US markets turned volatile after former President Donald Trump announced sweeping tariffs on all non-US-made vehicles. The move, made without consulting Elon Musk due to a potential conflict of interest, sent ripples through global trade sentiment. Trump also warned of even larger tariffs on the EU and Canada if they act against US economic interests.
The tariff announcement hit markets after the bell, leading to sharp losses in after-hours trading. The Nasdaq bore the brunt of the selling, with Nvidia slipping 6% as tech stocks came under pressure. Overnight, Asian markets traded mixed—China and Hong Kong edged higher, while Japan’s Nikkei fell as auto stocks faced headwinds.
European stock index futures were lower in early trade. The German DAX fell around 1%, with Volkswagen and BMW among the key stocks to watch as investors digest the impact of potential retaliatory measures. Meanwhile, US stock index futures dipped initially dipped but then rebounded, stabilising in early trade.
In the FX markets, the dollar started the session on the back foot, with most major pairs gaining modestly against the greenback. Traders are now looking ahead to the latest economic data releases. Later today, there’s an update on US GDP and weekly Unemployment Claims. Tomorrow, we will see the latest US inflation update in the form of Core PCE.
Gold and silver ticked higher, benefiting from dollar weakness, though both remain rangebound. Oil fell for the first time in four sessions as concerns over tariffs and global economic uncertainty weighed on sentiment.
Natural gas continued its slump, struggling to find support as broader energy markets face pressure.
Meanwhile, crypto markets moved higher. Bitcoin remains below the key $90,000 level, but Ether has managed to hold above $2,000. Investors remain cautious, with risk appetite still fragile despite recent gains.
The VIX edged lower, but conditions remain choppy, with tariffs adding to market uncertainty. A return above 20 is still on the table as traders navigate the evolving landscape.
Investors remain on high alert with Trump’s latest tariff threats, which are sending shockwaves through markets. H&M’s weak Q1 sales have also raised concerns for the European retail sector. The key question now is whether this marks the beginning of a broader trade war and how long tensions will persist.
For now, markets remain uncertain, and traders are left to react as new developments unfold. Meanwhile, geopolitical observers speculate that Vladimir Putin may be watching from the Kremlin with a smirk as global trade tensions escalate.
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Trade Nation is a trading name of Trade Nation Financial UK Ltd, a financial services company registered in England & Wales under company number 07073413, is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Our registered office is 14 Bonhill Street, London, EC2A 4BX, United Kingdom.
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