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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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 5 June, covering the latest developments you need to know.
The U.S. House of Representatives has approved legislation that would provide new aid to Ukraine and impose additional sanctions on Russia, marking the latest instance of Republican lawmakers breaking ranks with President Donald Trump and party leaders.
Israel and Lebanon have agreed to implement a ceasefire after U.S.-backed talks in Washington. The deal requires Hezbollah to halt attacks and withdraw from southern Lebanon, while both sides will resume direct talks later this month aimed at reaching a broader agreement.
Iran’s Revolutionary Guards (IRGC) said in a statement that its Aerospace Force did not strike the Kuwait Airport passenger terminal on Wednesday, and that the destruction was instead caused by a failed U.S. Patriot missile.
Israel and Lebanon have agreed to implement a ceasefire after U.S.-backed talks in Washington. The deal requires Hezbollah to halt attacks and withdraw from southern Lebanon, while both sides will resume direct talks later this month aimed at reaching a broader agreement.
Protesters chanted “I can’t breathe” and threw bins at police in Southampton on Tuesday (2 June) after footage emerged showing murdered teenager Henry Nowak being arrested as he lay dying from a stab wound.
As Armenia heads toward parliamentary elections on 7 June, the country's relationship with Azerbaijan is emerging as one of the defining issues of the campaign, with analysts and international observers highlighting the role of regional politics in shaping voters’ mindsets.
The United Kingdom has begun using SpaceX's Starshield satellite network for military operations, according to people familiar with the matter, marking one of the first known deployments of the secure government-focused system outside the U.S.
Chinese President Xi Jinping will visit North Korea on 8-9 June, marking his first trip to the country in nearly seven years as Beijing seeks to strengthen relations with its long-time ally.
A blaze at a popular market in northeast Thailand sent vendors fleeing and left five people in hospital, with police investigating a suspected electrical short circuit.
Ukrainian President Volodymyr Zelenskyy has publicly invited Russian President Vladimir Putin to meet for direct talks aimed at ending the war between their countries, saying Ukraine remains ready for peace but will continue fighting if no agreement can be reached.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 5 June, covering the latest developments you need to know.
The U.S. House of Representatives has approved legislation that would provide new aid to Ukraine and impose additional sanctions on Russia, marking the latest instance of Republican lawmakers breaking ranks with President Donald Trump and party leaders.
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