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.
There are encouraging indications of recovery following U.S. President Donald Trump’s destruction, or at least fragmentation, of international supply chains and trade ties. The nation is “very close to some deals,” U.S. Treasury Secretary Scott Bessent told CNBC on Monday.
A tense bilateral relationship since January may be resolved when newly elected Canadian Prime Minister Mark Carney meets Trump at the White House on Tuesday. Additionally, Bessent will meet with Chinese Vice Premier He Lifeng this week in Switzerland to discuss trade.
Once more, however, comes the hurricane that is Trump. They must sign agreements with us; we are not required to do so. They are interested in our market. During his discussion with Carney, Trump declared, “We don’t want a piece of their market,” defying top White House officials who had said for weeks that the administration’s primary objective is making agreements like this. His remarks caused the markets to drop.
Ironically, other nations may benefit from stronger economic connections with the United States due to its increased protectionism. A bilateral trade deal between the United Kingdom and India will eliminate tariffs on most goods within ten years. Malaysian Prime Minister Anwar Ibrahim said Monday that ASEAN and China will meet on May 19 to discuss enhancing a free-trade deal.
In the wake of Trump’s tariffs, new bridges might be constructed. However, those ties might circumvent the United States, which Trump claims doesn’t require agreements.
What To Note Today
U.S. and China Officials to Hold Economic Talks in Switzerland
According to NBC News, top U.S. economic officials Scott Bessent and Jamieson Greer will meet with China’s Vice Premier He Lifeng in Switzerland this week to discuss trade and economic ties.
UK-India Ink Long-Term Tariff-Free Trade Deal
The U.K. and India have finalized a trade pact to eliminate tariffs on most goods traded between the two nations within 10 years. Both governments confirmed that key U.K. exports like whisky and cars will benefit from immediate tariff cuts.
China Cuts Key Rates to Boost Economy
China’s central bank is cutting interest rates and easing bank reserve requirements to inject over $138 billion in liquidity into the economy, part of efforts to stimulate growth, the PBOC announced Wednesday.
U.S. Markets Dip on Trade Tensions, While Asia Gains
U.S. stocks fell for a second day amid renewed trade rhetoric from Trump. Meanwhile, Hong Kong’s Hang Seng Index surged 2% on China’s monetary easing before trimming gains.
AMD Beats Estimates but Warns on AI Chip Export Costs
AMD surpassed earnings expectations and gave strong guidance despite factoring in $800 million in costs tied to U.S. AI chip export restrictions. Nvidia’s CEO noted China’s AI market could hit $50 billion soon.
India Launches Strikes on Alleged Terror Sites in Pakistan
India announced pre-dawn military strikes on terror-linked sites in Pakistan and Pakistan-administered Kashmir, following a deadly attack in Jammu and Kashmir last month that killed 26.
JPMorgan: U.S. No Longer a Safe Bet if Global Growth Slows
U.S. markets may no longer offer haven status during global economic slowdowns, according to JPMorgan’s Mislav Matejka, who warns U.S. outperformance may be fading.
Chinese Tourism Booms Despite Sluggish Consumer Spending
Tourism in China is surging, with over 314 million domestic trips made during the May Day holiday. Sites like the Yungang Grottoes saw record footfall, fueled by pop culture tie-ins and post-pandemic travel demand.
