Editor's Note: Some linked articles may be behind subscription paywalls.
1. China enacts additional tariff in response to US
Shortly after President Donald Trump raised tariffs on Chinese goods to 104%, China retaliated by raising its tariffs on U.S. goods to 84%, the New York Times reports.
The Associated Press reports that Beijing is launching an additional suit against the U.S. at the World Trade Organization and placed more restrictions on trade between American and Chinese companies.
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” China's Ministry of Commerce wrote in a statement.
2. European Union approves retaliatory tariffs on US
The European Union voted to approve retaliatory tariffs against the U.S. after Trump placed tariffs of 25% on metals and 20% on everything else on the EU on April 2, CNBC reports. The EU's tariffs will be on steel and aluminum with a start date of April 15.
“The EU considers U.S. tariffs unjustified and damaging, causing economic harm to both sides, as well as the global economy. The EU has stated its clear preference to find negotiated outcomes with the U.S., which would be balanced and mutually beneficial,” the European Commission said.
3. Imported whisky may cost more at US hotel bars
U.S.-imposed tariffs are set to hike prices on retail goods, raw materials, food-and-beverage items and more. Hotel bars will be faced with these price hikes to maintain their whisky offerings, HNN's Terence Baker reports.
Whisky, or Scotch, is a unique product from Scotland. Piers Schmidt, founder of business advisory Luxury Branding, said previous 25% tariffs on single-malt whisky didn't prevent it from being on U.S. shelves, and it would likely be the same under any new tariff policy.
“The authenticity and provenance of Scottish single malts make them effectively tariff-resistant in demand terms. Indeed, a Four Seasons or Langham bar without a carefully curated selection of Highland and Islay expressions would be unthinkable, irrespective of trade politics,” he said. “Single-malt Scotch is not merely a luxury good; it’s a cultural ambassador that defies political boundaries. American connoisseurs aren’t suddenly shifting to bourbon because Macallan becomes marginally pricier. The experience is simply non-substitutable.”
4. Bond market prices falter, yields spike
U.S. bond prices dropped and yields spiked on Wednesday, which is not common when fears of a recession are on the horizon, CNBC reports.
The 10-year Treasury yield increased 19 basis points to 4.45%, the highest mark since February. The 30-year Treasury yield hit a high of 5.02% overnight, the highest level since November 2023.
“Perhaps even more alarmingly, U.S. Treasury markets are also experiencing an incredibly aggressive selloff as we go to press, adding to the evidence that they’re losing their traditional haven status,” Henry Allen, vice president and macro-strategist at Deutsche Bank, said in a note.
5. Delta scraps full-year financial outlook
Delta Air Lines pulled its full-year 2025 financial outlook in its first-quarter earnings release on Wednesday, pointing to uncertainty and "a chaotic period" amid global tensions, the Wall Street Journal reports.
The airline intends to reduce growth and will cut back on its flight schedule in the second half of the year because of lacking demand for domestic leisure and business travel.
“It looks like at the present time, growth has stalled,” Delta Chief Executive Ed Bastian said.