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Brazil Weighs IP Curbs, Patent Suspensions After New U.S. Tariffs 
US Inflation Expected to Ease in June, but Fed Rate Hike Risks Persist Amid Middle East Tensions 
U.S. Imposes 25% Tariff on Select Brazilian Imports After Section 301 Trade Investigation 
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Traders shifted into safe haven currencies like the yen and Swiss franc while dumping the Australian dollar, as U.S. President Donald Trump unexpectedly intensified tariffs on China. Despite a temporary 90-day pause on tariffs for other nations, markets remained jittery over the deepening U.S.-China trade war.
Risk-sensitive assets initially rebounded after Trump’s surprise announcement to hold off duties, triggering gains in Asian stocks. However, the optimism was dampened as Trump raised the tariff rate on Chinese imports to 125%, while keeping a 10% baseline for others. This move followed his “Liberation Day” declaration, which had sent global markets into a tailspin.
The U.S. dollar weakened, falling 0.7% to 146.68 yen and 0.62% to 0.8522 Swiss franc, while the euro rose 0.32% to $1.0985. The Australian dollar slipped 0.33% to $0.6132, reflecting its sensitivity to Chinese market conditions, after earlier plunging to a five-year low.
The offshore Chinese yuan edged down 0.2% to 7.3545 per U.S. dollar, following a volatile week that saw it hit a record low of 7.4288 before rebounding. Meanwhile, China lodged a new complaint with the WTO, calling U.S. tariffs “reckless” and raising its duties on U.S. goods to 84%.
Analysts warned that the escalating tariff battle risks long-term economic damage. “Trump likely blinked at signs of financial crisis,” said Kyle Rodda of Capital.com. BCA Research added, “Beijing views this as economic warfare,” expecting further yuan depreciation.
With investor confidence shaken, the U.S. dollar’s dominance faces renewed scrutiny, while safe haven flows reflect growing uncertainty over Trump’s trade strategy and its impact on global growth.
