WSJ What’s News
China Readies Its Trade-War Arsenal
Apr 10, 2025
Jonathan Cheng, The Wall Street Journal's China bureau chief, discusses Beijing's response to escalating trade tensions with the U.S. and how China is strategically preparing for potential confrontations. Cheng highlights the implications of tariffs and intellectual property issues on American firms. He also touches on the shifting global supply chains and Vietnam's rising role in the market. Finally, the conversation includes concerns about China’s ties to Russia amid the Ukraine crisis and the recent U.S.-Russia prisoner swap.
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Quick takeaways
- President Trump's 90-day tariff pause sparked global market relief, yet U.S. stock futures dropped, reflecting lingering investor skepticism.
- China is strategically prepared for trade tensions, leveraging its market access and intellectual property practices to counter U.S. tariffs.
Deep dives
Market Reactions to Tariff Developments
Investors experienced relief following President Trump's announcement of a 90-day pause on reciprocal tariffs, leading to significant gains in international markets. The Nikkei in Japan saw over a 9% rise, while the German DAX increased by 6%. However, skepticism lingered, particularly in the U.S. where stock futures dropped by nearly 2%, indicating a potential reassessment after the previous day's rally. This mixed sentiment is further illustrated by the behavior of 10-year Treasury yields, which remained around 4.3%, reflecting ongoing anxiety about the market's stability.
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