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Markets saw a modest pullback overnight as investors began to realise that the 90-day tariff pause hasn’t halted the broader trade war. The announcement appears increasingly like a classic bull trap, with tariffs not only remaining intact—but intensifying.
Here’s where things currently stand:
- 10% baseline tariffs on all countries global
- 25% on automobile imports to the US
- 25% on on steel and aluminum
- 25% tariffs on imports from Canada and Mexico
- 145% tariffs on Chinese imports
Overnight, tariffs on Chinese imports were ramped up further, now sitting at an eye-watering 145%. President Trump also stated he’s considering delisting Chinese companies from US exchanges—adding another layer of geopolitical risk to an already fragile environment.
Despite the dip, markets remain higher than earlier in the week. The S&P 500 fell 3.5%, Bitcoin dropped 3.7%, slipping back below $80K, while gold rallied to yet another all-time high, trading above $3,200 USD/oz.
Markets Shrug Off Soft CPI Data
Adding to the mix was the release of inflation data—typically a market-moving event. However, markets barely flinched at a bullish CPI print. For the second consecutive month, inflation came in below expectations:
- Core CPI MoM: Forecast 0.3%, Actual 0.1%
- Headline CPI MoM: Forecast 0.1%, Actual -0.1%
- Headline CPI YoY: Forecast 2.5%, Actual 2.4%
This is usually bullish for risk assets, yet markets remained flat or down. The lack of response shows the market’s current tunnel vision—tariffs are the dominant narrative, and even strong macro tailwinds are being ignored.
Stormrake Spotlight: Ripple (XRP) ($1.98)
Stormrake Spotlight: Ripple (XRP) ($1.98)
XRP has reclaimed the lower boundary of its long-standing range after bouncing off a key support zone. Up 24% from its recent low at $1.61, the momentum and structure still favour the bears. However, a daily close above $1.98 would be the first sign of bullish recovery. Keep it on the radar.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin was rejected from $81.6K at the CPR level and is now trading below all major moving averages. The 21 and 55 EMAs are also on the verge of flipping—if they do, momentum shifts firmly back into bearish control.
However, if BTC can form a higher low above $75.7K, the structure flips back in favour of the bulls. Until then, we remain in a vulnerable zone.
BTC Total ETF Flows for 10 April: $ - 149.5 million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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