This report is from today’s TNC’s Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.
Investor portfolios have been negatively impacted by U.S. President Donald Trump’s tariffs and the consequent measures of other countries. Following the announcements, markets mostly fell globally, and the sell-off continued into Monday.
In a late Friday Truth Social post, U.S. President Donald Trump urged Americans to “hang tough” and stated that “it won’t be easy.” Trump and his administration have been defiant.
The European Union reportedly prepared tariffs over the weekend to target up to $28 billion in U.S. imports, the most recent development in this battle. Last Monday, Canada and China also declared punitive actions.
It is difficult to imagine what “victory” looks like for Trump, who stated in 2018 that “trade wars are good, and easy to win!” in light of these market losses, the anticipated increase in consumer prices, and the heightened likelihood of a recession due to tariffs.
What To Note Today
Markets Likely To Keep Falling
Monday morning saw a decline in U.S. stock futures, indicating a third day of losses following a two-day historic stock market rout. Futures for the Dow Jones Industrial Average dropped 1,033 points, or 2.68%, indicating that Monday will be another tough session. Futures for the S&P 500 fell 3.34%. As investors proceeded to liquidate their one-time tech winners to raise money, Nasdaq-100 futures saw a 4.26% decline. As worries about a worldwide trade war stoked a risk-averse mindset, Asia-Pacific markets continued their sell-off on Monday. The Hang Seng Index fell 10.37%, putting Hong Kong markets at the forefront of the region’s losses. The Mainland, The CSI 300 in China, dropped 6.31%.
Top hedges against tariffs are the Swiss franc and the Japanese yen.
Investors gravitate toward safe-haven assets due to U.S. President Donald Trump’s recent sweeping reciprocal tariffs. Bonds, the Swiss franc, the Japanese yen, and other “exotic” assets have become some of their most popular hedges.
Crypto Enters The Crowd
As investors prepared for further turmoil in the financial markets, Bitcoin dropped below the $79,000 barrier on Sunday. Concerns about the global recession outweigh any legislative tailwinds that cryptocurrency was supposed to gain from this year. The cryptocurrency is down 15% in 2025 and, barring a crypto-specific catalyst, is predicted to continue sliding in lockstep with stocks.
Commerce Secretary Lutnick: “Tariffs Are Coming”
The White House will not delay the start date of reciprocal tariffs on April 9, according to Commerce Secretary Howard Lutnick. Lutnick stated in an interview with CBS’s “Face the Nation” on Sunday that “the president needs to reset global trade,” adding that “they are definitely going to stay in place for days and weeks.” We have a trade deficit while everyone else has a trade surplus.
Recession Concerns Dismissed By Bessent
Treasury Secretary Scott Bessent said on Sunday that President Donald Trump and his administration are “building the long-term economic fundamentals for prosperity,” dismissing Americans’ worries about the state of their retirement plans and a possible upcoming recession.
End Notes
China Responds to Trump Tariffs as Global Markets Plunge
China’s Foreign Ministry responded to the United States’ sweeping new tariffs on Saturday, stating that “the market has spoken.” The ministry urged the White House to resolve the escalating trade tensions through “equal-footed consultation.”
The comments came amid a sharp selloff in global markets. U.S. stocks fell for a second straight day on Friday, with all three major indexes plunging more than 5%, fueling fears of a prolonged trade war.
Adding to the turmoil, China’s Finance Ministry announced it would impose a 34% tariff on all U.S. imports starting April 10, escalating the economic standoff and rattling investor confidence worldwide.
