Gold Prices Hit $3,500; US Slaps Massive Tariffs on Solar Imports
Key Takeaways
- Gold prices exceeded $3,500/ounce, up over a third in 2025.
- US imposed duties up to 3,521% on solar imports from Southeast Asia.
- US stocks tumbled on trade war, Fed concerns; S&P 500 down 2.4%.
- Pakistan seeks more US goods and to remove non-tariff barriers to avoid tariffs.
- EPI calls for pan-European payment solution to counter US, Chinese giants.
Top Stories
Gold prices exceed $3,500/ounce, up over a third in 2025
On 2025-04-21, gold prices surpassed $3,500 an ounce for the first time, marking an increase of over a third in 2025. The report was published on 2025-04-22.
US imposes duties up to 3,521% on solar imports
On 2025-04-21, the US set new duties as high as 3,521% on solar imports from four Southeast Asian countries, potentially impacting renewable power development.
US stocks tumble on trade war, Fed concerns
On 2025-04-21, US stocks tumbled as President Donald Trump called on the Federal Reserve chair to cut interest rates amid signs his trade war is pushing the economy toward recession. The S&P 500 Index closed down 2.4% in New York, while the Nasdaq 100 Index fell 2.5%.
Pakistan seeks more US goods to avoid tariffs
On 2025-04-22, Pakistan Finance Minister Muhammad Aurangzeb stated that Pakistan is looking to buy more goods from the US and remove non-tariff barriers to avoid President Donald Trump’s high tariffs. The report was published on 2025-04-22.
EPI calls for pan-European payment solution
On 2025-04-22, the European Payments Initiative (EPI) called for European payment solutions to unite to create a pan-European solution to counter the dominance of American and Chinese payment giants.
Economic Trends
Modi to visit Saudi Arabia amid trade uncertainties
Indian Prime Minister Narendra Modi is scheduled for a two-day visit to Saudi Arabia starting April 22, 2025, aiming to strengthen ties with the major oil exporter and OPEC+ leader amidst global trade uncertainties.
Tariff Zone
Chinese stocks surge on measures countering US tariffs
Published on 2025-04-22, shares of Chinese companies involved in cross-border trade surged following the government's announcement of measures to counter US tariffs. These measures include bolstering free-trade zones and supporting digital trade, with initiatives such as facilitating biopharmaceutical imports for R&D and enabling qualified firms to offer film post-production services within these zones.
Iron ore prices fall on trade policy worries
On 2025-04-22, iron ore prices fell by as much as 1% due to ongoing worries about the potential negative effects of US President Donald Trump's trade policies on global economic growth. Traders reacted to assessments of Trump's country-specific negotiations, with China expressing concern about trade deals that could harm its interests.
Trump to meet retail leaders on tariff impact
On 2025-04-21, Trump is scheduled to meet with retail leaders to discuss the impact of tariffs on their businesses, including potential stockpiled inventory and the upcoming holiday season.
ECB's Kazaks warns US tariffs risk euro recession
On 2025-04-21, ECB Governing Council member Martins Kazaks warned that US tariffs were increasing uncertainty and raising the risk of a recession in the euro area.
US entering "tariff zone," Philly Fed PMI plunges
On 2025-04-21, Morgan Stanley's Michael Gapen suggested the US is entering a "tariff zone," citing the April Philly Fed PMI's plunge in new orders as an early indicator of the impact of President Trump's tariffs. He discussed implications for the Federal Reserve's data-dependent approach.
Vietnam prepares for tariff talks with the US
Published on 2025-04-22, Vietnam’s prime minister, Pham Minh Chinh, ordered his negotiation team to “thoroughly prepare” for tariff talks with the US, while avoiding any impact elsewhere.
US proposes hefty charges for China-made oil tankers
New US rules propose hefty charges for China-made oil supertankers calling at US ports, published on 2025-04-21. China-made supertankers under non-Chinese owners/operators face a surcharge of nearly $1.9 million; China-owned or -operated ships face $5.2 million.
Emerging Markets Finance
Zambia aims to finalize debt restructuring by September
Zambia plans to finalize debt restructuring agreements with its remaining bilateral creditors by September 2025, according to a report published on 2025-04-22. Deals with France and Saudi Arabia are complete, but agreements with other nations, including China, are pending.
MB plans $100M-$300M green bond issuance
Military Commercial Joint Stock Bank (MB) plans to issue $100 million to $300 million in green bonds in the international market this year, according to a report published on 2025-04-22. The timing and specific value of the sale will depend on market conditions and the bank’s capital demands, according to Chief Executive Officer Pham Nhu Anh.
Financial Risk Radar
Picton Mahoney advises avoiding leveraged firms
On 2025-04-21, Picton Mahoney’s Phipps advised avoiding leveraged firms due to trade policy chaos and likely downward GDP revisions in Canada and the US. Corporate credit spreads have widened as US Treasury yields rise.
MSCI, Moody’s launch private credit risk platform
On 2025-04-21, MSCI Inc. and Moody’s Corp. announced the launch of a platform designed to provide risk assessments on private credit loans, aiming to capitalize on the demand for information within the private credit market. The platform will assess the likelihood of default on private credit loans, leveraging Moody’s data and models, along with MSCI’s information on small, private credit facilities.
Market Insights
Yen strengthens past 140 amid Fed, tariff concerns
On 2025-04-22, the yen strengthened past 140 against the dollar amid concerns about the Federal Reserve's independence and tariff risks, ahead of a meeting between Japanese and US finance chiefs.
MS&AD to invest $5B in North America
On 2025-04-21, MS&AD Insurance Group Holdings Inc. announced plans to invest up to ¥700 billion ($5 billion) to expand in the North American market, aiming to double operating profits in the region.
Spark Systems to hire 13 amid trading volume surge
Spark Systems Pte. is looking to boost its foreign-exchange sales and developer ranks with up to 13 hires as trading volumes ramp up alongside market volatility, according to a report published on 2025-04-22. The FX platform, backed by Citigroup Inc. and HSBC Holdings Plc, plans to hire around three currency sales personnel and 10 technology developers over the coming year.
Copper prices rise on weaker US dollar
On 2025-04-22, copper prices rose more than 1% on the London Metal Exchange after a two-day break, attributed to the decline in the US dollar. The report was published on 2025-04-22.
Oil prices edge higher after Monday's drop
On 2025-04-21, oil prices edged higher after a significant drop on Monday, following President Donald Trump's criticism of Federal Reserve Chair Jerome Powell. Brent crude oil rose to near $67 a barrel. The report was published on 2025-04-21.
Global Trade War Impact
Brazil and Argentina benefit from global trade war
According to a report published on 2025-04-21, Brazil and Argentina are emerging as beneficiaries of the global trade war, which is reshaping agricultural markets.