Trump: Japan is flying here to make a deal and so is South Korea. I've had tariffs talks with more than 70 countries. Tariffs are on.

Fitch Ratings: US tariffs have a mixed fiscal impact and will not solve underlying challenges.

TREASURY 10-YEAR YIELD RISES 10 BASIS POINTS ON DAY TO 4.28%

Fitch Ratings: Stabilising US debt/GDP will be challenging as long as long-term spending pressures remain unaddressed.

📉 Snapshot
- Equities: Down
- Treasuries: Down
- Crude: Down
- Dollar: Down

📊 Equities

S&P 500: –1.57% at 4,983
Nasdaq 100: –1.95% at 17,090
Dow Jones: –0.84% at 37,646
Russell 2K: –2.57% at 1,764

Bloomberg: The ProShares Ultra Crude oil fund just had its biggest outflow since 2020, as traders take profits from bets that oil prices would fall during a 4-day slump. This is a peak fear signal.

The US imports over $1bn per day from China. With >100% tariffs hitting in 7h, the US Customs will begin taxing importers ~$1bn per day on China goods alone.

Distribution of US Investor Exposure. Investor exposure is now in the bottom 1% of historical risk appetite. This is the time to go contrarian with an inevitable monetary inflation event.

Jim Bianco: Tariffs have broken the bond market. The 30 year yield is now 5% after rising 0.67% in 3 days. The last time yields rose this much in 3 days was 1982. This kind of historic move is caused by a forced liquidation, not human managers making decisions about the outlook for rates. While technically possible, I don't think China is selling. -tweets

Trump's China tariff and a dozen other tariffs went into effect 1 hour ago

1 year inflation swap is rising sharply while 5 and 10 year inflation swaps have actually gone down reflecting expections. While investors are expecting prices to go up in the short run, they also expect a recession & sharp slowdown in the long term.

China launches comprehensive market rescue: PBOC, Central Huijin (sovereign wealth fund), state owned enterprises, and regulators are deploying real capital, backstops with buybacks, long-term liquidity, and reform measures.
[Chinese capital injections are strongly correlated with BTC ATHs]

SOURCES: CHINA IS UNDERTAKING LARGE-SCALE SELL-OFF OF U.S. TREASURIES

ProShares UltraPro QQQ ETF TQQQ (3x long QQQ ETF) saw a $1.5 Billion inflow within the last few days, the largest daily inflow in history

The RSI of SPY (an S&P500 ETF) is at the COVID bottom level

China Commerce Ministry: China is unwilling to fight a trade war, but the Chinese government will never sit idly by and watch the legitimate rights and interests of the Chinese people be damaged and deprived. China has a firm will and abundant means, will resolutely counteract and fight to the end -Xinhua

Bank of Indonesia says it will act boldly to maintain market stability without cutting rates as it blames Trump’s 104% China tariff for rupiah's record low since 1998. -Reuters [global hyperinflation => capital flight in every country across the globe => crypto]

China Central Bank (PBOC) asks major state-owned banks to reduce us dollar purchases, and to withhold dollar purchase for proprietary accounts. PBOC asks state banks to strengthen checks executing orders for clients. PBOC will not resort to immediate sharp yuan depreciation to counteract impact from us tariffs.