Morning headlines documented the fallout from Trump's tariff policies, with Asian markets tumbling as China announced retaliatory tariffs increased from 84% to 125%, effective April 12. President Xi explicitly called on the EU to "unite with China against US bullying."
European markets initially opened higher but reversed course after China's announcement. By midday, BlackRock CEO Larry Fink declared "we are already in recession" while US consumer confidence hit its lowest point since November 2022.
In the sports world, Musetti achieved a comeback victory against Tsitsipas at Monte Carlo.
The evening brought positive news for Italy as S&P raised the country's credit rating to BBB+ with a stable outlook, crediting the Meloni government with providing "stability to markets." However, economic forecasts warned tariffs could halve Italy's projected 2025 growth to just 0.3%.