- Japanese markets lead losses in Asia-Pacific after Trump’s tariff announcement
Asia-Pacific markets plunged on Thursday, after U.S. President Donald Trump imposed hefty reciprocal tariffs
on over 180 countries and territories – several of which are in the region. Meanwhile, goods from India, South
Korea and Australia face tariffs of 26%, 25% and 10%, respectively Japanese markets led losses in Asia. The
benchmark Nikkei 225 was down 2.95%, paring losses of over 4% at the open, while the broader Topix index
was down 3.30%, also paring losses of over 4%. Hong Kong’s Hang Seng Index fell 1.51% while Mainland
China’s CSI 300 was down 0.41%. Over in South Korea, the Kospi index fell 1.11%, paring losses from over 3%,
while the small-cap Kosdaq was down 0.21%. - Dow closes more than 200 points higher ahead of Trump tariff rollout
Stocks climbed on Wednesday in yet another volatile session as Wall Street readied for the expected rollout
of President Donald Trump’s tariffs. The S&P 500 advanced 0.67% to close at 5,670.97, while the Nasdaq
Composite added 0.87% and ended at 17,601.05. The 30-stock Dow Jones Industrial Average added 235.36
points, or 0.56%, and settled at 42,225.32. Earlier in the session, the broad market S&P 500 was more than 1%
lower. - Oil sinks nearly 3% after Trump announces sweeping new tariffs
Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on trading
partners, stoking concerns that a global trade war may dampen demand for crude. Brent futures fell $1.97, or
2.63%, to $72.98 a barrel. U.S. West Texas Intermediate crude futures were down $1.98, or 2.76%, to $69.73.
Both benchmarks settled higher in the previous session but turned negative over the course of Trump’s press
conference on Wednesday afternoon in which he announced a 10% baseline tariff on all imports to the United
States and higher duties on dozens of the country’s biggest trading partners. Imports of oil, gas and refined
products were exempted from U.S. President Donald Trump’s sweeping new tariffs, the White House said on
Wednesday. - Gold scales record peak as Trump tariffs fuel safe-haven scramble
Jittery investors flocked to safe-haven assets on Thursday and pushed gold to a record high after U.S. President
Donald Trump unleashed more aggressive-than-expected import tariffs, kicking into higher gear an already
heated global trade war. Spot gold was up 0.5% at $3,148.05 an ounce, after hitting an all-time high of
$3,167.57 earlier in the session. U.S. gold futures firmed 0.2% to $3,172.60. On Wednesday, Trump
unveiled a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of countries, including
some of the United States’ biggest trading partners, deepening a trade war that has rattled global markets and
bewildered U.S. allies. Gold has surged over 19% year-to-date, on the back of uncertainty around tariffs,
potential for interest rate cuts, geopolitical conflicts, and central bank buying. Spot silver slipped 1.5% to
$33.52 an ounce, platinum fell 0.7% to $977.17 and palladium lost 0.5% to $965.14. - U.S. dollar falls vs yen, euro holds gains after Trump announces new tariffs
The dollar slid against the yen, while the euro held gains against the greenback on Wednesday as U.S. President
Donald Trump announced global reciprocal tariffs that look certain to escalate a trade war with global partners.
Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on
some of the country’s biggest trading partners. He held up a board showing the new rates charged on most
countries, with tariffs ranging from 10% to as high as 49%. With a few exceptions, based on the charts Trump
read out, the tariff rate being imposed by the U.S. on most countries was around half of what those countries
charged. There were some exceptions in which the U.S. charged the exact rates that those countries charged,
according to the chart. In late trading after Trump reiterated that the U.S. would impose 25% tariffs on foreign
made autos, the dollar turned 0.2% lower against the yen to 149.255 yen after trading higher for most of the
session. The euro, meanwhile, initially surged, posting a more than 1% rise against the dollar, before retreating
to trade 0.3% higher at $1.0828. - EU preparing further countermeasures against U.S. tariffs if negotiations fail, EC President says
The European Union is preparing further countermeasures against U.S. tariffs if negotiations fail, according to
European Commission president Ursula von der Leyen. U.S. President Donald Trump had imposed 20% tariffs
on the bloc on Wednesday. Speaking on a livestreamed broadcast, the EC president said that Trump’s move
was a “major blow” to the world economy. Von der Leyen called for negotiations, saying that the bloc will work
towards reducing barriers, not raising them. Von der Leyen’s comments come after retaliatory duties were
announced by the bloc after the U.S. imposed tariffs last month in a bid to protect European workers and
consumers. The EU at the time said it would introduce counter-tariffs on 26 billion euros ($28 billion) worth of
U.S. goods. Previously suspended duties which were at least partially in place during Trump’s first term as
president are set to be re-introduced alongside a slew of additional duties on further goods. - China urges U.S. to ‘immediately’ cancel reciprocal tariffs, vows counter-measures
China’s Ministry of Commerce urged the U.S. to “immediately cancel” its unilateral tariff measures and vowed
to take “resolute counter-measures” to safeguard its own rights and interests, after U.S. President Donald
Trump unveiled what analysts described as the steepest tariff hikes in a century. The statement comes after
Trump imposed steep tariff rates on many countries, including 34% on China, 20% on the European Union, 46%
on Vietnam and 32% on Taiwan. The tariff rate will be in addition to the existing 20% tariffs on U.S. imports
from China, taking the effective total tariffs to 54%, effective April 9, closer to Trump’s campaign pledge of a
60% tariff. Other countries joined China in expressing their dissatisfaction with the tariff measures. - Israel to seize parts of Gaza as military operation expands
Israel announced a major expansion of military operations in Gaza on Wednesday, saying large areas of the
enclave would be seized and added to its security zones, accompanied by large-scale evacuations of the
population. Prime Minister Benjamin Netanyahu said troops were seizing an area he called the Morag Axis, a
reference to a former Israeli settlement once located between the cities of Rafah and Khan Younis in the south
of the Gaza Strip, some 3-4 kilometres from the southern border. The Israeli military had already issued
evacuation warnings to Gazans living in some southern districts and Palestinian radio reported that the area
around Rafah was almost completely empty following the evacuation orders. Gaza’s Health Ministry said at
least 60 people were killed in Israeli strikes on Wednesday, with 19 people including children killed in a strike
at a U.N. clinic being used to house displaced people. - Sensex tanks over 500 points, Nifty below 23,200 on Trump’s tariff jitters
Indian benchmark indices, Sensex and Nifty 50, opened lower on Thursday following US President Donald
Trump’s imposition of a 26% reciprocal tariff on Indian imports. All major sectors declined at the open, with
the pharma sector being the sole exception. Donald Trump announced a 27% tariff on Indian imports, citing
India’s 52% tariff on US goods. He called April 2 “Liberation Day” and promised economic benefits from his
tariff policies. Under Trump’s plan, the US would impose a 27% tariff on Indian imports. Trump said the rate
was calculated based on cumulative tariffs, including non-monetary barriers, imposed by a country on
American goods. By this calculation, Trump said India imposes a 52% tariff on US goods. - Apple leads a drop in tech stocks after Trump tariff announcement
Apple slid more than 6% in late trading Wednesday and led a broader decline in tech stocks after President
Donald Trump announced new tariffs of between 10% and 49% on imported goods. The majority of Apple’s
revenue comes from devices manufactured primarily in China and a handful of other Asian countries. If Apple’s
post market loss is matched in regular trading Thursday, it would be the steepest decline for the stock since
September 2020. During his speech, Trump praised Apple, Meta, and Nvidia for spending money
and investing in the United States. The Nasdaq just wrapped up its worst quarter since 2022, dropping 10% in
the first three months of the year, though the tech-heavy index rose in each of the first two days of the second
quarter. - Tesla shares rise on report Elon Musk could be leaving DOGE post soon
Tesla shares rose Wednesday after reports that Elon Musk could leave his post at the so-called Department of
Government Efficiency, paving the way for the CEO to return his focus on the struggling electric vehicle maker.
The White House later called the report “garbage.” The stock closed more than 5% higher. At its session lows,
it had dropped as much as 6.4% on the back of weaker-than-expected vehicle deliveries for the first quarter.
The report which cites Trump insiders noted that, while President Donald Trump is pleased with Musk and the
DOGE spending cuts that have been pushed through, the two decided in recent days that the billionaire would
soon return to his businesses. - White House close to approving sale of TikTok’s US unit to investors
The White House is close to endorsing a deal for US investors to buy TikTok’s American operations, wresting
control of the popular video app from its Chinese owners. Under the terms of the transaction, a group of new
outside investors including Andreessen Horowitz, Blackstone, Silver Lake and other large private capital firms
would own about half of TikTok’s US business, according to several people familiar with the matter. Large
existing investors in TikTok, which include General Atlantic, Susquehanna, KKR and Coatue, would also take
stakes in the US arm constituting about 30 per cent of the business. The plans, which were still in the
preliminary stages and could yet change according to those involved in the process, come ahead of a deadline
for a US law on April 5 that would ban the app in America unless its Beijing-based owner sells it to non-Chinese
entities. - Samsung turns to China to prop up ailing chip business
Samsung has turned to Chinese technology groups to prop up its ailing semiconductor division, as it struggles
to secure big US customers despite investing tens of billions of dollars in its American manufacturing facilities.
The South Korean electronics group revealed last month that the value of its exports to China jumped 54 per
cent between 2023 and 2024, as Chinese companies rush to secure stockpiles of advanced artificial intelligence
chips in the face of increasingly restrictive US export controls. But the increasing importance of its China sales
to Samsung comes as it navigates growing trade tensions between Washington and Beijing over the
development of sensitive technologies. The South Korean tech giant announced last year that it was making a
$40bn investment in expanding its advanced chip manufacturing and packaging facilities in Texas, boosted by
up to $6.4bn in federal subsidies. Samsung’s contract chipmaking business has struggled to secure big US
customers, bleeding market share to Taiwan Semiconductor Manufacturing Co. - Volkswagen to introduce ‘import fee’ on tariff-hit cars
Volkswagen will introduce an “import fee” on vehicles affected by the 25% tariffs imposed by U.S. President
Donald Trump, reports said on Wednesday. The German automaker has temporarily halted rail shipments of
vehicles from Mexico and will hold at port cars arriving by ship from Europe. Trump’s 25% auto tariffs will cover
more than $460 billion worth of imports of vehicles and auto parts imports annually. Volkswagen told its
dealers that it would give more details by mid-April on pricing strategies for tariff-affected cars, and plans to
begin allocating those vehicles to stores by the end of the month.
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