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China warns of retaliation against countries cooperating with U.S. trade measures that affect Chinese interests, as Trump administration seeks to use tariffs to limit U.S. partners’ China dealings.
China imposed 125% tariffs on U.S. goods, restricted mineral exports, and blacklisted several U.S. companies. While the future of this trade war is still unclear, Some analysts expect a deal between the U.S. and China within weeks.
China maintained its loan prime rates at 3.1% and 5-year at 3.6% to stabilize the yuan amid U.S. trade tensions. This follows strong economic data, with Q1 GDP growing 5.4% year-on-year. March retail sales and industrial output also exceeded expectations.
The LPRs, unchanged since October, guide corporate and household loans, with the 5-year rate specifically affecting mortgages. The yuan remained stable at 7.2995 against the dollar, with the CSI 300 rising 0.36%.
Despite GDP growth, deflation persists with March CPI falling 0.1% year-on-year. Producer prices dropped 2.5%, marking 29 months of decline.
Asia-Pacific markets were mixed in today’s early trading. Japan’s Nikkei 225 fell 1.33%. South Korea’s Kospi dipped 0.16%. Australia and Hong Kong markets were closed due to holiday.
Markets reacted to Trump’s trade policies and Fed criticism. After Trump called for rate cuts and Powell’s removal, U.S. futures declined.
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