Traders moved aggressively back into traditional safe havens on Thursday as U.S. President Donald Trump sharply escalated his trade offensive against China—even while temporarily easing pressure on other trading partners.
Key Market Reactions
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Japanese Yen (JPY) and Swiss Franc (CHF) surged as risk sentiment shifted.
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Gold prices climbed back toward record highs, buoyed by safe-haven demand.
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U.S. Treasury bonds gained during Asian hours, pulling yields lower and pressuring the U.S. dollar.
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Aussie (AUD) and Kiwi (NZD) initially slipped due to China exposure, but rebounded with equities.
Trade Policy Whiplash: What Happened?
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Trump paused tariffs for 90 days on most countries after just one day of enforcement.
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The “Liberation Day” tariffs, introduced to enforce trade reciprocity, were unexpectedly shelved.
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China was excluded from the tariff pause.
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U.S. imposed 125% tariffs on Chinese imports.
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Beijing responded with 84% duties on U.S. goods.
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“Regardless of how the next 90 days evolve, the U.S.’s international reputation has been eroded,”
— ANZ analysts, in a note to clients.
Currency Volatility in Focus
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The Chinese yuan (CNY):
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Briefly touched its lowest since the 2007–2008 financial crisis
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Later recovered slightly as market volatility stabilized
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Analysts flagged growing unease over:
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The U.S. dollar’s credibility
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Rapid shifts in White House trade policy
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