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- China says it will take “resolute and forceful” measures as 104% tariff take effect, S&P futures flat
China says it will take “resolute and forceful” measures as 104% tariff take effect, S&P futures flat
Bay Area Times
April 09, 2025
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Top stories today:
- China plans “resolute and forceful” measures as 104% tariff take effect
- Trump thinks U.S. has “resources” needed to make iPhones
- Google’s Deep Research powered by Gemini 2.5 Pro Exp. now available
- a16z said to be seeking to raise $20B megafund for U.S. AI startups
- Elon revives X with xAI merger, cost cuts, Trump ties
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. China says it will take “resolute and forceful” measures as 104% tariff take effect, S&P futures -0.3%
86 trading partners start seeing U.S. tariffs.
“Major” pharmaceutical tariffs on the way, according to Trump.
South Korea and Japan talks were previewed by Trump.
The 30-year 3-day yield spike was at levels last seen in 2020, taking it to 4.85%
China’s offshore yuan has fallen 1.1% to a record 7.4290 per dollar as the PBOC eased its grip
Top China leaders are reportedly meeting as soon as Wed. in response to tariffs.
Leather goods and apparel could be the hardest hit for U.S. consumers under Trump’s tariffs
“Truly a moron”: Elon escalated his spat with Trump adviser Peter Navarro over tariffs
Navarro said Tesla’s role as a “car assembler” may conflict with Trump’s tariff policies.
“[A] good part of the engines that he [Elon Musk] gets, which in the EV case are the batteries, come from Japan and come from China,” Navarro said.
“Bad thing,” Musk remarked about Navarro’s PhD, then deleted it.
Musk reportedly made a “direct appeal” to Trump on tariffs.
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3. Trump thinks U.S. has “resources” needed to make iPhones, but Apple stockpiles inventory
Representational image generated using OpenAI’s ChatGPT.
“[Trump] believes we have the labor, we have the workforce... to do it,” White House Press Secy. Karoline Leavitt said, when asked about iPhone manufacturing.
Feb.: $500B in the U.S. over next 4 years announced by Apple.
Leavitt referred to that investment for the iPhone manufacturing.
Apple stockpiled iPhone inventory from India and other markets ahead of Trump tariffs.
4. Google’s Deep Research powered by Gemini 2.5 Pro Experimental now available
Google says it is much preferred to ChatGPT’s Deep Research:
