The White House quietly exempted computers and phones from reciprocal import tariffs on Friday night after markets closed, but a Trump official has said the exemption is temporary. US consumer confidence slumps. Gold hits a record high.
In our bonus deep dive interview, ANZ’s Senior Commodities Strategist Daniel Hynes explain why oil prices have fallen more than 15% in the last fortnight.
5 things to know in 5 minutes:
The White House quietly exempted computers and phones from reciprocal import tariffs on Friday night, but US Treasury Secretary Howard Lutnick said the exemption for imports of computers and phones from China would only be temporary. ANZ Group Chief Economist Richard Yetsenga says the exemption was Trump’s second big pivot.
Richard says the bond market’s volatility is a major factor putting pressure on Trump.
US consumer confidence collapsed in early April, ANZ Economist Bansi Madhavani reports.
Gold closed at a record-high US$3,244/oz on Friday night. It’s all about safe haven demand, says ANZ Senior Commodity strategist Daniel Hynes.
The US dollar’s status as the world’s reserve currency is now openly in question, although ANZ Currency Strategist Felix Ryan says it’s too early to call time of death.
Cheers,
Bernard
PS: Catch you tomorrow with the latest tariff news, and analysis of the Monetary Authority of Singapore’s policy decision today.
