Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S Retail sales and earnings from Netflix.
• In the UK – a look ahead to next week’s ECB meeting.
• In Asia – a look ahead to earnings from TSMC.

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On today's podcast:
1) China will raise tariffs on all US goods from 84% to 125% starting April 12 and will ignore any further US tariff increases. It comes as President Trump’s dramatic U-turn on tariff threats has isolated China as the primary target of his trade offensive, significantly narrowing Beijing’s options for immediate de-escalation. Areas of US-China trade that could be next in line for Chinese retaliation include education, travel, financial services, computing services, and films and entertainment.
2) Billionaire Ray Dalio tells Bloomberg the tariff turmoil has damaged the US reputation for reliability, but that's not one of his primary concerns about the US economy and outlook for a recession. While the Bridgewater founder considers a US recession likely, geopolitical tensions and potential for diplomatic breakdowns are a global threat in Dalio's eyes.
3) New York City officials investigate a deadly helicopter crash in the Hudson River. The sightseeing helicopter crashed into the Hudson River, killing all six people on board, including three children from Spain and the pilot. The crash is the latest in a string of incidents that has rattled confidence in US aviation safety, following a deadly midair collision last year and other helicopter crashes around New York City.

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On today's podcast:
1) President Donald Trump’s dramatic U-turn on tariff threats has isolated China as the primary target of his trade offensive, significantly narrowing Beijing’s options for immediate de-escalation.

2) European stocks opened sharply higher, tracking Wall Street’s late-Wednesday rally, after President Donald Trump paused most of his sweeping tariff hikes. US equity futures fell, however, suggesting the euphoria is already dissipating. 

3) Five gut-wrenching days after Donald Trump’s America-versus-the-world trade war threw stock and bond markets around the world into disarray, he backpedaled and, in the process, pulled the financial system back from the brink.

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On today's podcast:
1) President Donald Trump’s so-called reciprocal tariffs are now in place, dealing a thunderous blow to the world economy as he pushes forward efforts to drastically reorder global trade.

2) China hasn’t immediately responded to the new US tariffs, a departure from the last two episodes when President Donald Trump hiked duties and Beijing hit back within minutes. 

3) A vicious sell-off in what are supposed to be the world’s safest assets has investors grasping for reasons behind the steep declines in Treasuries which accelerated Wednesday.

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On today's podcast:

1) Stocks staged a modest recovery as investors looked for dip-buying opportunities while awaiting clarity on how President Donald Trump’s trade policies will play out.

2) China pledged to retaliate against Donald Trump’s latest tariff threat and stepped up efforts to support the market, raising the risk of a prolonged trade war between the world’s two largest economies. 

3) Billionaire Ken Griffin said President Donald Trump’s latest tariffs amount to a hefty tax on families and are a “huge policy mistake” by the administration.

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On today's podcast:

 1) The carnage in financial markets unleashed by President Donald Trump’s tariffs is continuing unabated as equities get pummeled and US stock futures show that last week’s $5 trillion wipeout isn’t over.

2) President Donald Trump and his economic team dismissed investors’ fears of inflation and recession, offering no apologies for the market turmoil sparked by sweeping global tariffs and defiantly insisting a boom is on the horizon. 

3) Traders expect the Federal Reserve to slash interest rates another five times this year as the US administration’s trade tariffs ignite fears of a global recession.

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – an eco look ahead post Trump-tariffs, and also a discussion on how the retail sector may be impacted.
• In the UK – a look at the BOE’s quarterly report on the stability of the UK's financial system.
• In Asia – a look at President Trump’s additional 34% tariff on Chinese goods and how that may impact U.S, China relations. Also, a look at how tariffs will impact U.S, Australia relations.

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On today's podcast:

1) President Trump says he's open to tariff cuts in return for phenomenal offers. President Trump indicated that more tariffs are on the way, specifically mentioning pharmaceuticals, and reiterated his willingness to offer tariff relief for China if Beijing approves the sale of TikTok's US operations.

2) Investors await a jobs report and a speech on the economy by Fed Chair Jay Powell. US hiring likely remained healthy last month with the unemployment rate holding steady at a historically low level of 4.1%.

3) Republicans consider a higher rate for millionaires in their sweeping tax cut bill. Senate Republicans unveiled a budget blueprint that would fast-track a renewal of President Donald Trump's tax cuts and an increase to the nation's borrowing limit.

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The “America First” trade is unraveling in the sweeping turmoil in global markets, with stocks acutely exposed to the US economy sinking alongside the dollar. As Wall Street’s rebellion against Donald Trump’s tariff war intensifies, traders are rushing into fixed-income havens.

About $2 trillion was erased from the S&P 500, with the gauge down about 5%. The Russell 2000 of smaller firms extended its plunge from a 2021 all-time high to 20% on speculation the president’s trade offensive will stunt the American economy. The greenback slid 1.5%, reigniting the debate about its haven reputation during challenging times as the euro, yen and Swiss franc surged. Oil joined a selloff in commodities.

All in, the much-vaunted America-first trade — buying up assets that win when the US outperforms the rest of the world — is reversing on concern that the steepest increase in American tariffs in a century will hammer economic growth.

That’s driving a fierce rally in global bonds, sending the yield on benchmark Treasuries briefly below the closely-watched 4% level. Most other yields also tumbled as money markets priced in a 50% chance of the Federal Reserve delivering four quarter-point rate reductions this year.

Trump has embraced tariffs as a tool to assert US power, revive manufacturing at home and extract geopolitical concessions. Economists say the near-term result of his measures will likely be higher US prices and slower growth, or perhaps even a recession.

Listen for comprehensive coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Alix Steel, Carol Massar and Tim Stenovec.

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On today's podcast:     

1) President Donald Trump imposed the steepest American tariffs in a century as he steps up his campaign to reshape the global economy, sparking threats of retaliation and a selloff in markets around the world.     

2) Donald Trump’s shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs.     

3) Treasury Secretary Scott Bessent urged US trading partners against taking retaliatory steps against President Donald Trump’s new set of retaliatory tariffs.

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