Highlights

• Trump administration considering halving tariffs on Chinese imports (from 145% to 50–65%)1; China grants exemptions on some U.S. goods, including eight types of semiconductors (Alpha and Omega Semiconductor Limited , Tower Semiconductor Ltd , indie Semiconductor, Inc. Class A Common Stock , Lattice Semiconductor Corp , Valens Semiconductor Ltd. ), medical devices, and industrial chemicals13.
• China weighs suspending 125% tariffs on select U.S. imports (medical gear, ethane, aircraft leasing) and solicits more exemption candidates; no formal negotiation timeline set2.
• China cancels 12,000 tons of U.S. pork shipments; U.S. pork purchases by China drop 72% week-over-week, pressuring U.S. agricultural prices (Smithfield Foods, Inc. Common Stock , Tyson Foods, Inc. , Pilgrims Pride Corporation )12.
• Swiss franc surges 9% in April amid tariff turmoil; SNB signals potential intervention as U.S.-Swiss tariff talks begin4.
• Alphabet Inc posts strong Q1: $34.5B net income (+46% YoY), $90.2B revenue (+12% YoY), $70B share buyback, 5% dividend hike; faces ongoing U.S. antitrust lawsuits5.
• Freeport-McMoRan warns of 5% U.S. cost increase from tariffs; Q1 copper sales beat volume estimates but revenue and net income fall YoY6.
• BYD Q1 net income doubles to $1.3B, nearly 1M cars sold; outpaces Tesla , which saw net income drop over 70% YoY14.
• Trump signs executive order to accelerate U.S. deep-sea mining, targeting critical minerals and $300B GDP boost over 10 years7.
• BlackRock: Central banks increasingly eye Bitcoin for diversification amid market uncertainty; BTC decoupling from tech stocks noted13.
• SUI cryptocurrency surges 80%+ this week, driven by gaming, DeFi, and network upgrades; DEX volumes and TVL spike20.
• China’s wind and solar capacity surpasses thermal for first time; renewables now 22.5% of China’s power consumption16.
• Trump backs bipartisan ban on congressional stock trading; legislative momentum grows following recent market volatility10.

Commentary

Risk sentiment is stabilizing as both the U.S. and China signal a tentative willingness to de-escalate the trade war, with tariff rollbacks and exemptions under discussion12. While no formal negotiations are scheduled2, these parallel moves have the potential to ease pressure on global supply chains and reduce input costs for manufacturers, particularly in the semiconductor (Alpha and Omega Semiconductor Limited , Tower Semiconductor Ltd , indie Semiconductor, Inc. Class A Common Stock , Lattice Semiconductor Corp , Valens Semiconductor Ltd. )3 and industrial sectors1. However, the cancellation of U.S. pork shipments and a sharp drop in Chinese agricultural imports highlight ongoing vulnerabilities for U.S. farmers and could weigh on soft commodity prices (Smithfield Foods, Inc. Common Stock , Tyson Foods, Inc. , Pilgrims Pride Corporation )12.

Currency markets are reacting sharply to the trade headlines. The Swiss franc’s 9% surge this month, its strongest since 2008, underscores the safe-haven flows and volatility triggered by tariff uncertainty. The Swiss National Bank is signaling possible intervention as U.S.-Swiss tariff talks commence, which could inject further volatility into FX markets, particularly EUR/CHF and USD/CHF pairs4.

Equity markets are digesting robust earnings from tech bellwether Alphabet , which delivered strong top- and bottom-line beats, a large buyback, and a dividend hike—though ongoing antitrust headwinds remain a risk5. In autos, BYD’s blowout results and Tesla ’s profit slump reinforce the shifting balance of power in the global EV market, with implications for sector rotation and supply chain plays14. Meanwhile, Freeport-McMoRan’s warning on tariff-driven cost inflation—despite copper being tariff-exempt—highlights the broader margin pressures facing U.S. industrials6.

On the commodities front, Trump’s push to accelerate deep-sea mining could eventually reshape the U.S. critical minerals landscape, but environmental and regulatory hurdles remain7. China’s renewable energy milestone, with wind and solar capacity surpassing thermal for the first time, underscores the global energy transition and may buoy sentiment in green energy equities and related commodities16.

In crypto, institutional adoption is in focus as BlackRock notes growing central bank interest in Bitcoin, potentially supporting BTC as a macro hedge13. The SUI network’s explosive growth and OKX’s upcoming wallet launch point to continued innovation and user adoption in digital assets1520. Traders should watch for further tariff headlines, FX volatility, and sector rotation in equities as the market digests these crosscurrents ahead of the open.