Asian stocks surged on Thursday tracking stellar gains on Wall Street, after U.S. President Donald Trump announced a 90-day pause on newly implemented reciprocal tariffs, excluding China.
Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries.
The dollar dipped against safe havens and more risk sensitive currencies alike on Thursday as traders tried to work out where they stood after Wednesday’s dramatic tariff announcement from U.S. President Donald Trump, though China’s yuan slid.
The full implementation of U.S. tariffs could cut developing Asia's growth by about a third of a percentage point this year and nearly a full percentage point in 2026, the Asian Development Bank said on Wednesday.
U.S. President Donald Trump said on Tuesday the United States is taking in $2 billion per day from tariffs.
Continued tariff escalation between the United States and China presents a downside risk to a 2025 full-year real GDP forecast of 4.5% for China, Goldman Sachs said in a note.