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.
Trump’s tariffs, which include a horrifying 104% duty on Chinese imports, will go into effect in a few hours.
Officials from the Trump administration have been obstinate in defending its trade policy, despite mounting outrage and worry from CEOs and economists. While trade advisor Peter Navarro stated on Friday that tariffs are not negotiable, Treasury Secretary Scott Bessent said on Tuesday that about 70 nations want to talk about agreements with the White House. (It seems to be up for debate whether discussing transactions is a sort of negotiation.)
However, at least one Trump aide seemed dissatisfied with the tariffs. Elon Musk called Navarro, the administration’s chief trade counselor, a “moron” and “dangerously dumb,” without particularly mentioning the White House’s trade policy. Musk plays a crucial role in the Trump administration as the de facto head of DOGE. In addition, he serves as the CEO of the global corporation Tesla.
However, Musk and Navarro’s public dispute is unlikely to halt global commerce, considering how strongly White House officials have been supporting tariffs.
What To Note Today
Tariffs are about to take effect
According to a statement from the department, U.S. Customs and Border Protection will start implementing President Donald Trump’s new tariffs on April 9, 2025, at 12:01 a.m. EDT. A White House official revealed that Trump imposed a 104% duty on Chinese imports in response to China’s retaliatory tariffs. China’s response, according to Treasury Secretary Scott Bessent, “was a big mistake” and a “losing hand” on Tuesday.
The U.S. markets’ initial surge fades
Tuesday saw a decline in U.S. markets, relinquishing gains from an earlier rise. The Dow Jones Industrial Average
Despite being up 3.9% during the day, it lost 0.84%. Over the last four trading sessions, the S&P 500 has lost more than 12%, while the Nasdaq Composite has down more than 13%. The S&P 500 sank 1.57%, while the Nasdaq Composite plunged 2.15%. Insurance stocks had a 4.08% increase, contributing to a 2.72% increase in Europe’s regional Stoxx 600 index.
 Microsoft is once again the most valued firm.
Apple’s 5% decline On Tuesday, the Cupertino-based company’s market value was $2.59 trillion, putting its total losses over the last four days at 23%. Thus, Microsoft, valued at $2.64 trillion, is once more the most valuable public firm in the world. Because of its reliance on China, Apple is being struck the most out of all the IT megacap companies. According to an expert, producing iPhones in the United States is “a thing.”
Musk intensifies his assaults against Navarro
Elon Musk, the CEO of Tesla, called Peter Navarro, Trump’s top trade counselor, “a real moron” on Tuesday. When Navarro said that Tesla is more of a “car assembler” than a car manufacturer, Musk was reacting. “Boys will be boys, and we will let their public sparring continue,” White House press secretary Karoline Leavitt responded when questioned about the feud. Over the last four trading sessions, Tesla’s stock has dropped 22%.
Stocks to gain from trade agreements
Approximately 70 nations have contacted the White House to explore tariff recommendations, according to U.S. Treasury Secretary Scott Bessent. The stocks of businesses with close business ties in those countries may rise if some of those nations reach an agreement first.
Additional Updates
As tariffs affect international aviation, Emirates President Tim Clark issues a warning about “uncharted territory.”
Before Washington announced its most recent global taxes, Emirates President Tim Clark said in an interview taped on March 20 that “we are in troubled times right now.”Â
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Clark noted mounting strains on airlines and the repercussions throughout the aviation supply chain, saying, “It’s uncharted because it involves a measure of reset to a level that the global economy probably hasn’t seen since the financial crisis of 2008-2009.”
The CEO of Emirates provided a scathing analysis of the Trump administration’s intentions, characterizing the trade escalation as a purposeful “trade reset” meant to transform international trade, but cautioning that it would cause “troubled waters” in the meanwhile.
