On April 14, the Trump administration announced the launch of a "national security tariff investigation" on the transistor and electronic product supply chain. This policy directly impacted the global industrial chain, causing U.S. stock futures to plummet 3% and the U.S. dollar index to fall below the 99.01 mark.

Since the U.S. policy of imposing a 25% tariff on imported automobiles and parts came into effect on April 3, it has caused severe shocks in the global trade pattern. Michigan, the core of the U.S. auto industry, continues to see political backlash.

On April 9, 2025, just 13 hours after the high "reciprocal tariffs" imposed by the United States on dozens of trading partners came into effect, the Trump administration suddenly announced a 90-day suspension of tariffs, reducing the tax rate to 10%.

On April 9th ​​local time, the US government officially implemented the "reciprocal tariff" policy, imposing tariffs of up to 104% on 57 trading partners including China, Mexico, and Vietnam. Combined with the 10% basic tax previously levied on all countries, the average tariff rate on US imported goods rose to 19.2%, the highest since the Great Depression of 1930.

On April 8, Beijing time, the European Commission announced at an emergency trade ministers' meeting in Luxembourg that it would adopt a two-track response strategy of "soft and hard measures" to the Trump administration's "reciprocal tariff" policy: on the one hand, it would propose a "zero-to-zero" automobile tariff agreement to start negotiations; on the other hand, it would finalize the timetable for the first batch of countermeasures, demonstrating the game logic of "using peace to promote talks and using war to stop war."

The U.S. non-farm employment market in March showed the characteristics of "total volume exceeding expectations and structural differentiation", with employment resilience and slowing wage growth coexisting, providing complex signals for the Federal Reserve's policy making. Data showed that the seasonally adjusted non-farm payrolls increased by 228,000 in March, far exceeding market expectations of 135,000. The previous value was revised down from 151,000 to 117,000.

The "toughest tariffs in a century" recently announced by the Trump administration are reshaping the global market landscape, triggering a stock market crash, a surge in demand for safe-haven assets, and a widespread spread of market panic. From the influx of funds into gold ETFs to the sharp turmoil in global stock markets, investors are re-evaluating their allocation strategies for risky assets while concerns about a recession are growing.

As global geopolitical tensions intensify and Trump's tariff policy continues to advance, risk aversion in the gold market continues to heat up, and COMEX gold futures prices climbed to US$3,177 per ounce on April 1, 2025, setting a record high.

The Office of the United States Trade Representative (USTR) today released the "2025 National Trade Estimates Report", providing detailed basis for the "non-discriminatory and reciprocal tariffs" policy that will take effect on April 2.

On April 2, 2025, the Trump administration will officially launch the "Global Reciprocal Tariffs" plan, imposing a 25% tariff on imported cars and plans to implement comprehensive tariffs on all trade deficit countries.