Trump Tariffs Live: China rejects US 'blackmail' as trade war threatens to escalate; markets steadier
特朗普关税直播：贸易战或升级，中国拒绝美国“勒索”；市场趋稳

The Korea Composite Stock Price Index (KOSPI) in Seoul, April 8, 2025. REUTERS/Kim Soo-hyeon
2025 年 4 月 8 日，韩国首尔的韩国综合股价指数(KOSPI)。路透社/Kim Soo-hyeon

World markets won a reprieve on Tuesday after three days of heavy selling that wiped trillions of dollars off the value of shares.
在经历了三个交易日的抛售，导致股市市值蒸发数万亿美元后，全球市场周二获得喘息之机。

But the mood was cautious with a focus on whether Washington might negotiate on some of its aggressive tariffs.
但市场情绪谨慎，关注焦点在于华盛顿是否可能就其激进的关税进行谈判。

Asia stocks bounced off 1-1/2 year lows and European shares opened broadly higher.
亚洲股市从一年半低点反弹，欧洲股市普遍高开。

U.S. stock futures pointed to a positive open for Wall Street where shares fell to their lowest in over a year on Monday, before steadying.
美国股指期货预示华尔街将高开，此前华尔街股市周一跌至一年多来的最低点，之后企稳。

U.S. 10-year Treasury yields were steady after posting their biggest one-day jump in a year on Monday.
美国 10 年期国债收益率持稳，此前在周一创下一年来最大单日涨幅。

The dollar, which has taken a beating from the tariff turmoil, remained weak against other major currencies.
美元受到关税动荡的打击，对其他主要货币仍然疲软。

"The mood is a little brighter, at least if you are looking at certain markets such as Japan which might be a priority for trade deal but there is lots of uncertainty," said Chris Scicluna, head of economic research at Daiwa Capital Markets in London.
伦敦大和资本市场(Daiwa Capital Markets)经济研究主管克里斯•西克卢纳(Chris Scicluna)表示:“市场情绪略有好转，至少如果你关注的是日本等某些市场，这些市场可能是贸易协议的优先考虑对象，但仍存在很多不确定性。”

"Markets could continue to be extremely volatile."
“市场可能继续极度波动。”

Read the full report.
阅读完整报告。

FILE PHOTO: New York Stock Exchange (NYSE), New York City, U.S., April 7, 2025. REUTERS/Kylie Cooper
文档照片：美国纽约市，纽约证券交易所 (NYSE)，2025 年 4 月 7 日。路透社/Kylie Cooper

U.S. stock index futures edged higher on Tuesday after taking in trillions of dollars in losses since last week.
美国股指期货周二小幅走高，此前自上周以来已损失数万亿美元。

At 04:27 a.m. ET, futures up: Dow 1.69%, S&P 500 1.11%, Nasdaq 0.91%
美东时间 04:27，期货上涨：道琼斯指数上涨 1.69%，标准普尔 500 指数上涨 1.11%，纳斯达克指数上涨 0.91%

Most megacap and growth stocks ticked higher in premarket trading, with Tesla, Amazon, Meta and Nvidia rising close to 2% each.
大部分大型股和成长股在盘前交易中小幅上涨，特斯拉、亚马逊、Meta 和英伟达均上涨近 2%。

Uncertainty, however, persisted after China said on Tuesday it will never accept the "blackmail nature" of the U.S. to Trump's threat to ratchet up tariffs on imports from China.
然而，在中国周二表示绝不接受美国对特朗普威胁提高中国进口商品关税的“敲诈勒索性质”后，不确定性依然存在。

This was in response to China's decision to match 'reciprocal' duties he initially unveiled last week.
这是对中国决定对等回应他上周最初公布的“互惠”关税的回应。

Read more  阅读更多

FILE PHOTO: Chinese flag and a stock graph in illustration picture taken April 30, 2024. REUTERS/Dado Ruvi
资料图片：2024 年 4 月 30 日拍摄的插图照片，显示中国国旗和股票图表。REUTERS/Dado Ruvi

China and Hong Kong stocks rose on Tuesday after falling on Monday.
中国和香港股市周二上涨，此前周一下跌。

Beijing has publicly stepped up efforts to stabilize the market.
北京已公开加大力度以稳定市场。

Sovereign fund Central Huijin Investment, dubbed the "national team," said it has bought China-listed shares via exchange-traded funds and will continue to increase holdings to "safeguard the smooth operation of the capital market."
被称为“国家队”的主权基金中央汇金投资表示，已通过交易所交易基金购买了中国上市股票，并将继续增持股份，以“维护资本市场的平稳运行”。

Several Chinese state holding companies have followed suit and vowed on Tuesday to increase share investments, while a slew of listed companies announced share buy-backs to support prices.
几家中国国有控股公司也纷纷效仿，周二承诺增加股票投资，同时一批上市公司宣布股票回购以支撑股价。

China's financial regulator also plans to raise the upper limits for insurance funds' investment in the stock market, as part of action taken to increase support for capital markets.
作为增加对资本市场支持的行动的一部分，中国金融监管机构还计划提高保险资金投资股票市场的上限。

"In extreme market conditions, we believe institutions like Central Huijin still have substantial capacity to further increase holdings to stabilise the market," UBS China equity strategist Lei Meng said in a note.
瑞银中国股票策略师雷萌在一份报告中表示：“在极端的市场条件下，我们认为像中央汇金这样的机构仍有相当大的能力进一步增持股份，以稳定市场。”

Such long-term capital acts as a stabilizing force in the market and should help to reduce equity risk premiums, he added.
他补充说，这种长期资本在市场中起着稳定作用，应有助于降低股票风险溢价。

Here's the full story.
这是完整的故事。

FILE PHOTO: The Deka Investments logo in Duesseldorf, April 27, 2016. REUTERS/Wolfgang Rattay
文档照片：2016 年 4 月 27 日，杜塞尔多夫的 Deka Investments 标志。路透社/Wolfgang Rattay

Deka, one of Germany's largest fund managers, sharply criticised Trump's tariffs on Tuesday, saying they could lead to lower growth and high volatility in the markets for months.
德国最大的基金管理公司之一 Deka 周二猛烈抨击了特朗普的关税政策，称这些政策可能导致经济增长放缓，并导致市场在未来几个月内出现高波动性。

"Instead of 'Make America Great Again', Trump is working on the project 'Make America less important'. Both economically and geopolitically," said Matthias Danne, a Deka board member.
"Deka 董事会成员马蒂亚斯·丹纳表示，特朗普不是在“让美国再次伟大”，而是在致力于“让美国变得不那么重要”的项目。无论是在经济上还是在地缘政治上都是如此。"

Danne said the plans would lead, in the short term, to a reduction of gross domestic product of 1.75 percentage points for the United States.
丹纳表示，这些计划短期内将导致美国国内生产总值减少 1.75 个百分点。

That is half a percentage point for the euro zone and 0.75 of a percentage point for the global economy.
欧元区将减少 0.5 个百分点，全球经济将减少 0.75 个百分点。

The markets are definitely showing an air of (relative) calm so far on Tuesday.
市场在周二的表现无疑显示出一种（相对）平静的气氛。

In Europe, the STOXX 600 is up 1.5%, which would normally catch the attention of even the most laid-back market watcher.
在欧洲，斯托克 600 指数上涨 1.5%，这通常会引起即使是最悠闲的市场观察者的注意。

But, given the index has just lost 10% in a week, in one of the most aggressive selloffs on record, Tuesday's rally looks a bit like a drop in the ocean.
但鉴于该指数在一周内下跌了 10%，创下了有记录以来最激烈的抛售之一，周二的反弹看起来有点像杯水车薪。

Monday's whipsaw action in stocks and bonds seems to have died down for now, leaving investors to tiptoe back into those areas of the market that have been worst hurt by the tariff-related rout.
股市和债市周一的剧烈波动似乎暂时平息，投资者开始小心翼翼地回到那些受关税相关暴跌打击最严重的市场领域。

The safe-havens of the currency market - the Japanese yen and the Swiss franc - are firmer.
货币市场的避险天堂——日元和瑞士法郎——走势坚挺。

But so are a raft of other currencies, including the euro, pound and Australian dollar.
但包括欧元、英镑和澳元在内的其他一系列货币也是如此。

Gold has found its feet above $3,000 an ounce again, while crude has stabilised around $65 a barrel.
黄金价格再次站稳在每盎司 3000 美元以上，而原油价格则稳定在每桶 65 美元左右。

But this may be a case of "buyer beware", according to prominent hedge fund founder Boaz Weinstein.
但根据著名对冲基金创始人博阿兹·温斯坦的说法，这可能是一个“买者自负”的案例。

On Monday he told Bloomberg "the avalanche has only really just started" and rather than buying the dip, investors should consider selling it.
周一，他告诉彭博社，“雪崩实际上才刚刚开始”，投资者不应逢低买入，而应考虑卖出。

No market falls uninterruptedly, so to see a bounce is not a surprise. Stocks rally even in a market that is trending lower.
没有哪个市场会不间断地下跌，所以看到反弹并不奇怪。即使在趋势向下的市场中，股票也会上涨。

Yet bear market bounces can be treacherous. Trading conditions are often super-volatile and liquidity is often thin, meaning all it can take is one headline that the market doesn't like and everything unravels.
然而，熊市反弹可能暗藏危机。交易环境通常极不稳定，流动性往往不足，这意味着只需要一个市场不喜欢的消息，一切就会崩溃。

FILE PHOTO: China Shipping (North America) Holding Company Ltd. facility at the Port of Los Angeles, February 4, 2025. REUTERS/Mike Blake
文档照片：2025 年 2 月 4 日，中国海运（北美）控股有限公司在洛杉矶港的设施。REUTERS/Mike Blake

Chinese manufacturers of goods from tableware to flooring are flagging profit warnings, scrambling to plan new overseas plants or accelerate offshore projects, while haggling with customers over prices as they reel from Trump's tariffs.
从餐具到地板的中国商品制造商纷纷发出盈利预警，争先恐后地计划新的海外工厂或加速离岸项目，同时在特朗普的关税政策下，与客户就价格问题争论不休。

"It's like throwing darts blindfolded. You don't know what direction you're going in. You don't know where the tariffs are going to land," said Larry Sloven, who has sourced from China for major U.S. retailers for more than three decades.
"这就像蒙着眼睛扔飞镖。你不知道你要往哪个方向走。你不知道关税会落在哪里，”拉里·斯洛文说，三十多年来，他一直为美国主要零售商从中国采购商品。

"Once the hammer drops, you don't know where the hammer will fall after that."
"一旦锤子落下，你不知道接下来会落在哪里。"

Last week, Trump introduced an additional 34% tariff on Chinese goods, bringing the total duties on China this year to 54% and sending global stock markets tumbling.
上周，特朗普对中国商品额外征收了 34%的关税，使今年对中国的关税总额达到 54%，并导致全球股市暴跌。

For many, Trump's blanket tariffs threaten to upend supply chains, and navigating the twists and turns of business negotiations and trade policy has become increasingly difficult.
对许多人来说，特朗普一刀切的关税威胁到供应链，而且驾驭商业谈判和贸易政策的曲折变化变得越来越困难。

His world-wide tariffs strike Chinese exporters' two main strategies to blunt the impact of the trade war: moving some production abroad and increasing sales to non-U.S. markets.
他的全球关税打击了中国出口商为减轻贸易战影响而采取的两大主要策略：将部分生产转移到国外，以及增加对非美国市场的销售。

Read the full analysis.
阅读完整分析。

EU Commission President Ursula von der Leyen called on Tuesday for China to ensure a negotiated solution to problems caused by the sweeping import tariffs imposed by U.S. President Donald Trump.
欧盟委员会主席乌尔苏拉·冯德莱恩周二呼吁中国确保通过谈判解决美国总统唐纳德·特朗普实施全面进口关税所造成的问题。

In a phone call with China's Premier Li Qiang, von der Leyen "stressed the responsibility of Europe and China, as two of world's largest markets, to support a strong reformed trading system, free, fair and founded on a level playing field," her office said in a statement.
冯德莱恩的办公室在一份声明中表示，在与中国总理李强通电话时，冯德莱恩“强调了欧洲和中国作为世界两大市场，有责任支持一个强大的、改革后的贸易体系，该体系是自由、公平且创建在公平竞争的基础上的”。

Both politicians discussed setting up a mechanism to track possible trade diversion caused by the tariffs, von der Leyen's office said, as the EU fears China will redirect cheap exports from the U.S. to Europe.
冯德莱恩的办公室表示，双方政界人士讨论了创建一种机制，以追踪关税可能造成的贸易转移，因为欧盟担心中国会将来自美国的廉价出口产品转移到欧洲。

Gold's latest gallop to all-time highs has drawn comparisons with the last time political and economic turmoil were the main drivers of record prices, back in 1980.

But market players say the nature of this rally - and potentially its ability to endure - look different.

With tensions running high between historic allies over U.S. tariffs, global trade, and wars in Ukraine and the Middle East, big powers look unlikely to pull together swiftly this time to resolve the issues driving interest in bullion as a haven from risk, analysts say.

The metal's surge above $3,000 an ounce, driven most recently by Trump's new round of tariffs, has been the first time in a long time that geopolitics and economic uncertainty have served as the top factors moving the gold market, HSBC analyst James Steel said.

While the market's trajectory won't be linear, analysts say gold's entry into uncharted territory looks more sustainable than the one seen 45 years ago.

As the precious metal has an inverse correlation with trade flows, analysts said Trump's stance on tariffs has driven new investors into gold, fueled by fear of an all-out trade war.

The dollar is also typically known to be a safe-haven asset, but there are some signs of the erosion of its status as uncertainty over tariffs intensifies.

Read the full analysis.

As Washington and Beijing ramp up rhetoric that threatens to escalate into a full blown trade war, Chinese-American business owners in California are feeling stuck between a rock and a hard place.

The trade war is in full swing.

Trump said the tariffs - a minimum of 10% for all U.S. imports, with targeted rates of up to 50% - would help the United States recapture an industrial base that he says has withered over decades of trade liberalization.

"It's the only chance our country will have to reset the table. Because no other president would be willing to do what I'm doing, or to even go through it," he told reporters at the White House.

Investors and political leaders have struggled to determine whether Trump's tariffs are permanent or a pressure tactic to win concessions from other countries.

Treasury Secretary Scott Bessent met with Trump in Florida on Sunday, Politico reported, to urge him to emphasize striking trade deals with partners in order to reassure the markets that there is an endgame to the U.S. strategy.

Administration officials say dozens of other countries have reached out with the hope of heading off the tariffs due to take effect on Wednesday.

European shares bounced off 14-month lows in early trading on Tuesday.

This follows four straight sessions of heavy selling, although investors' mood remained sensitive to tariff-related developments.

The pan-European STOXX 600 rose 1% by 0709 GMT, after shedding 12.1% in just the past four sessions.

As of Monday's close, the index declined 17.9% from its all-time high hit on March 3.

"For the time being, this is more likely to be a temporary bounce rather than any full-fledged recovery, just because the fundamentals which caused the sell off haven't actually changed as of yet," said Fiona Cincotta, senior market analyst at City Index.

China will continue to take resolute and forceful measures to safeguard its legitimate right for development, ministry spokesperson Lin Jian told a regular news briefing.

China's commerce ministry said in a statement: "the U.S. side's threat to escalate tariffs against China is a mistake on top of a mistake, once again exposing the American side's blackmailing nature."

"If the U.S. insists on having its way, China will fight to the end."

The United States is starting to resemble an emerging market more than a developed country, Euronext's CEO Stephane Boujnah said on Tuesday.

"Fear exists all over," the head of the pan-European stock exchange operator told France Inter radio.

"The country (United States) is unrecognizable and we are living in a transition period. There is a certain form of mourning, because the United States that we had known for the most part as a dominant nation resembled the values and institutions of Europe and now resembles more an emerging market."

Boujnah said global financial markets were rotating assets and were trying to adapt to a United States that they do not recognize after Trump announced global tariffs on imports.

Boujnah said there was some good news in that oil prices and long-term rates were down, and that there were flows of money leaving the United States to be re-invested in Europe.