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On April 3, James Surowiecki, a famous financial journalist, wrote that he had just figured out where these false tariff rates in the United States came from. They dont actually calculate tariff rates + non-tariff barriers as they say. Instead, for each country, they just divide the US trade deficit with that country by the countrys exports to the United States. So the United States has a $17.9 billion trade deficit with Indonesia, and its exports to the United States are $28 billion, $17.9/$28 = 64% (the United States imposes a 32% reciprocal tariff on Indonesia), and Trump claims that this is the tariff rate imposed by Indonesia on the United States. What a ridiculous thing. Netizens found that similar calculations apply to the European Union and Vietnam.According to a CNN interview: U.S. Treasury Secretary Bessant said that other countries are advised not to retaliate against U.S. tariffs to avoid (tariff) escalation.April 3, recently, Loongson 2K3000 (3B6000M) completed preliminary function and performance surveys, and all indicators met expectations. Loongson 2K3000 and Loongson 3B6000M are different packaging versions based on the same silicon wafer, targeting industrial control applications and mobile terminals respectively. The successful tape-out of 2K3000/3B6000M indicates that after more than 20 years of accumulation, Loongson Zhongke has systematically mastered the key core technologies of general-purpose processors, graphics processors, AI processors and their basic software design. Loongson processor research and development has entered a new era of vigorously developing AI processors on the basis of consolidating general-purpose processors and graphics processors, and has reached a new level on the road to building the foundation of an independent information technology system. With the successful tape-out of Loongson 2K3000/3B6000M, Loongson general-purpose CPU has formed a complete series of three lines of products: desktop, server and terminal, which can provide high-performance and cost-effective CPU chip products for different fields.Guatemalan government: The tariffs announced by the United States violate the provisions of the Central American Free Trade Agreement.Japans five-year government bond yield fell 9.5 basis points to 0.98%, the lowest level since February 10.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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