Markets fled to safety Thursday as Trump escalated tariffs on China to 125%, triggering a surge in gold, yen, and bonds. Despite a brief equity rally, investor confidence in U.S. trade policy and the dollar continues to erode.
Financial markets witnessed a swift flight to safety on Thursday after U.S. President Donald Trump intensified his trade war with China, sharply raising tariffs while simultaneously suspending levies on other nations for 90 days. Investors flocked to safe-haven assets such as the Japanese yen, Swiss franc, and gold, while U.S. Treasury bonds rallied, putting the dollar under broad pressure.
Despite Asian equities surging on hopes of eased trade tensions, Trump’s move to single out China with a staggering 125% tariff rate—up from 10%—sparked fresh market anxiety. The Chinese yuan briefly fell to its lowest level since 2007 before slightly recovering. Meanwhile, the Aussie and Kiwi dollars, initially hit due to close trade ties with China, regained momentum as the risk rally spread to Europe.
Analysts noted a growing crisis of confidence in U.S. trade leadership, citing the administration’s erratic policy shifts. ANZ analysts highlighted concerns over the long-term credibility of the U.S. dollar, while others warned of lasting economic damage.
With markets on edge, investors remain cautious, questioning whether temporary policy reversals can offset the uncertainty wrought by Trump’s aggressive trade manoeuvres.
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President Donald Trump has warned that the U.S. could impose "big" tariffs on British goods if the UK does not remove its digital services tax. Speaking to reporters at the White House on Thursday, Trump said Washington was ready to act in response to the levy on major American technology firms.
Argentina has reiterated its interest in resuming talks with the United Kingdom over the Falkland Islands, a disputed archipelago in the South Atlantic, after reports that an internal Pentagon email suggested reviewing Washington’s support for the UK’s claim amid tensions over the Iran war.
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Ukrainian President Volodymyr Zelenskyy is in Azerbaijan for talks with President Ilham Aliyev, holding meetings in Gabala on Saturday (25 April) during a working visit to the country.
Slovenia’s national broadcaster RTV Slovenia has confirmed it will not air the Eurovision Song Contest 2026, joining a widening boycott over Israel’s participation.
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China has urged the European Union to take its concerns seriously over new cybersecurity and digital regulations, warning they could create difficulties for Chinese companies operating in Europe.
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