Just when it seemed like the pressure might ease, President Donald Trump threw another curveball into global trade. Days after offering a temporary reprieve on certain tariffs for smartphones and consumer gadgets, the White House pivoted and fast. Trump has now announced a new wave of tariffs targeting foreign-made semiconductors, signaling that the break was little more than a breather. Markets blinked, the dollar stumbled, and across the Atlantic, Europe started eyeing Russian gas again. Here’s how the world’s top media outlets are reading the latest chapter in Trump’s trade war.
NBC: Microchips in the Crosshairs
April 13th brought a fresh announcement: semiconductors imported into the U.S. are heading for the tariff list, with exact rates to follow soon. Trump’s message? The earlier smartphone exemption probably won’t stick.
“We want to make chips and semiconductors right here in America,” Trump told reporters. While he dodged specifics about which products might still catch a break — like smartphones — he hinted at a need for “flexibility,” adding, “You can’t be too rigid.”
Back on April 11th, the administration’s decision to ease tariffs on select electronics had sparked cautious optimism. Tech companies and consumers alike hoped it signaled a cooling of the U.S.-China trade fire. But that hope dimmed quickly when Commerce Secretary Howard Lutnick clarified that more Chinese high-tech goods would face their own custom-made tariffs — semiconductors included.
Financial Times: Markets Rally, but Not for Long
April 14th saw a market rebound as investors bet that the tariff delay would spare some pain — for now. Tech stocks bounced: Hang Seng jumped 2.1%, Nikkei 225 rose 1.2%, and futures for the S&P 500 and Nasdaq 100 climbed 1.3% and 1.6%, respectively.
But any sighs of relief may be premature. Trump and his team remained tight-lipped on whether the delay would extend. They reiterated that electronics tariffs were still coming, part of a larger probe into semiconductor imports. Trump doubled down on social media, writing on Truth Social: “No one gets a free pass for unfair trade tactics — especially China, which treats us worse than anyone!”
Meanwhile, bond markets reflected the turmoil. U.S. 10-year Treasury yields slipped slightly to 4.46%, still up from the 4.17% rate seen before April’s tariff reprieve. And gold? It soared to an all-time high of $3,245.75 per ounce, showing investors are still hungry for safe havens.
Reuters: Europe Considers a Russian Gas Comeback
Remember how Europe pivoted to American liquefied natural gas (LNG) during the 2022–2023 energy crisis? That alliance is now under strain. With U.S.–EU relations cooling and energy turning into a bargaining chip, European leaders are rethinking their reliance on Washington.
What was unthinkable just a year ago is now creeping into boardroom conversations: maybe it’s time to talk to Gazprom again.
Negotiations with Qatar for more LNG have stalled, and while Europe has ramped up renewables, it’s not enough — at least not yet. Didier Holleaux, executive VP at France’s Engie, estimated that post-war Europe could import up to 70 billion cubic meters of Russian gas. TotalEnergies CEO Patrick Pouyanné echoed the figure, warning that Europe’s dependency on U.S. gas carries its own risks.
Bloomberg: The Dollar Feels the Heat
As the tariff fog thickens, the greenback is losing its luster. The U.S. dollar fell to a six-month low, with the Bloomberg Dollar Spot Index down 0.3%, its weakest since October 2024. Year-to-date, the index has shed nearly 6%, rattled by Washington’s mixed signals on trade and fears of slowing growth.
Trump’s latest comments didn’t help. Reassuring no one, he insisted tariffs on electronics were still part of the plan, calling the delay a “procedural step.” His message: “Nobody is off the hook.”
Traders took note. Nearly 80% of those surveyed expect the dollar to slide further next month — the most bearish consensus since 2022. Volatility is near a two-year peak, and speculative short positions on the dollar jumped in the first week of April, according to the Commodity Futures Trading Commission.
The New York Times: No More Safe Zones for Importers
Over the past few years, multinational corporations have been scrambling to protect themselves from the chaos of tariffs, pandemics, and blocked shipping routes. Apple moved iPad and AirPods production to Vietnam, and sent iPhone assembly to India. Nike, Samsung, and others fled China to dodge U.S. duties.
Now? Those contingency plans are under fire.
The latest round of tariffs from the Trump administration is sweeping. Chinese goods face duties up to 125%. Vietnam is looking at 46%. Cambodia, 49%. Even India isn’t safe, with new tariffs at 27%.
And while the temporary tariff relief hit China hardest, U.S. importers now worry that similar crackdowns could hit any country at any time. The result? Supply chain uncertainty is surging, delays are looming, and consumer prices could soon be climbing.
Logistics professionals say the current volatility makes long-term planning nearly impossible. In today’s climate, even the best-laid global supply chains feel like a house of cards.