WTO on US-China trade tensions: A division of the global economy into two Blocs could lead to a long-term reduction in global real GDP by nearly 7%.

President Trump's 90-day tariff pause does not apply to China, whose tariff was raised to 125% effective immediately. The 90-day pause on reciprocal tariffs is only for countries that have not retaliated.

US Treasury Secretary Bessent: We will see what China does.

QQQ up 10% now, if it holds it's the best single day since 2008

Trump Trade Adviser Navarro: This has unfolded exactly the way it should. [China has taken the bait.]

In a trade war, most countries are caught between a rock and a hard place because they have to cut rates in a hyperinflationary environment, which leads to more inflation. The US currently has a 3rd option no other country has, thanks to USD's global reserve currency status. If the tariff war intensifies, Xi will inevitably have to dump Treasuries to keep the yuan afloat. Normally, this would push yields into crisis territory, trigger a Fed intervention, and weaken the USD. But will that happen if, on the other side, we have stablecoin issuers that buy Treasuries to meet increasing stablecoin demand from capitals fleeing the Chinese yuan? This is why we will most likely see the total stablecoin market cap balloon to new highs as the financial war intensifies. Trump seems to have a way out, but China seems completely trapped. Cryptos will fly.
– Bull Case Insider

Goldman Sachs rescinds recession call after Trump tariff pause

Spot silver rises 3%

ECB's Villeroy: I salute the start of the US' return to economic reason.
ECB's Villeroy: I don't expect an increase of inflation in Europe and France.
ECB's Villeroy: Tonight, US unpredictability is positive. Protectionism is still a bad policy.
ECB's Villeroy: US unpredictability hurts growth and confidence.
ECB's Villeroy: US politics is marked by huge unpredictability.

The V-shaped market playbook

Trump: China is the biggest abuser in history. Last year China made $1tn off trade with the United States and now I reversed it. Somebody had to do it. I'm honored to have done it. China wants to make a deal but doesn't know how to go about it. I'm sure they will figure it out.

S&P 500 SEES LARGEST ONE-DAY GAIN SINCE OCT 28, 2008; NASDAQ HITS BIGGEST GAIN SINCE JAN 3, 2001; DOW'S LARGEST JUMP SINCE MARCH 24, 2020

Historic.

Fentanyl tariffs on Canada and Mexico remain unchanged. -White House

US Commerce Secretary Lutnick: The US expects the EU will delay planned tariff retaliation.

Trump: I would talk or meet with China’s President Xi.

Trump: I don't want US steel to go to Japan. We love Japan, but US Steel is a very special company.

Trump: Everybody wants to make a deal on tariffs

SEC: Approves listing and trading of options on the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust.

Trump: I'm not concerned about escalation with China outside trade war.