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- China: 34%, raising total US tariffs to 64%.
- Taiwan: 32%.
- South Korea: 30%.
- Japan: 24%.
- EU: 20%
- A minimum 10% baseline tariff.
Nick Timiraos, Chief Economic Correspondent for The Wall Street Journal, summarized the market reaction:
“Top economic advisers to Trump (Bessent in his confirmation hearing, Miran in his Nov 2024 paper) have said that tariffs need not raise consumer prices so long as the dollar appreciates, as it did in 2018-19. The dollar has gone the other way.”
Apple Inc. (AAPL) led the declines, plunging 9.25%. CN Wire noted the widespread impact:
“The tariffs hit Apple’s major manufacturing hubs in China, Taiwan, India, and Vietnam, potentially affecting nearly every product Apple sells, from iPhones to accessories. […] Analysts estimate that a 10% tariff could reduce Apple’s net income by 3.5-4%, with a 9% impact on its gross margin if tariffs on China remain. Apple’s dependence on China for over 90% of its manufacturing makes it particularly vulnerable.”
Asian Market Implications: Markets in Asia opened with a second day of steep losses on April 4 following Thursday’s US market sell-off. The US futures pointed to another pullback on Friday, April 4, influencing sentiment in the Asian session.
Hong Kong and Mainland China Markets Closed
There was no trading on the Hang Seng Index or the Mainland China markets due to the Ching Ming Festival. Market reactions may surface when trading resumes on Monday, April 7.
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