Another video posted on the X page of state-run news agency Xinhua, also generated by AI, shows a robot named TARIFF that chooses to self-destruct rather than follow its creator's orders for high #tariffs that bring "trade wars & unrest".

#China has sharply criticised the #US tariffs, which have triggered the biggest #stockmarket rout since the pandemic, & retaliated on Friday w/import duties & export curbs of its own.

"'Liberation Day', you promised us the stars. But #tariffs killed our cheap Chinese cars," an automated female voice sings in a video on the website of China's CGTN, a state-run English-language broadcaster. It appears with a shot of a woman at a kitchen table staring at an empty fork. The 2-min, 42-sec clip, was captioned with a warning: "Track is AI-generated. The debt crisis? 100% human-made." [they’re not wrong]

US #stocks extended already deep losses as traders focused on remarks from #FederalReserve Chair #JeromePowell amid global economic turmoil caused by #Trump’s sweeping #tariffs.

The S&P 500 was last down 4.3%, while the Nasdaq was down by about the same amount.

#Oil plunged to its lowest level since 2021 & commodities including #NaturalGas & #soybeans also dived as #China retaliated against #Trump's aggressive tariffs.

"We've taken a step back & we're watching to see what the policies turn out to be & the ways in which they will affect the #economy. Then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that." thanks to #Biden / #Bidenomics]

#TheFed, he added is in the same place as everyone else, awaiting clarity on policies.
[again, cuz shit is crazy]

#JeromePowell signaled that #TheFed would not be making any hasty decisions on #InterestRates.

"It's a good time to take a step back & let things clarify. That's why it's just too soon to say what the appropriate monetary policy response will be to these new policies. It is just too soon to say. We can't say with any confidence today." [cuz shit is crazy]

#JeromePowell says #TheFed does not forecast #recession probability.

"We don't actually, we don't make a probability forecast of how likely it is for there to be a recession, but many outside forecasters do, & many of them have raised the likelihood, …there's not much more I can say about that."

Powell stressed that he did not want to be part of a political discussion about #policy.

The Fed is not responsible for #trade, #immigration, fiscal or other policies.

Q & A:

#FederalReserve chair #JeromePowell was asked about recent #Trump comments on the #economy. He said he would not comment.

He also said:

#Unhappiness with economy seems rooted in #inflation persisting.

#Prices aren’t going down, people know they are paying more & are right not to be happy about it.

"The new administration is in the process of implementing substantial policy changes in four distinct areas #trade, #immigration, fiscal policy & regulation [#deregulation]," #FederalReserve chair #JeromePowell said.

"Our monetary policy stance is well positioned to deal with the risks & uncertainties we face as we gain a better understanding of the policy changes & their likely [adverse] effects on the #economy. It is not our role to comment on those policies."

Acc/to Olu Sonola, an economist at Fitch Ratings, the average #US #tariff rate on all imports will be ~22%, a rate last seen around 1910 [you, know what led up to the #GreatDepression]. “This is a game changer, not only for the US economy but for the global #economy,” Sonola said in a statement. “Many countries will likely end up in a #recession.”

…The levies #Trump announced on Wed are separate from the ones he has already imposed on #steel, #aluminum, & foreign-made #cars & parts. Taken as a whole, his tariffs represent a dramatic expansion from the more narrowly targeted duties he imposed in his first term—some of which the Biden Admin retained—& a final nail in the coffin for the open #trading environment that reigned before 2016.

After weeks of nervous anticipation in the #financial #markets & in the capitals of America’s #trading partners, #Trump’s “Liberation Day” #tariffs have arrived, &, even by his standards, they are shockingly high & wide-ranging. “For decades our country has been looted, pillaged, raped, & plundered by nations near & far,” Trump said on Wed to a crowd at the WH that included members of #UAW, & also elected #Republicans.

#China announced the #RareEarth #minerals controls late on Friday as part of a broader package of #tariffs & company restrictions in #retaliation for #Trump's decision to hike tariffs against most Chinese products to 54%.

China announced additional tariffs of 34% on #US goods.

It added 11 entities to the "unreliable entity" list.

And it filed a complaint at the World Trade Organization #WTO.

#Trump #economy #geopolitics #inflation #recession #trumpcession #ETTTTS
https://www.reuters.com/markets/europe/europe-prepares-response-trump-tariffs-global-markets-plunge-2025-04-04/

In case you’re unfamiliar: #ETTTTS - Everything Trump Touches Turns To Shit

#Oil has yo-yoed both on supply-&-demand issues but also the #MiddleEast ceasefires between #Israel & #Hamas & #Hezbollah that already look under threat.

Q2 doesn't look like it is going to get any easier on the whole.

#Trump will be detailing his grand #global #tariff plan he has dubbed ‘liberation day' on Wednesday. For investors, the big question is whether it will end up triggering #recessions.

#Bitcoin has been volatile as usual. It raced up almost 20% when #Trump took office, only to dive nearly 30% when his plans for a #US #cryptocurrency reserve failed to impress.

And if you think that's bad just look at #Musk’s #Tesla share price versus its main rival #BYD since inauguration day. Ouch.

At the bottom of the FX pile are #Turkey's #lira & the #Indonesian #rupiah. The former is down nearly 7%, much of it after #Erdogan's main political rival was detained last week.

The rupiah, meanwhile, has hit its lowest since the 1998 Asian financial crisis amid worries about #Jakarta's finances & that it is sliding back towards #military domination.