike a trade deal.

“,”elementId”:”79bb832a-90e3-4e35-b567-43e13e417587″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The sharp price moves come shortly before the US is scheduled to hit China with additional tariffs, due to come into effect just after 2pm (Australian eastern standard time).

“,”elementId”:”8868974e-806e-4009-b14f-cfa4893e8180″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Taking into account past announcements, Chinese goods entering the US will face a 104% tariff as part of Donald Trump’s new trade regime. Analysts at IG warned on Wednesday that the Australian economy would be hit by the trade barrier, saying:

“,”elementId”:”aa57e1bc-d6ee-4925-a444-d255f0a6ce08″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

If China does dig in, tariffs on its imports to the US will rise to a staggering 104%, a dire outcome for Australia’s trade-dependent economy and a potential catalyst for another round of broader risk aversion.

n

“,”elementId”:”aa5a7275-b6b3-44c6-847f-6c6693f628d1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Australia’s benchmark share index fell to below 7,350 points in the opening minutes of trading today, taking it back to the level it closed at on Monday, which was the worst trading day in almost five years.

“,”elementId”:”1ed21a31-dd9b-4429-be7e-9416488236a2″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744160654000,”blockCreatedOnDisplay”:”21.04 EDT”,”blockLastUpdated”:1744161522000,”blockLastUpdatedDisplay”:”21.18 EDT”,”blockFirstPublished”:1744160763000,”blockFirstPublishedDisplay”:”21.06 EDT”,”blockFirstPublishedDisplayNoTimezone”:”21.06″,”title”:”Australian shares plunge 2%”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5c4868f08165382e3311a”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Japan’s main Nikkei index of shares fell in early trade on Wednesday as worries about a US-China trade war killed off a rebound rally on Wall Street.

“,”elementId”:”34d89335-062b-4cc7-8f19-aa7b55e8af6a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

South Korea’s currency, meanwhile, fell to its lowest level against the dollar since 2009, while oil prices slumped 3% in early Asian trade, AFP is reporting.

“,”elementId”:”8b6674c4-4aa7-4524-af58-df1392a51df5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In Tokyo, the Nikkei 225 was down just over 3% and the broader Topix index was off 3.1%.

“,”elementId”:”c6ea4115-a855-4ea0-9669-74fc97356a9b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744159878000,”blockCreatedOnDisplay”:”20.51 EDT”,”blockLastUpdated”:1744160588000,”blockLastUpdatedDisplay”:”21.03 EDT”,”blockFirstPublished”:1744160007000,”blockFirstPublishedDisplay”:”20.53 EDT”,”blockFirstPublishedDisplayNoTimezone”:”20.53″,”title”:”Nikkei plummets 3% as South Korean won falls”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5a4838f087f8f33468025″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Australian shares are poised to fall sharply today as Donald Trump presses ahead with plans to hit China with huge retaliatory tariffs.

“,”elementId”:”2e0a2146-cf85-4289-84ae-8676667aa176″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Futures prices were pointing towards a steep 2% loss when the S&P/ASX 200 opened a short while ago, erasing yesterday’s rebound.

“,”elementId”:”fc782f07-e64f-4ac3-b7c1-dc7086f8749d”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The anticipated price move would push the benchmark back under 7,350 points, the level it closed at on Monday after the market suffered its worst trading day in five years.

“,”elementId”:”1dd49c23-aec8-4ac4-bb33-b69eceb196ca”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744155925000,”blockCreatedOnDisplay”:”19.45 EDT”,”blockLastUpdated”:1744157872000,”blockLastUpdatedDisplay”:”20.17 EDT”,”blockFirstPublished”:1744157853000,”blockFirstPublishedDisplay”:”20.17 EDT”,”blockFirstPublishedDisplayNoTimezone”:”20.17″,”title”:”Australian stock market set to plunge amid tariff tensions”,”contributors”:[{“name”:”Jonathan Barrett”,”imageUrl”:”https://10xwealthreport.com/wp-content/uploads/2025/04/echo/Jonathan_Barrett.png?width=300&quality=85&auto=format&fit=max&s=9e679fbe4bb8b4f791af22b850475dd6″}],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f5b9528f08165382e330ec”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The full implementation of US tariffs could cut developing Asia’s growth by about a third of a percentage point this year and nearly a full percentage point in 2026, the Asian Development Bank said on Wednesday.

“,”elementId”:”316f5f27-97db-4811-b5f5-31279d2d7b6f”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

In its Asian Development Outlook report, the ADB projected that growth in developing Asia will ease slightly to 4.9% in 2025 – the slowest pace since 2022 – and slow further to 4.7% in 2026, from 5.0% in 2024, Reuters reports.

“,”elementId”:”2b2df6d0-1832-4c3f-82ab-49c81f0ba1ac”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The forecasts were finalised before the US unveiled sweeping new import tariffs last week, the ADB said at a press conference for the report’s release.

“,”elementId”:”4fbe5f95-d019-4a76-a94d-740efc660721″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

“The elephant in the room is clearly whether the U.S. tariffs will be fully implemented, which would lead to lower growth in our baseline forecast,” ADB chief economist Albert Park said.

“,”elementId”:”f908fc74-c63f-4a35-b074-d981f4a1333b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Developing Asia, as defined by the ADB, is made up of 46 Asia-Pacific countries stretching from Georgia to Samoa – and excludes countries such as Japan, Australia and New Zealand.

“,”elementId”:”351d10e2-1a9a-4094-bd75-b15eab1b6c56″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Park said the eventual effects of the US tariffs remained uncertain, as their scope and timing could change due to negotiations, delays, or exemptions being granted.

“,”elementId”:”5ef2fd18-3dc6-4b3c-837b-2a902977bcb7″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

n

On the flip side, stronger retaliation and further escalation could result in bigger impacts. Additionally, the size and speed of policy changes under the new US administration could reduce investment globally and in the region, while rising trade tensions and fragmentation would boost trade costs and disrupt global supply chains.

n

“,”elementId”:”f8b3d0d9-0945-4d39-bc8f-084d2657ac9d”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744157010000,”blockCreatedOnDisplay”:”20.03 EDT”,”blockLastUpdated”:1744157545000,”blockLastUpdatedDisplay”:”20.12 EDT”,”blockFirstPublished”:1744157276000,”blockFirstPublishedDisplay”:”20.07 EDT”,”blockFirstPublishedDisplayNoTimezone”:”20.07″,”title”:”Trump tariffs could slice developing Asia growth – report”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”},{“id”:”67f54d1a8f08165382e32c97″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Hello and welcome to our live business blog, with Donald Trump’s global tariffs due to take effect on Wednesday.

“,”elementId”:”5ce5699f-bf38-4460-920e-d6bfb2d8bb8a”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The US president appears poised to push on with measures against imports to the US from almost every country in the world. The US will also go ahead with imposing a staggering 104% tariff on China from 12.01am ET (12.01pm China Standard Time) on Wednesday, the White House confirmed after Beijing did not lift its retaliatory tariffs on US goods by Trump’s Tuesday noon deadline.

“,”elementId”:”2aa05939-ed82-4f5a-b459-17abc7057086″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Trump’s tariffs are due to take effect at 2pm Australia time so Asian markets can give us some indication of how things are likely to be received.

“,”elementId”:”f0b238da-9d60-43b9-b372-1501d177f7c5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

After early rallies on global stock markets, Wall Street closed down after another session of sharp losses as investors’ hopes for US delays or concessions on tariffs ahead of a midnight ET deadline turned to despair.

“,”elementId”:”bfcb5903-5d23-464d-89b4-86a66c6dada9″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The S&P 500 fell 1.6% after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February. The Dow Jones Industrial Average was down 683 points, or 1.8%, after giving up an earlier surge of 1,460 points. The Nasdaq composite was down 3.2%.

“,”elementId”:”511841f6-9cc3-4ad5-9bca-070b5e31fb11″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

We’re likely to see another bumpy day on stock markets around the world. Stick with us to follow all the latest news, reaction and analysis.

“,”elementId”:”aad0b1bf-4900-47fb-9a34-0b6f81c4ca3b”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744155925000,”blockCreatedOnDisplay”:”19.45 EDT”,”blockLastUpdated”:1744156196000,”blockLastUpdatedDisplay”:”19.49 EDT”,”blockFirstPublished”:1744155925000,”blockFirstPublishedDisplay”:”19.45 EDT”,”blockFirstPublishedDisplayNoTimezone”:”19.45″,”title”:”Opening summary”,”contributors”:[],”primaryDateLine”:”Wed 9 Apr 2025 05.21 EDT”,”secondaryDateLine”:”First published on Tue 8 Apr 2025 19.45 EDT”}],”filterKeyEvents”:false,”id”:”key-events-carousel-mobile”,”absoluteServerTimes”:false,”renderingTarget”:”Web”}”>

Key events

Show key events only

Please turn on JavaScript to use this feature

Lisa O’Carroll

Ireland’s economy would also be in the crosshairs if pharmaceuticals are hit by tariffs.

Just across the bay from the historic town of Cobh, the last port of call for the Titanic in 1912 on her ill-fated maiden voyage, lies the source of some of the world’s biggest life-savers and givers.

Sildenafil, the active ingredient in Viagra, medicinal compounds for the treatment of cancer, rheumatoid arthritis, psoriasis, Crohn’s and Parkinson’s disease, all are manufactured within two miles of the deep port of Ringaskiddy in County Cork.

On the main road from Ringaskiddy to Carrigaline, on the back road to Curraghbinny, or down towards the white beaches of Lough Beg, the mammoth windowless plants of Pfizer, Johnson & Johnson and their private wind turbines are the main attractions.

After more than 50 years, however, it is all under threat after Donald Trump accused Ireland of stealing America’s pharmaceutical industry and vowed to “force” US companies, jobs and taxes to return home.

You can read the full report here:

Donald Trump’s threat to impose tariffs on pharmaceuticals has rattled investors on Wednesday. Medicines are exempt from tariff round that started today – and have been exempt for 30 years under World Trade Organization rules.

Most governments do not want to make potentially life-saving medicines more expensive. But Donald Trump said he believes tariffs will push drugmakers to move production to the US.

Switzerland’s Roche fell 5.7%, while rival Novartis dropped 6.1%, and AstraZeneca and GSK fell to the bottom of the FTSE 100 performers on Wednesday, down 5.3% and 4.7% respectively. France’s Sanofi was down 5.3% and Germany’s Bayer down 2.3%.

Even Novo Nordisk, which has become one of the world’s biggest companies thanks to the success of weight loss drug Ozempic, has not been exempt from the chaos. Its Copenhagen-listed shares are down 4.2%.

(Thankfully for Ozempic’s millions of American users, whose insurers already have to pay thousands of dollars a year, Novo already has a factory for the injections in North Carolina.)

China’s foreign ministry called on the US to stop its ‘arrogant and bullying behaviour’ after President Donald Trump’s 104% duties on Chinese imports took effect.

Speaking to reporters at a regular media briefing, Chinese foreign ministry spokesperson Lin Jian said the US continued to impose tariffs on China “indiscriminately”.

If the US really wants to solve the problem through dialogue and negotiation, it should adopt an attitude of equality, respect and mutual benefit.

Trump’s “reciprocal” tariffs on dozens of countries began on Wednesday, including 104% duties on Chinese goods. That deepened his global trade war and triggered more widespread selling across financial markets.

US stock market futures were actually positive this morning, but they have now turned negative amid the broader market turmoil. That suggests that share prices on Wall Street could fall further when they open at 9:30am EDT (2:30pm BST).

The S&P 500 is on course for a 0.5% decline, the Nasdaq is set for a 0.2% drop, and the Dow Jones industrial average is set to drop 0.7%.

Chinese leaders to consider economic support in response to tariffs – report

How come Chinese stock market indices rose on Wednesday, when share prices everywhere else slumped? Possible government intervention is one key aspect.

Reuters reported that top leaders from the Chinese government will meet as soon as today to discuss the response to US tariffs and “to discuss measures to boost the economy and stabilise the capital markets”.

The news agency reported:

Senior officials from the State Council, several government and regulatory bodies were expected to attend the meeting, said the two sources.

Some of the measures to stimulate the world’s second-largest economy could be implemented in the coming weeks, the second source said.

The UK’s 30-year bond yield has soared to its highest level since 1998, following a steep sell-off in US government debt.

As mentioned earlier, the US Treasury market is perhaps the most crucial part of the global financial system. Anything that happens there ripples across the world, and so the US bond sell-off has been mirrored in the UK.

The yield on 30-year UK government debt rose to 5.507%, surpassing the 5.472% peak hit in January. Yields move inversely to prices, so a rising yield indicates that prices have dropped.

Higher yields on gilts – UK government bonds – will make things even more difficult for the government in Westminster, as it will raise the cost of borrowing to fund investment.

Chancellor Rachel Reeves is already struggling to find money, and further rises in borrowing costs would limit her room for manoeuvre.

EU to vote on retaliatory 25% tariffs on US exports

Jennifer Rankin

The EU will vote later on Wednesday on imposing retaliatory duties on €21bn of US goods, including agricultural produce, make-up, steel parts and plastics, in Europe’s first act of retaliation against Donald Trump’s tariffs.

The EU is looking at 25% tariffs on scores of goods from almonds to yachts, according to a document seen by the Guardian and first reported by Reuters. Most of the tariffs would apply from 15 May, unless blocked by a large majority of member states.

The measures are a response to the US tariffs on steel and aluminium announced by Trump in February. The EU has chosen goods that can be easily sourced from elsewhere, while some targets are intended to inflict political pain on key Republican states. The European Commission, for example, wants tariffs on US soybeans, grown abundantly in Louisiana, the home state of House of Representatives Speaker Mike Johnson.

A European Commission spokesperson said on Tuesday that the second phase of the EU’s response – retaliatory measures in response to tariffs on cars and the sweeping “reciprocal tariffs” announced on 2 April – would be presented “early next week”.

Around 70% of EU exports to the United States, goods worth €382bn, will be affected by Trump’s tariffs, a move that has rang alarm bells across the continent, amid forecasts of job losses and a hit to economic growth.

EU trade commissioner Maroš Šefčovič said on Monday the EU was “not in the business of going cent for cent or tit for tat or dollar for dollar” when it comes to retaliation on goods. EU officials acknowledge that options for retaliatory tariffs – that are relatively pain-free for Europeans – are narrowing. This week the EU dropped plans to target bourbon, after lobbying from drinks-producing nations France, Italy and Ireland, which feared their wine and spirits industries being hit by Trump’s threat of 200% counter tariffs.

As the EU runs out of options on goods, EU nations are increasingly interested in targeting US service industries, a sensitive area where the US runs a €109bn trade surplus.

A meeting of EU trade ministers on Monday revealed varying enthusiasm for the EU’s anti-coercion instrument, which would allow the bloc to adopt wide-ranging actions against a country deemed to be using trade as a weapon, such as revoking intellectual property or market access rights. Michał Baranowki, the Polish economy minister, who chaired the meeting, said “there was a sense in the room of not being trigger happy… but no one was pushing back for being soft”.

EU officials have said nothing is off the table, while urging the US to enter negotiations.

The European Commission President Ursula von der Leyen revealed on Monday that the White House had been offered a “zero-for-zero” trade deal. She went public with the offer after the billionaire businessman and Trump adviser Elon Musk mused about a free-trade zone between the EU and US over the weekend, in a sign of dissent with the administration.

The offer of zero tariffs on cars and industrial goods was first made in mid February when Šefčovič met his counterpart Howard Lutnick, but the idea dates back to a previous effort to persuade Trump to drop tariffs in 2018.

The talks have not yielded results so far, amid uncertainty over whether Trump’s tariffs are intended to raise revenues, create leverage over other countries, or to reindustrialise America.

Helen Davidson

China’s government has criticised Trump’s actions as threatening and coercive, a “mistake on top of a mistake”, and reiterated pledges of countermeasures in a white paper published on Wednesday on the country’s trade relationship with the US.

“The move will not help to solve domestic economic problems in the US, but will ultimately backfire and make the US a victim of its own misdeeds,” the white paper said. It called for mutual respect, saying:

As two major countries with different development stages and economic systems, it is normal for China and the United States to have differences and frictions in economic and trade cooperation.

The success of China and the United States is an opportunity rather than a threat to each other.

But the lengthy document then launched into pages and pages of criticisms. It accused the US of abusing trade levers to suppress China, and of failing to meet obligations under numerous agreements including the phase one trade deal signed during Trump’s first term, and of “systematically escalated economic and other forms of pressure against China”. It cited long held complaints over US criticism and sanctions of China’s human rights abuses in Xinjiang and the crackdown on Hong Kong’s pro-democracy movement, and repeated accusations that the US was using fentanyl as a pretext to launch its trade war on China.

The white paper made it clear that China is unlikely to back down in this trade war, and made reference to the last known communication between Trump and China’s leader Xi Jinping.

Trade wars produce no winners, and protectionism leads up a blind alley. The economic success of both China and the US presents shared opportunities rather than mutual threats. The US side is expected to join forces with the Chinese side to pull in the same direction pointed out by the two heads of state in their phone conversation earlier this year.

The US dollar has fallen in value on Wednesday, alongside US government debt, as investors question whether the world’s biggest economy will fall into recession.

The dollar is down by 0.7% against a trade-weighted basket of currencies on Wednesday. The euro jumped by 0.75% to $1.1041. Sterling gained 0.3% against the dollar, with one pound buying $1.2812.

The Japanese yen also strengthened by 0.6% against the dollar, with a dollar buying 145.48 yen.

Lee Hardman, a senior currency analyst at MUFG, a Japanese investment bank, said:

The unfavourable price action has cast some doubt on the safe haven status of the US government bond market and the US dollar at the time when the global trade war is intensifying.

We expect foreign exchange market volatility to remain elevated in the near-term, and continue to expect the traditional safe haven currencies of the yen and Swiss franc to outperform.

The astonishing 104% tariff imposed by Donald Trump on US imports from China is at the centre of the turmoil on global financial markets.

Trump appears to believe that China, led by Xi Jinping, will back down and offer some kind of deal. However, that may be unlikely, writes the Guardian’s senior China correspondent, Amy Hawkins:

The opening shots seem like a distant memory. Back in January, US president Donald Trump threatened to impose a tariff of 10% on Chinese imports. Less than three months later, the rate is now 104%.

China has condemned the tariffs. As well as applying its own reciprocal tariff of 34% on US imports, Beijing has been fighting a war of words.

“When challenged, we will never back down,” said China’s foreign ministry spokesperson, Lin Jian. The commerce ministry said: “China will fight to the end if the US side is bent on going down the wrong path.” Further countermeasures have been promised by Beijing.

You can read the full analysis here:

In London, only three share prices on the FTSE 100 have risen.

Among the notable fallers on Wednesday morning are pharmaceutical companies, after Donald Trump last night said that “major” tariffs on imported medicines were coming.

Anglo-Swedish AstraZeneca fell by 4.4% in early trading, while GSK, formerly known as GlaxoSmithKline, dropped by 3.3%.

“We’re going to be announcing very shortly a major tariff on pharmaceuticals,” Trump said at a dinner of the National Republican Congressional Committee.

UK and European stock markets slump as Trump tariffs take effect

The major stock market indices in London and across Europe slumped in the opening trades on Wednesday morning as Donald Trump’s tariffs took effect.

The FTSE 100 dropped by 2.2% in early trades on Wednesday, immediately undoing most of the gains on Tuesday.

Germany’s Dax index dropped by about 2.3%, while France’s Cac 40 fell by 2.4%. Spain’s Ibex index was down by 2% as well.