Tariffs Tighten, Markets Freeze: Weekly Trade War Round-Up (April 14–18, 2025)

Weekly Trade War Round-Up: April 14–18, 2025

Summary

Last week saw a sharp reversal in investor confidence, renewed volatility in both equity and debt markets, and an intensification of macroeconomic risks driven by tariff escalation. The Trump administration’s tariff policy entered a new phase, targeting critical minerals, semiconductors, and eliminating tariff exemptions for low-value imports. Meanwhile, global companies and capital markets continued to react with visible strain, with equity inflows slowing, earnings forecasts slashed, and IPO and loan activity near standstill.

📉 Markets Retreat After Brief Rebound

After the previous week’s historic bounce, markets gave up ground across major indices. The Nasdaq Composite fell 2.62%, the S&P 500 dropped 1.5%, and the Dow declined 2.66%. Treasury yields ticked down slightly to 4.33% after rising 12.81% the prior week. The VIX fell 21%, but remained well above pre-crisis levels.

Weekly Index Performance:

• S&P 500: -1.50% (5363 → 5282)

• Nasdaq Composite: -2.62% (16724 → 16286)

• Dow Jones: -2.66% (40212 → 39142)

• 10Y Treasury Yield: -3.56% (4.49$ → 4.33%)

• VIX: -21.06% (37.56 → 29.65)

Key Developments by Topic

🔻 Corporate Earnings & Market Sentiment

• JPMorgan CEO Jamie Dimon warned that S&P 500 earnings growth may turn negative as companies pull forward guidance amid tariff uncertainty. (CNBC)

• Bank of America’s April fund manager survey showed investor sentiment at its most bearish in 30 years, with a record shift out of U.S. equities. (Bloomberg)

• Retail investors, however, continued to buy the dip, adding $17.7 billion to equities through April 14. (Bloomberg)

🛑 Debt Market Freeze

• The U.S. leveraged loan market saw its longest stretch without a new deal launch since 2013. Multiple large transactions were pulled. (Bloomberg)

• Blackstone executives noted that IPO activity has stalled and warned of mispricing across public markets. The firm is shifting focus to take-private opportunities. (Business Insider)

🏭 Tariff Fallout Expands

• Trump signaled new tariffs on semiconductors could arrive within weeks, despite temporary exemptions for consumer electronics. (Reuters)

• Nvidia announced a $5.5 billion charge tied to U.S. restrictions on H20 GPU exports to China. (CNBC)

• U.S. semiconductor equipment makers face potential losses over $1 billion annually from targeted tariffs and loss of market access. (Reuters)

• Nissan is slashing production of its Rogue SUV for the U.S. market by 13,000 units in response to auto tariffs. (Reuters)

• Hongkong Post suspended shipments to the U.S., citing tariff-related tensions and the elimination of de minimis exemptions for small packages. (Reuters)

🌍 Trade Negotiations & Global Reactions

• EU officials left Washington without clarity on U.S. tariff reductions; most reciprocal tariffs remain in place. (Bloomberg)

• Japan’s exports missed forecasts, with steel, aluminum, and chip equipment trade slowing under new tariffs. (Bloomberg)

• China responded to critical mineral threats by blocking exports of rare earth elements and processing tools. (FT)

• Trump called on China to initiate talks, but no framework or progress has emerged. (Bloomberg)

💰 Tariff Revenue Discrepancy

• CBP reported $500M collected since April 5 under new tariffs—well below Trump’s $2 billion/day claim. (CNBC)

⚖️ Legal & Policy Backlash

• U.S. importers filed suit in the U.S. Court of International Trade, arguing the president exceeded authority with the April 2 “Liberation Day” tariffs. (Reuters)

• Treasury Secretary Scott Bessent downplayed fears that China could weaponize its $761B in U.S. Treasury holdings. (Reuters)

📌 Outlook

Market conditions remain fragile. Institutional sentiment is at historic lows, while policy uncertainty continues to suppress deal activity and corporate guidance. With semiconductor and critical mineral tariffs looming and no clear path to trade resolution, volatility is expected to remain elevated.

🔍 Go Deeper

For live updates beyond this weekly recap, check out our Tariff Tracker. It features a real-time news feed including curated coverage, a table of most at-risk US companies with filters by sector and sourcing country, plus earnings and deal flow for the impacted companies.

For further event-driven coverage, visit ListingTrack.io — a market intelligence platform that tracks the events and narratives moving the market, from IPOs and other public listings, to public M&A and major private deals. We also cover fast-moving themes like AI, nuclear, and next-gen defense, as well as sector-focused activity through tools like our Logistics tracker—and much more.

Follow us on LinkedIn and X @ListingTrack to stay in the loop.

Thanks for reading.

Nick

ListingTrack.io

DISCLAIMER: The information provided in this post is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. ListingTrack does not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this post or on the ListingTrack website.