China hits back, hikes tariffs on US goods to 125% from 84%

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China on Friday struck back at President Trump's ballooning tariffs, raising its duties on imports of US goods to 125% from 84%. The countermeasures will come in on Saturday, further intensifying a US-China trade war that has roiled US stocks. The trade conflict has weighed on investor sentiment, even as Trump instituted a 90-day pause on steep Liberation Day tariffs and the EU matched a US pause on retaliatory duties.

🏆 Gold surges past $3,200 as economic concerns reignite record rally: Safe-haven gold surpassed the key $3,200 mark for the first time on Friday, spurred by a weaker dollar and economic concerns due to an intensifying trade war. Spot gold jumped over 1% to $3,214.92 an ounce, as of 0801 GMT, after hitting a record high of $3,219.84 earlier in the session. Bullion is up over 5% so far this week. Reuters reports.

📤 Google lays off hundreds of employees in Android, Pixel group: Alphabet's Google on Thursday laid off hundreds of employees in its platforms and devices unit, which works on the Android software, Pixel phones and the Chrome browser, The Information reported on Friday, citing a person with direct knowledge of the situation. Yahoo Finance reports.

🚗 GM’s cost for cars made in Mexico or Canada to rise by $4,300 per vehicle and dent profit: General Motors is facing higher costs and lower demand that may eat into the U.S. automobile giant’s profits under the tariff program imposed by President Donald Trump, UBS analysts said Thursday. UBS downgraded GM’s stock to neutral from buy and slashed its price target on the stock to $51 from $64. MarketWatch reports.

📊 BlackRock profit falls on declining fee income: The company posted a drop in first-quarter profit on Friday as the world's largest asset manager took a hit from weakness in equity markets following uncertainty around U.S. tariffs. Yahoo Finance reports.

📉 US stocks, dollar tumble as Trump’s trade war rattles Wall Street: The US stock market tumbled deeply into the red on Thursday as the White House clarified its plan for a massive 145% tariff on China, escalating a trade war. The Dow, after rising nearly 3,000 points Wednesday, had a volatile day in the red on Thursday. The blue-chip index fell 1,015 points, or 2.5%, pulling back after tumbling as much as 2,100 points midday. CNN reports.

🚗 Tesla stops taking new orders in China for two imported, US-made models: Tesla has suspended taking new orders for Model S and Model X vehicles on its Chinese website, Reuters checks showed on Friday, as the world's two largest economies exchange blows in a trade war. Reuters reports.

💻 US chipmakers outsourcing manufacturing will escape China's tariffs: U.S. chipmakers which outsource manufacturing will be exempt from China's retaliatory tariffs on U.S. imports, according to a notice by the main Chinese semiconductor association on Friday. Yahoo Finance reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $MSPR: MSP Recovery
Total gain: +147.65%

2) $STSS: Sharps Technology
Total gain: +60.65%

3) $BGLC: BioNexus Gene Lab
Total gain: +43.77%

4) $CELZ: Creative Medical Technology Holdings
Total gain: +25.55%

5) $CERT: Certara
Total gain: +21.78%

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

MS: Morgan Stanley
1Q 2025
Before Market Open
Estimate: 2.200
Actual: N/A

JPM: JPMorgan Chase
1Q 2025
Before Market Open
Estimate: 4.610
Actual: N/A

BLK: BlackRock
1Q 2025
Before Market Open
Estimate: 11.140
Actual: N/A

Time (ET) / Report / Period

8:30 AM - Producer price index - March
8:30 AM - Core PPIMarch
8:30 AM - PPI year over year

“Being too far ahead of your time is indistinguishable from being wrong”

- Howard Marks

Sourced in: “The Most Important Thing: Uncommon Sense for the Thoughtful Investor”, by Howard
Marks, published in 2011