EU fears flood of goods from tariff-shocked China
Analysts warn of a flood of cheap Chinese goods into the EU after the US tariffs on China, writes the Financial Times. Deutsche Bank's chief economist Robin Winkler believes that Chinese manufacturers will try to sell their products in Europe and other regions when they are now faced with "a formidable tariff wall in the US".
- The immediate trade shock for Asia will probably reverberate back to Europe, Winkler tells the newspaper.
The Union is now preparing emergency tariffs to protect itself against an explosion of Chinese goods, according to EU sources. An increase in cheap Chinese goods would put further pressure on European manufacturers already struggling with Donald Trump's new 20 percent tariffs on the EU, writes the FT.
Continued in the red in Asia – Tokyo Stock Exchange Crashes
Asian stock markets took a heavy hit on Friday after Wall Street recorded its worst trading day since 2020 in the wake of Donald Trump's tariffs.
Around $2.5 trillion went up in smoke in yesterday's US decline, notes Bloomberg. The broad-based S&P500 and tech-heavy Nasdaq100 accounted for their biggest declines in five years.
The Stockholm Stock Exchange is falling sharply in the wake of China's tariff response, as are other markets on the continent.
Asian stock markets fell to a new two-month low with Japan's Nikkei leading the way, falling 2.8 percent. In parallel, the Korean Kospi is falling 0.9 percent, after President Yoon Suk-Yeol was impeached. Stock exchanges in mainland China and Hong Kong are closed for the Chinese holiday festival of Qingming.
In the currency and fixed income markets, the dollar is falling against a basket of currencies, while the rush into US government bonds continues.
Analysts warn of a flood of cheap Chinese goods into the EU after the US tariffs on China, writes the Financial Times. Deutsche Bank's chief economist Robin Winkler believes that Chinese manufacturers will try to sell their products in Europe and other regions when they are now faced with "a formidable tariff wall in the US".
- The immediate trade shock for Asia will probably reverberate back to Europe, Winkler tells the newspaper.
The Union is now preparing emergency tariffs to protect itself against an explosion of Chinese goods, according to EU sources. An increase in cheap Chinese goods would put further pressure on European manufacturers already struggling with Donald Trump's new 20 percent tariffs on the EU, writes the FT.
Continued in the red in Asia – Tokyo Stock Exchange Crashes
Asian stock markets took a heavy hit on Friday after Wall Street recorded its worst trading day since 2020 in the wake of Donald Trump's tariffs.
Around $2.5 trillion went up in smoke in yesterday's US decline, notes Bloomberg. The broad-based S&P500 and tech-heavy Nasdaq100 accounted for their biggest declines in five years.
The Stockholm Stock Exchange is falling sharply in the wake of China's tariff response, as are other markets on the continent.
Asian stock markets fell to a new two-month low with Japan's Nikkei leading the way, falling 2.8 percent. In parallel, the Korean Kospi is falling 0.9 percent, after President Yoon Suk-Yeol was impeached. Stock exchanges in mainland China and Hong Kong are closed for the Chinese holiday festival of Qingming.
In the currency and fixed income markets, the dollar is falling against a basket of currencies, while the rush into US government bonds continues.
On the commodity side, oil prices continue to fall and are now trading around $64 a barrel after OPEC raised its May production three times more than expected. The price of gold is trading stable after turning down slightly from its recent peak of just over $3,100.
Asian stock markets:
Nikkei: −2.6%
Shanghai: Closed
Shenzhen: Closed
Hang Seng: Closed
Kospi: −0.5%
Wall Street yesterday
• S&P500: −4.8%
• Nasdaq: −6.0%
• Dow Jones: −4.0%
Asian stock markets:
Nikkei: −2.6%
Shanghai: Closed
Shenzhen: Closed
Hang Seng: Closed
Kospi: −0.5%
Wall Street yesterday
• S&P500: −4.8%
• Nasdaq: −6.0%
• Dow Jones: −4.0%
Stockholm stock Exchange yesterday
OMXSPI: +1.0%
OMXS30: +0.6%
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