We will now ignore you

Good morning. China ups the game and calls Trump’s levies a “joke.” The US president’s Made-in-America dream faces hard realities. And he heads to his annual physical. Listen to the day’s top stories.

Another day, another retaliation. China will raise tariffs on all US goods from 84% to 125% with effect from April 12. The move comes after the White House clarified that levies on Chinese goods rose to 145% this year. But there’s a twist. Beijing said it will no longer pay attention to further hikes from Washington as the numbers game has become “a joke.” If you’re looking for a weekend read on how the US and China are reshaping the global economy, check this out.

Trade wars, tariff threats and logistics shocks are upending businesses and spreading volatility. Understand the new order of global commerce with the Supply Lines newsletter.
Markets took note. The dollar extended losses after China raised levies, while US futures turned lower. Gold gained, adding to its safe-haven status. US Treasuries, long serving as first port of call for investors during times of panic, haven’t fared so well. As Donald Trump unleashes an all-out assault on global trade, their status as a safe bet is coming into question. And, after a week of wild swings, bond analysts are even debating if China has a role in Treasury moves.

Scott Bessent is Wall Street’s man of the hour as the US looks to him to negotiate trade deals. The Treasury chief wasn’t directly involved in setting the tariff rates, but he’s now in charge of talks to avoid them being implemented. Bessent met with Vietnam's deputy prime minister as the country pushes for a trade deal. Next up, he’ll lead negotiations with Japan. The man is busy.

The Supreme Court ordered the Trump administration to bring back a Maryland man who immigration officials conceded was wrongly deported to a notorious prison in his native El Salvador. Meanwhile, Central America is seeing a surge in money flows from migrant workers in the US who are spooked by Trump’s threats to deport millions of them.

NYC tragedy. The Federal Aviation Administration is investigating a helicopter crash into the Hudson River that killed all six people on board, including three children from the same family. It’s the latest in a string of incidents in recent months that’s rattled confidence in US aviation safety. The passengers were from Spain.

Deep Dive: Made in America (Not)

President Trump's dream of Apple making its iPhones in the US is bumping against the hard reality of economics.

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The Big Take

Opinion

Trump risks breaking his best trade deficit tool: US crude exports, Javier Blas writes. The industry turned into a $45 billion surplus, but the president’s push to lower oil prices may reverse that progress—potentially adding $14 billion to the trade account.

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Before You Go

Trump today undergoes his first physical check-up since retaking office. The event puts the spotlight on the well-being of a 78-year-old president, known to engage in regular exercise on the golf course, but also a famed fast-food consumer.

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