European Commission President von der Leyen says US tariffs a major blow to world economyICYMI - China will raise the retail prices of gasoline and diesel from todayRBC says rising global trade uncertainty may push RBA to turn more dovishUBS warns full tariffs could push US inflation to 5%Trump’s 54% tariffs bring China close to ‘worst case’ scenario, PBOC easing soonJPM: Tariff shock weighs on markets, but China and Hong Kong equities show resilienceJapan Trade Minister Muto has spoken with US Commerce Secretary LutnickChina's Commerce Ministry says will take countermeasures on Trump's tariffsChina Caixin Services PMI for March 2025 is 51.9 (prior 51.4)US Treasury Secretary Bessent warns other countries not to retaliate to US tariffsPBOC sets USD/ CNY reference rate for today at 7.1889 (vs. estimate at 7.2532)JP Morgan say Trump tariffs the largest tax increase since 1968 , US recession risk higherJapan Jibun / S&P Global Services PMI for March 50.0 (prior 53.7)Reserve Bank of Australia - Tariffs could have a chilling effect on business investmentAustralia trade balance for February is a surplus of AUD 2.968bn (vs. 5.6bn expected)PBOC is expected to set the USD/CNY reference rate at 7.2532 – Reuters estimateEUR risen strongly in Asia morning trade after Trump tariff announcement sell off earlierDeutsche Bank: there will be a straight-forward FX adjustment. Watch China's next moveCrypto takes another bath on Trump tariff tade warTrade ideas thread - Thursday, 3 April, insightful charts, technical analysis, ideasFitch calculates US tariff rate on all imports is now 22%, up from 2.5% in 2024Canada will respond to the U.S. tariffs on Thursday, says PM CarneyRecap (so far) - Trump trade war imposes sweeping new tariffs, 54% on China nowUS stock market slammed lower after Trump's trade war tariff announcementBessent: Trump might be to let things settle for awhile rather than negotiate tariffsThe average US tariff rate might land around expectationsFed's Kugler warns of prolonged impacts of tariffs on inflationTrump slams China with a 54% tariff rateCanadian dollar jumps as Canada exempted from new US tariffsEuropean Union President von der Leyen to make a statement on US tariffs Thursday morningWhite House: Goods from Mexico and Canada that comply with the USMCA continue to be exemptUS to impose 49% tariff on VietnamStock markets retreat as reciprocal tariffs stingHere's the full list tariff war declarationTrump 'auto' tariffs will also include computers, laptops and desktops - reportIts kiss your a** goodbye time for the global economy - massive tariff war declaredFed's Kugler: Latest data indicate progress towards 2% inflation may have stalledSurge of buying into the USD, risk slapped back down, as Trump announces huge tariffsTrump tariff rates - more details - HUGE tariffs announcedTrump says will sign reciprocal tariffs executive orderMajor US indices close higher ahead of Trump tariff newsForexlive Americas FX news wrap: Not many leaks in the final countdown to tariffs
Trump announced his latest trade policy, introducing a series of tariffs aimed at addressing trade imbalances and protecting domestic industries.
Key components of the announcement include:
Baseline Tariff: A universal 10% tariff will be imposed on all imported goods, effective April 5, 2025. Reciprocal Tariffs: Higher tariffs targeting specific countries (around 60 countries) perceived to have significant trade barriers against U.S. products will be implemented starting April 9, 2025.
Notable rates include:
China: 34%, increasing the total tariff to 54% when combined with existing duties.European Union: 20%.Japan: 24%.Vietnam: 46%.India: 26%.
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Auto Imports: A 25% tariff will be applied to all imported automobiles, aiming to bolster the U.S. automotive industry. De Minimis Rule Adjustment: The exemption for low-value packages (under $800) from China and Hong Kong will be eliminated, targeting e-commerce shipments that previously avoided tariffs.
The tariffs are set to take effect in early April, with the baseline tariffs commencing on April 5 and the reciprocal tariffs on April 9.
The abrupt tariff hikes have heightened market volatility, with investors expressing concerns about potential inflationary pressures and a slowdown in global economic growth. Analysts warn that prolonged trade tensions could lead to sustained market instability and dampened investor confidence.
Most major FX was slammed lower in the wake of Trump's announcement of massive increases in tariffs. The moves have been pretty much retraced, FX recovering. EUR has done more than recover, its up above 1.09 as I update.
USD/JPY, though, lost ground from above 150.25 (early highs) to below 148.00 and that has continued. USD/JPY has hit lows circa 147.30 as the flight into yen carried through.
US equity index futures were slammed lower upon the evening reopen for Globex. They've since retraced. Asian equities:
Japan: The Nikkei 225 tumbled 3%, reaching an eight-month low, as investors reacted to the U.S.'s 24% tariff on Japanese goods. South Korea: The Kospi index declined by 1.5%, reflecting concerns over a 25% U.S. tariff on South Korean exports. Hong Kong: The Hang Seng Index fell 1.4%, with tech and manufacturing sectors hit hardest due to increased tariffs on Chinese goods
Yen rocketed:
This article was written by Eamonn Sheridan at www.forexlive.com.
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