Here’s a quick overview of everything that’s happened today:

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  Stock markets around the world continued to climb after Donald Trump delayed the harshest of his tariffs. The tech-heavy Nasdaq Composite index closed over 11% up for the week after a rollercoaster week.

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  But there are many new indicators that the US economy remains on shaky ground: the US dollar index slipped to a three-year low, US treasury yield climbed up and consumer expectations on inflation rose to its highest level in four decades.

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  China announced that it is placing a 125% tariff on American imports, in retaliation for the 145% tariff Trump placed on Chinese imports.

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  The White House said that there is “great optimism in this economy”, despite the volatility seen in the stock market and said that Trump’s tariffs are a “proven economic formula” that will bring countries to the negotiation table.

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After a tumultuous week, US stock markets just closed for the week on a high note. The Dow went up 600 points today, while the S&P 500 and Nasdaq Composite were up 1.8% and 2%, respectively.

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Over this week, all three indexes rose substantially, largely after Donald Trump paused many of his tariffs. This week:

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  The Dow went up 6%, or over 2,300 points.

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  The S&P 500 jumped 8.2%.

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  The tech-heavy Nasdaq topped 11.6%.

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It’s a huge rally after volatile drops in the market, but it’s unclear how long the upswings will last, particularly because the markets have proven so sensitive to the uncertainty around Trump’s policies.

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The White House held its daily press briefing this afternoon, fielding questions about tariffs and the economy. The overall sentiment: “There is great optimism in this economy”.

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“This is a proven economic formula,” press secretary Karoline Leavitt said.

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It’s a line the White House continues to repeat even as volatility in the stock market appears to have rattled investors.

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Answering a question about US bonds, which is supposed to be one of the world’s most stable assets, and how they’re decreasing in value, Leavitt said that treasury secretary Scott Bessent is “keeping a very close eye on the bond market”.

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Leavitt maintained that Trump’s tariff negotiations have so far been a success, saying that “15 offers are on the table” and the White House has heard from over 75 countries over deals.

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Even when it comes to China, which slapped a 125% tariff on American exports, Leavitt said that Trump is “optimistic”, though could not give any details on how a deal with China could be made.

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US stocks are picking up as we enter midday trading:

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  The Dow is up 400 points.

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  The S&P 500 is up 1.2%

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  Nasdaq is up 1.3%

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It’s unclear if this upswing will last into this afternoon. It’s a slight turnaround from this morning, as stocks went down on news that consumer sentiment and inflation expectations cratered in April.

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The University of Michigan just released the results of a new consumer sentiment survey that shows consumers in April expect the inflation rate to climb to 6.7% – the highest expected level in over four decades.

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Falling consumer sentiment is a bad sign for the economy, as it typically means that people will be spending less, especially if they anticipate prices climbing, which could slow down the overall economy.

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In case you’re just joining us, here’s a recap of the latest news and global market moves since the European market open. (You can see the earlier round-up here)

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  Europe’s main indexes started on a surprisingly positive note at the start of trading, as markets seemed to recover some ground from the tariff sell-off, even as it became clear that Trump had applied 145% tariffs on Chinese goods

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  Mining giants, supported in part by growing appetite for safe haven assets like gold, were leading the FTSE 100 – including Fresnillo, Glencore, and Anglo American

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  There was also some optimism emanating from the UK GDP figures, which showed the economy expanding by more than expected in February at 0.5%

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  But investors did a major u-turn and started to dump UK, German and French stocks an hour later after China announced retaliatory moves,raising tariffs on US goods to 125% from previous levels of 84%

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  It’s been a roller coaster on European markets ever since Beijing’s announcement. The UK’s FTSE 100 is now the only major index in positive territory, trading up 0.8%, while the pan-European Stoxx 600 is down 0.5%, the French Cac 40 is down 0.7%, the German Xetra Dax is down 1.4% and Italy’s FTSE MIB is down 0.4%

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  The US dollar index slipped to a three-year low, falling as much as 1.2% to 99.50, and US Treasuries continued a sell-off, with yields on the 10-year note jumping to 4.4% and is on course for its largest weekly rise since the early 2000s

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  And US stocks slipped at the start of trading. The S&P 500 was down 6 points or -0.1% at 5,262 points, the Dow was down 64 points or -0.16% at 39,529 points, while the Nasdaq was down 9 points or -0.06% at 16,377 points

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  In corporates, JP Morgan put aside $973m in Q1 to help protect the bank from potential defaults by its borrowers amid a worsening economic outlook. It’s a sharp shift from last year, when a brighter outlook meant it released $72m from its reserves. It comes amid concerns that customers could struggle to repay their loans if new sweeping tariffs end up harming economic growth

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Wall Street is open and US stock are down at the start of trading.

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Across the main indexes, the S&P 500 is down 6 points or -0.1% at 5,262 points, the Dow is down 64 points or -0.16% at 39,529 points, while the Nasdaq is down 9 points or -0.06% at 16,377 points.

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BREAKING: Parliament is being recalled on Saturday to discuss the nationalisation of British Steel, according to sources.

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The move has been taken after the failure to reach a deal to keep two blast furnaces going at British Steel’s Scunthorpe plant, owned by the Chinese company Jingye.

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The Commons is expected to sit at 11am, with MPs called back from Easter recess to discuss taking the assets into public ownership in order to preserve steelmaking in the UK.

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British Steel makes the vast majority of UK rail track and the government has been seeking a deal on keeping the plant open.

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The industry is due to be hit by a 25% tariff on steel exports to the US imposed by Donald Trump.

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Our main story will be updated shortly here:

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Keep an eye on the latest developments in our Politics Live blog:

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JP Morgan has put aside $973m in the first quarter to help protect the bank from potential defaults by its borrowers amid a worsening economic outlook.

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It’s a sharp shift from last year, when a brighter outlook meant it released $72m from its reserves.

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It comes amid concerns that its borrowers, which range from everyday consumers to large businesses, could struggle to repay their loans if new sweeping tariffs end up harming economic growth.

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The additional build-up of its so-called net reserves include $549m for potential defaults on business loans, and $441m to cover the potential souring of consumer loans.

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It took the overall sum put aside for credit losses in the quarter to $3.3bn, up from the $1.9bn that JP Morgan put aside for potential losses a year earlier.

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JP Morgan still managed to report a 9% rise in first quarter profits, thanks to higher fees from deal making and a record performance in equity trading.

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However, the figures reflect the January-March period, before Trump triggered the tariff war that has roiled financial markets and put business deals on ice.

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Commenting on the results, JP Morgan’s CEO Jamie Dimon said:

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n

The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and “trade wars,” ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility.

n

As always, we hope for the best but prepare the firm for a wide range of scenarios.

n

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US futures are pointing to a negative start for all the major indexes on Wall Street this afternoon, amid the escalating trade war.

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S&P futures are down 0.75%, Dow futures are down 0.77% and Nasdaq futures are down 0.8%.

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The US dollar has suffered a further blow as a result of Beijing’s 125% tariff announcement.

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The US dollar index is now down 1.2% at 99.50, marking its lowest level since April 2022.

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}],”data”:{“alt”:”A chart showing the fall in the US dollar index. “,”caption”:”The US dollar iindex has hit its lowest level in three years.”,”credit”:”Illustration: Refinitiv”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744360481000,”blockCreatedOnDisplay”:”04.34 EDT”,”blockLastUpdated”:1744364275000,”blockLastUpdatedDisplay”:”05.37 EDT”,”blockFirstPublished”:1744360674000,”blockFirstPublishedDisplay”:”04.37 EDT”,”blockFirstPublishedDisplayNoTimezone”:”04.37″,”title”:”US dollar falls to three-year low”,”contributors”:[] ,”primaryDateLine”:”Fri 11 Apr 2025 16.14 EDT”,”secondaryDateLine”:”First published on Thu 10 Apr 2025 19.59 EDT”},{“id”:”67f8cc2f8f088881dd621f2d”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

BREAKING: China has announced additional tariffs on US goods to 125%, according to Reuters.

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That is up from the previous level of 84%.

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China’s finance ministry is reported as saying that if the US insists on continuing to infringe upon China’s interest in a substantive way, China will resolutely take countermeasures and fight to the end.

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The pan-European Stoxx 600 has reversed earlier gains, and is now trading lower by 0.06% so far this session.

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And despite its earlier spike, Italy’s MIB is now also in the red, down about 0.3%.

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Those that are still in positive territory are also paring their gains, including the FTSE 100, which is now up just 0.15%.

n Germany’s Xetra Dax is up 0.3%, and while France’s Cac is still holding the strongest gains at 0.8% – that is down from its 1% rise at the open.

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It’s chalking up to be a sea of green across European markets.

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The pan-European Stoxx 600 is up 0.7%, and there are strong moves in France and Germany with the Cac 40 up 1.04% and the Xetra Dax rising 1.1%.

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European markets are open and are – so far – in positive territory.

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The UK’s blue-chip FTSE 100 index rose more than 0.7%, while the mid-cap FTSE 250 was up 0.4%.

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Italy’s FTSE MIB rose 0.9%.

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We’re still waiting for opening prints for Germany’s Xetra Dax and France’s Cac 40….stay tuned.

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UK chancellor Rachel Reeves welcomed the February growth figures but recognised that the “world had changed”:

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n

These growth figures are an encouraging sign, but we are not complacent. We must keep going further and faster on our plan for change.

n The world has changed, and we have witnessed that change in recent weeks. I know this is an anxious time for families who are worried about the cost of living and British businesses who are worried about what this change means for them.

n

This government will remain pragmatic and cool-headed as we seek to secure the best deal with the United States that is in our national interest.

n

At the same time we will be relentless in our work to kickstart economic growth, provide security for working people and renewal for Britain.

n

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Breaking news: data this morning shows the UK economy unexpectedly expanded by 0.5%in February, in a boost for Rachel Reeves before an expected downturn triggered by Donald Trump’s tariff war.

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Reversing a modest fall in January, the increase in gross domestic product in February could mark the last period of expansion before the threat of a global trade war dampens business investment and consumer spending.

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A poll of City economists had expected the economy to grow by 0.1% in February.

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This month, consumers face inflation-busting utility bill and council tax increases while employers must cope with £25bn of tax rises.

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More details soon …

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In case you’re just joining us, here’s a recap of the latest top lines amid the continuing turmoil in global markets from Donald Trump’s tariffs.

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  Global stocks fell and the US dollar sank further on Friday while an intense bond selloff took hold in a turbulent end to the week of the global tariffs that have fed fears of a deep recession and shaken investor confidence in US assets. The dollar sank to its lowest in 10 years against the Swiss franc and a six-month low against the yen, while the euro surged 1.7% to $1.13855, a level last seen in February 2022.

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  The S&P 500 index ended 3.5% lower on Thursday after getting a brief reprieve when the US president paused duties on dozens of countries for 90 days. Asian markets followed Wall Street on Friday, with Japan’s Nikkei down 4.3%, South Korea falling nearly 1% and Hong Kong stocks heading towards the biggest weekly decline since 2008. Some rose, however, with Taiwan’s main index reversing earlier losses to trade nearly 2% higher and major sectors across India’s Nifty 50 rising in early trading.

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  Gold prices reached a record high amid safe-haven flows. It was last up 1.1% at $3,210 an ounce.

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  Trump’s tariff pause excluded China, with the president dialling up US tariffs on Chinese imports effectively to 145% over Beijing’s move to match his earlier duties. Trump’s escalation of the trade war with China has fuelled fears of recession and further retaliation. Chinese officials have been canvassing other trading partners over the levies, most recently talking to counterparts in Spain, Saudi Arabia and South Africa. Trump expressed hope of a deal with Beijing.

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  China rejected what it called threats and blackmail from Washington and pledged to follow through to the end if the US persists, the commerce ministry said. China’s door was open to dialogue but this must be based on mutual respect, it said. Beijing also restricted imports of Hollywood films, targeting one of the most high-profile American exports.

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  US Treasury secretary Scott Bessent shrugged off the renewed market sell-off and tried to calm nerves by telling a cabinet meeting that more than 75 countries wanted to start trade negotiations.

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  The European Union suspended its retaliatory 25% tariffs on US goods for 90 days after Trump’s turnaround. “We want to give negotiations a chance,” European Commission president Ursula von der Leyen said on X, while also warning that counter-tariffs could be reinstated if negotiations “are not satisfactory”. The EU is still assessing how to respond to US car tariffs and the broader 10% levies that remain in place.

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  The manic US Treasury selloff this week, evoking the Covid-era “dash for cash”, reignited fears of fragility in the world’s biggest bond market. Thirty-year bond yields rose to 4.90%, on course for their biggest weekly jump since at least 1982, LSEG data showed.

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  The US and Vietnam agreed to begin formal trade talks, the White House said, while Japan’s prime minister has set up a task force for the negotiations which hopes to visit Washington next week, according to local media.
  n – With news agencies

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French president Emmanuel Macron has said Donald Trump’s decision this week to suspend tariffs he had imposed on countries gave room for only a “fragile pause”.

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“The partial suspension of American tariffs for 90 days sends out a signal and leaves the door open for talks. But this pause is a fragile one,” Macron wrote on X on Friday.

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“Fragile, because the 25% tariffs on steel, aluminum and automobiles and the 10% tariffs on all other products are still in place,” he added.

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They represent 52 billion euros ($58.8 billion) for the European Union! Fragile, because this 90-day pause means 90 days of uncertainty for all our businesses, on both sides of the Atlantic and beyond.

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Reuters also reports that Macron reaffirmed that France and the European Union would present a united front in terms of negotiations aimed at reaching a deal and getting the US tariffs removed.

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}],”data”:{“alt”:”French president Emmanuel Macron gestures as he speaks to media”,”caption”:”‘Fragile pause’: French president Emmanuel Macron.”,”credit”:”Photograph: Ludovic Marin/AFP/Getty Images”}}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1744348682000,”blockCreatedOnDisplay”:”01.18 EDT”,”blockLastUpdated”:1744350137000,”blockLastUpdatedDisplay”:”01.42 EDT”,”blockFirstPublished”:1744348783000,”blockFirstPublishedDisplay”:”01.19 EDT”,”blockFirstPublishedDisplayNoTimezone”:”01.19″,”title”:”Macron says Trump tariff suspension just a ‘fragile pause’”,”contributors”:[] ,”primaryDateLine”:”Fri 11 Apr 2025 16.14 EDT”,”secondaryDateLine”:”First published on Thu 10 Apr 2025 19.59 EDT”},{“id”:”67f88ed88f088881dd621ddb”,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The yuan rebounded from 2007 lows against a broadly weaker US dollar on Friday but slipped to a 19-month low against currencies of its major trading partners.

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However, the People’s Bank of China (PBOC) will not allow sharp yuan declines and has instructed major state-owned lenders to reduce dollar purchases, Reuters reports, citing people with knowledge of the matter.

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A weaker yuan would make Chinese exports cheaper and alleviate tariff impact on the economy. But a sharp decline could also increase unwanted capital outflows and risk financial stability, analysts and economists said.

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To reflect the broad dollar weakness in global markets, the PBOC lifted its official yuan midpoint guidance fix for the first time in seven days on Friday.

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Prior to the market open, the PBOC set the rate – around which the yuan is allowed to trade in a 2% band – at 7.2087 per dollar. That was 5 pips firmer than the previous fix and 1,017 pips firmer than a Reuters’ estimate of 7.3104.

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The PBOC has slightly loosened its grip on the currency this week by allowing official guidance to weaken past the key threshold of 7.2 to the dollar. But it came in much stronger than market projections, in what traders and analysts interpreted as an official attempt to keep the yuan steady as the trade row between the world’s two largest economies showed few signs of abating.

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Xi Jinping will visit Vietnam, Malaysia and Cambodia beginning on Monday, state-run media is reporting.

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The Chinese president’s trip would run from 14-18 April, Xinhua news agency said on Friday.

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The US dollar slumped on Friday as waning confidence in the US economy prompted investors to ditch US assets to the benefit of safe havens like the Swiss franc, yen and euro, as well as gold.

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The yellow metal recorded a new all-time peak in early Asia trade, and the franc notched a fresh decade high, Reuters reports.

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Investors dumped Wall Street stocks overnight, as the powerful rally on Wednesday – when Donald Trump abruptly paused higher tariff rates on dozens of trading partners – reversed course in a 24-hour frenetic period for markets.

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Longer-dated US Treasuries are also selling off, putting 10-year yields on course for their biggest weekly jump since 2001.

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}],”data”:{“alt”:”A US flag hangs above an entrance to the New York stock exchange on Wall Street.”,”caption”:”The New York stock exchange entrance on Wall Street.”,”credit”:”Photograph: Lucas Jackson/Reuters”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

The Chinese yuan had tumbled to an all-time low in offshore trading on Tuesday, but erased all those losses a day later, surging again on Thursday, and was strengthening in early trading.

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Chris Weston, head of research at Pepperstone, said:

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n

There has been a pronounced ‘sell US’ vibe flowing through broad markets and into the classic safe-haven assets, with the USD losing the safe-haven bid.

n

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Trump’s 90-day tariff respite – which came despite his insistence for days that his policies would never change – didn’t include China. Instead, he ratcheted up duties on Chinese imports to an effective rate of 145%, further escalating the high-stakes confrontation between the world’s two largest economies.

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Japan’s Nikkei has now tumbled more than 5% while gold hit another record high as continuing tariff jitters hit Asian stocks in early trade on Friday.

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The Nikkei 225 benchmark index was off 5.4%, having jumped 9.1% on Thursday after Donald Trump’s 90-day tariff reprieve. Other markets also reversed many of the previous day’s gains, with South Korea’s Kospi in Seoul off 1.64% and, as just posted, Australia down more than 2%.

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Oil and the dollar also slid on fears of a global slowdown in economic activity, while gold hit a new record. The yen – another safe-haven asset – also gained 0.9% against the US dollar on Friday.

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In Australia today’s share market decline has continued, with stocks now tanking more than 2% as investors who drove a relief rally in the previous session worried about the US tariffs fallout.

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The S&P/ASX 200 index dropped as much as 2.4% to 7,524.50 points by 0016 GMT, after the benchmark surged 4.5% on Thursday following Donald Trump’s tariff reprieve.

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The benchmark was looking to lose nearly 2% for the week, if losses hold, Reuters reports.

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Trump temporarily paused many of his new tariffs but further ramped up pressure on China, a major trading partner for Australia, with levies for a total of 145%. Investors worry that China may again respond in kind with higher tariffs.

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Any potential slowdown in the world’s second largest economy from tariffs would be detrimental to local resources-focused stocks, which have high exposure to China, a major consumer of commodities.

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Australian mining stocks declined 1.8%. Heavyweights BHP and Rio Tinto retreated 2.8% and 2.3% respectively. Fortescue’s shares fell 2.7%. Energy stocks retreated 3.5% after oil prices declined more than 3% overnight. The subindex was on track to decline more than 5% for the week.

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Top energy companies Woodside Energy and Santos fell 3.5% and 3.6% respectively.

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Gold stocks rose 2.2% to hit a fresh all-time high, mirroring the record high in gold prices.

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Banking stocks declined 2.9%. Financials were on track to lose 2.7% for the week. The “big four” banks fell between 2.8% and 3.2%.

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New Zealand’s benchmark S&P/NZX 50 index fell 1.5% to 12,023.84 points. New Zealand stocks were heading for a 1.6% fall for the week, in what could be their worst week since early March.

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The US dollar index has dropped below 100 for the first time since July 2023, Reuters is reporting.

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And the currency is down 0.8 against the Swiss franc, hitting a 10-year low of 0.8142

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Japan’s benchmark Nikkei index has fallen 3.6% amid continuing tariff worries.

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Spot gold, however, has risen to a record high of $3,205.21 an ounce, Reuters reports, as investors seek safe havens.

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And the euro has extended its gains, up as much as 1.7% at $1.13855.

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Australian shares are poised to open sharply lower this morning, as concerns about Donald Trump’s unsettling policy shifts and deteriorating trade relations between the world’s two biggest economies take hold.

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Futures prices are pointing to a 1.6% fall in the benchmark S&P/ASX 200 to 7,590 points when it opens later this morning, after a sell-off on Wall Street overnight.

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Investors have had to contend with wild swings this week triggered by changes to the US tariff regime, with share prices pushed around by extreme bouts of relief and fear.

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While some nations have enjoyed a reprieve from their super-sized tariffs, Australia’s position, along with those of the UK and New Zealand, are unchanged given they remain subject to the US “baseline” 10% charge.

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The White House clarified overnight that total tariffs on China had been raised by 145% since Trump took office.

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The Reserve Bank of Australia governor, Michele Bullock, said last night that an uncertain and rocky path lay ahead, saying “financial market and economic volatility can be expected as this process unfolds”.

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The Australian dollar has recovered significant ground in recent days, rising to US62.2c this morning, after threatening to plunge below the 59c barrier earlier this week.

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Hello and welcome to our live business coverage as the shockwaves from Donald Trump’s tariffs moves continue to buffet global markets.

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The US president has blamed “a transition cost, transition problems” as US markets continued to sink in the wake of his seesawing global tariffs strategy and escalating trade war with China.

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“We think we’re in very good shape,” Trump said on Thursday. “We think we’re doing very well. Again there will be a transition cost, transition problems, but in the end it’s going to be a beautiful thing.”

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His remarks came as US stocks tumbled again after a historic rally following Trump’s surprise retreat on Wednesday on the hefty tariffs he had just imposed on dozens of countries. He has instead focused on China, where goods now attract tariffs totalling 145% effective immediately – 125% in “reciprocal” tariffs plus 20% already imposed for China’s alleged role in the fentanyl crisis.

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Former US treasury secretary Janet Yellen said Trump’s tariffs were “the worst self-inflicted wound that I have ever seen an administration impose on a well-functioning economy”. She accused the US president of having “taken a wrecking ball” to the American economy.

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}],”data”:{“alt”:”Ex-Treasury secretary Janet Yelle”,”caption”:”‘Self-inflicted wound’: ex-Treasury secretary Janet Yellen. “,”credit”:”Photograph: Andrew Kelly/Reuters”}},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

China said Trump’s trade war with Beijing “will end in failure” for Washington. Beijing’s retaliatory 84% tariffs on US imports came into effect on Thursday. Its foreign ministry said it was not interested in a fight “but will not fear if the United States continues its tariff threats”.

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In other developments:

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  The Dow was down 2.5% by Thursday’s end after soaring on Wednesday afternoon. The Nasdaq Composite was down more than 4%, after posting its biggest gain in more than two decades on Wednesday, and the S&P 500 down 3.4%.

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  Stocks seemed unresponsive to news on Thursday morning that the European Union announced it would suspend 25% retaliatory tariffs against US imports and new data showed inflation in the US cooled to 2.4% in March – both typically cause for optimism on Wall Street – reflecting the market’s apparent state of fatigue after a rollercoaster week, report Anna Betts and Lauren Aratani.

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  The US president said he would “love” to make a deal with China, and that he believed he and Chinese president Xi Jinping would “end up working out something that’s very good for both countries”.

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  China has said it will immediately restrict imports of Hollywood films in retaliation for the US president’s escalation of US tariffs on Chinese imports, targeting one of the most high-profile American exports. Beijing’s National Film Administration said Trump’s tariffs would further sour domestic demand for US cinema in China and it would “moderately reduce the number of American films imported”. The move comes after three decades during which China imported 10 Hollywood movies a year. Industry analysts said the financial impact was likely to be minimal, however, because Hollywood’s box office returns in China have declined significantly in recent years, Reuters reported.

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  Trump is facing accusations of market manipulation over a Truth Social post on Wednesday where he said it was a “great time to buy” just hours before he made a dramatic U-turn on his trade war that led to big rises in stock markets around the world.

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  The European Union and the United Arab Emirates have agreed to launch free trade talks. The EU is the UAE’s second-largest trading partner, accounting for 8.3% of the Emirati total non-oil trade.

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Summary

Here’s a quick overview of everything that’s happened today:

• Stock markets around the world continued to climb after Donald Trump delayed the harshest of his tariffs. The tech-heavy Nasdaq Composite index closed over 11% up for the week after a rollercoaster week.

• But there are many new indicators that the US economy remains on shaky ground: the US dollar index slipped to a three-year low, US treasury yield climbed up and consumer expectations on inflation rose to its highest level in four decades.

• China announced that it is placing a 125% tariff on American imports, in retaliation for the 145% tariff Trump placed on Chinese imports.

• The White House said that there is “great optimism in this economy”, despite the volatility seen in the stock market and said that Trump’s tariffs are a “proven economic formula” that will bring countries to the negotiation table.

US stock markets close in a rally

After a tumultuous week, US stock markets just closed for the week on a high note. The Dow went up 600 points today, while the S&P 500 and Nasdaq Composite were up 1.8% and 2%, respectively.

Over this week, all three indexes rose substantially, largely after Donald Trump paused many of his tariffs. This week:

• The Dow went up 6%, or over 2,300 points.

• The S&P 500 jumped 8.2%.

• The tech-heavy Nasdaq topped 11.6%.

It’s a huge rally after volatile drops in the market, but it’s unclear how long the upswings will last, particularly because the markets have proven so sensitive to the uncertainty around Trump’s policies.

Some small businesses are expressing their frustrations over Donald Trump’s tariffs by adding a tariff surcharge onto their products, to make clear that the price increases they’re seeing are due to Donald Trump’s tariffs.

“We think transparency is the way to go here and I am giving Trump full credit his decision to add this tariff to all US consumers,” wrote Ryan Babenzian, the CEO of Jolie Skin Co, which sells shower heads that filters water, on Linkedin. The company will add a “Trump Liberation Tariff” charge onto their products next week.

It’s reminiscent of when restaurants, in the middle of the Covid-19 pandemic, added surcharges to bills to offset costs used to manage the virus.

“Given all the uncertainty around tariffs and worries about when and by how much prices will go up, shoppers could welcome the transparency of line item tariff surcharges, and they’ll become normalized as more brands adopt them,” Sky Canaves, an analyst at EMarketer, Inc, told Bloomberg.

US Customs and Border Control (CBP) is the federal agency responsible for collecting tariffs when imported goods arrive at the US border.

But importers say that a glitch in the system has meant that they have not started paying tariffs yet, despite Donald Trump saying that the tariffs, particularly the 145% tariffs on China, are already in place.

According to CNBC, the glitch comes from CBP currently not being able to tell which ships are exempted from the tariffs, because they were “on the water” before the tariffs went into effect, and those that were shipped out after the tariffs.

“Social media posts are not law,” Jarred Varaelli, a vice president at Savino Del Bene, a logistics firm. “With the constant changes to the regulations, all customs brokers in our industry have a difficult task ahead of them.”

CBP told CNBC that they will issue an update once the issue is resolved, which means the agency is likely still working out exactly how to carry out the tariffs that are still in place.

Boston Federal Reserve CEO Susan Collins, and a member of the Fed’s Federal Open Market Committee (FOMC) which sets interest rates, told the Financial Times that the Fed “would absolutely be prepared” to stabilize the economy amid volatility.

“We have had to deploy, quite quickly, various tools,” she said. “We would absolutely be prepared to do that as needed.”

But while the Fed would typically cut interest rates, making borrowing money cheaper and encouraging economic activity, to deal with large fluctuations in the market, Collins said that emergency rate cuts are likely not in the Fed’s future because of the risk of higher inflation.

Collins said that it’s likely that inflation could push above 3% this year. Yesterday, inflation in March was revealed to be 2.4%, a 0.4% drop from February.

Let’s dive in for a second into the University of Michigan consumer sentiment survey that was released today.

Typically, the survey is released at the end of each month, but a special report was released to capture sentiment around Donald Trump’s trade war escalations.

And things aren’t looking so good. Consumer sentiment has been falling for the last four months, dropping 30% since December 2024. The number of consumers who expect unemployment to rise over the next year is the highest it’s been since the 2008 recession. And inflation expectations for the year ahead soared in a matter of weeks: from 5% in March to 6.7% by early April.

“Consumers report multiple warning signs that raise the risk of recession: expectations for business conditions, personal finances, incomes, inflation and labor markets all continued to deteriorate this month,” said survey director Joanne Hsu in a statement.

For context, inflation expectations in April last year was 3.2%, and consumer sentiment was measured at 77.2, compared to 50.8 at the beginning of this month.

It will be interesting to see how this drop in consumer sentiment will relate to voter sentiment in the future. Trump’s approval ratings have dropped across the board since his “liberation day” tariff announcement April 2, but only time can tell whether consumer and voter sentiments will rise after Trump’s pause on the reciprocal tariffs.

What’s happening with the US treasury bond market is a pretty big deal.

Treasury bond yields rose on Friday, a sign of further instability in what’s supposed to be a very safe financial asset to hold.

The benchmark is the 10-year treasury bond, the yield of which rose to 4.6% today, over half a percentage point since last week.

This is a big deal because the yield on treasury bonds are closely tied with the cost of other loans, like mortgages or car loans. So if the yield rises, loans like mortgages are likely to go up as well.

That overall leads to a contractionary economic environment – less people are buying homes and investing money in general.

Yield rates also point to inflation expectations. Bloomberg says this is the largest surge in the yield rate since the 1980s, when inflation peaked to 14%.

Minneapolis Federal Reserve president Neel Kashkari explained it to CNBC on Friday: “If the trade deficit is going down, it could be that investors are saying, ‘Okay, America no longer is the most attractive place in the world to invest’, and then you would expect to see bond yields go up.”

So the fact that bond yields are going up – and the dollar is depreciating, and the stock market is making historical fluctuations – points to some serious instability in the economy.

White House press secretary: ‘Great optimism in this economy’

The White House held its daily press briefing this afternoon, fielding questions about tariffs and the economy. The overall sentiment: “There is great optimism in this economy”.

“This is a proven economic formula,” press secretary Karoline Leavitt said.

It’s a line the White House continues to repeat even as volatility in the stock market appears to have rattled investors.

Answering a question about US bonds, which is supposed to be one of the world’s most stable assets, and how they’re decreasing in value, Leavitt said that treasury secretary Scott Bessent is “keeping a very close eye on the bond market”.

Leavitt maintained that Trump’s tariff negotiations have so far been a success, saying that “15 offers are on the table” and the White House has heard from over 75 countries over deals.

Even when it comes to China, which slapped a 125% tariff on American exports, Leavitt said that Trump is “optimistic”, though could not give any details on how a deal with China could be made.

US stocks pick up during midday trading

US stocks are picking up as we enter midday trading:

• The Dow is up 400 points.

• The S&P 500 is up 1.2%

• Nasdaq is up 1.3%

It’s unclear if this upswing will last into this afternoon. It’s a slight turnaround from this morning, as stocks went down on news that consumer sentiment and inflation expectations cratered in April.

The University of Michigan just released the results of a new consumer sentiment survey that shows consumers in April expect the inflation rate to climb to 6.7% – the highest expected level in over four decades.

Falling consumer sentiment is a bad sign for the economy, as it typically means that people will be spending less, especially if they anticipate prices climbing, which could slow down the overall economy.

Phillip Inman

Donald Trump’s tariff war has spooked stock markets and heightened fears of a recession in the US and Europe. But neither factor appears to have been what motivated the president’s sudden volte face this week, when he paused most of his “liberation day” border taxes for 90 days.

The fact Trump could not ignore was a mass sell-off by investors of US government bonds. But what exactly are bonds, how are they traded – and why are they so central to the current crisis?

Ministers should focus on rebuilding bridges with the EU, UK Labour politicians have said after a senior adviser to Donald Trump downplayed the prospect of a breakthrough with the US.

MPs said the government should “prioritise our trading relationship with the EU” and “get a sugar-rush of growth” instead of banking on the prospect of preferential treatment from Washington.

Trump imposed 10% tariffs on all UK exports this month, with several other markets, including the EU, facing steeper rates. After financial markets plummeted, the US president announced a temporary reprieve on Wednesday, slashing tariffs on almost all other countries to his baseline of 10%. Car, steel and aluminium imports continue to face a higher tariff of 25%.

The government is in advanced negotiations with the US over a trade deal to secure more favourable arrangements for the UK. However Kevin Hassett, an economic adviser to Trump, told CNBC on Thursday that any deal that would persuade the president to go below 10% would need to be “extraordinary”.

Asked if she was losing confidence in the prospect of a US trade deal, Rachel Reeves told reporters on Friday that “we continue to engage with our counterparts in the United States”.

Marina Dunbar

Several senior Senate Democrats have written a letter asking the Securities and Exchange Commission (SEC) to investigate whether Donald Trump violated securities laws and engaged in insider trading and market manipulation while switching course on his global tariffs.

“We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends at the expense of the American public and whether any insiders, including the president’s family, had prior knowledge of the tariff pause that they abused to make stock trades ahead of the president’s announcement,” said the letter, led by Massachusetts senator and former presidential candidate Elizabeth Warren.

Early Wednesday, Trump announced on social media: “THIS IS A GREAT TIME TO BUY!!!” The post was written at a time of severely volatile market trends and US indices down.

Hours after his post, the US president abruptly announced a 90-day pause on many tariffs. The move sent the US’s S&P 500 back up several percentage points in just minutes. Wednesday ended up marking the best day for the S&P 500 since the recovery from the 2008 financial crisis.

The letter was also signed by Senate minority leader Chuck Schumer, finance committee ranking member Ron Wyden, the Arizona senators Mark Kelly and Ruben Gallego, and California’s Adam Schiff.

Richard Partington

In the global fallout from Donald Trump’s “liberation day” tariff announcement, it appears nowhere is safe. Crashing share prices, a sell-off in bonds and currency chaos erasing trillions of dollars of wealth in a matter of days.

On Friday the dollar fell by more than 1% relative to a basket of other currencies to reach its lowest level in three years, compounding an almost 10% slide since the start of the year. In the space of a week, it has lost about 3 cents against the pound and 4 cents against the euro.

Even after the president’s partial U-turn – freezing tariffs at 10% on all US imports except those from China for 90 days – markets swung from relief rally to fresh rout, as investors questioned the once unthinkable: could the US dollar be losing its unassailable safe haven status?

“The damage has been done,” said George Saravelos, the head of foreign exchange research at Deutsche Bank. “The market is re-assessing the structural attractiveness of the dollar as the world’s global reserve currency and is undergoing a process of rapid de-dollarisation.”