All or nothing

China demanded that the US revoke all unilateral tariffs and said there were no talks on reaching a trade deal. He Yadong, spokesman for the Ministry of Commerce, also urged the US to "show sincerity" if it wants to make a deal. The remarks suggest that Trump's comments this week signaling that he could lower tariffs on China — which currently stand at 145% for most goods — will not be enough to ease tensions.

US officials, meanwhile, are weighing a reduction of tariffs targeting automakers after executives warned such levies threatened by President Donald Trump would deal a severe blow to the industry. One option under consideration is to spare automobiles and parts already subject to some tariffs from additional duties, while another possibility is to exempt auto parts that comply with the US-Mexico-Canada trade pact, sources said. This suggests the administration may be looking to narrow the scope of levies and mitigate the hit to jobs and profits.—Ritsuko Ando

What You Need to Know Today

Trump said that imposing a higher tax rate on millionaires would prompt the richest to leave the country, downplaying an idea that is being considered in some Republican circles. There have been discussions about creating a new 40% tax bracket for people earning $1 million or more. "I think it would be very disruptive because the millionaires would leave the country," he told reporters in the Oval Office. "Other countries that have done it have lost a lot of people. They lose their wealthy people. That will be bad because the wealthy people pay the tax."

Trump in the Oval Office on Wednesday. Photographer: Samuel Corum/Sipa

Japanese bonds and stocks are set to draw the biggest combined monthly foreign inflows on record, adding to signs global funds are seeking alternatives to US assets. Overseas investors have bought a net ¥9.64 trillion ($67.5 billion) of the country's debt and equities so far in April, according to preliminary government data. That's already the most for any month on record, based on balance-of-payments data going back to 1996.

The US stock market is well past its best days and investors should be prepared to see further declines in the country's equities as well as the dollar, according to Christopher Wood of Jefferies Financial Group. The value of US stocks as a percentage of the MSCI All Country World Index reached an all-time high in late December, said Wood, the firm's global head of equity strategy. He likened it to the Japanese market in 1989, and recommending that investors consider adding Chinese, Indian and European assets to their portfolios.

A quarter-century after gambling resorts were first proposed in Japan, officials finally broke ground on construction of what could become Asia's highest-grossing casino. The $9 billion project, a joint venture of MGM Resorts International and local financial conglomerate Orix, is scheduled to open in 2030. It's likely to become the largest casino in Asia with an estimated gross gaming revenue of $5.9 billion per year when it opens — making Japan the world's third-largest gaming market after the US and Macau, according to Bloomberg Intelligence.

An artist rendering of the planned casino resort in Osaka. Source: Osaka IR KK

Nvidia supplier SK Hynix warned of increased volatility in the second half of 2025 despite solid demand for AI memory chips, reflecting the uncertainty surrounding US tariffs. The Korean company reported a better-than-projected 158% jump in quarterly operating income, propelled in part by stockpiling ahead of Trump's tariffs. CFO Kim Woo-hyun told analysts that the levies and export restrictions made it more challenging than ever to predict market conditions.

Vietnamese and US officials kicked off talks over the Trump's threatened 46% tariff on goods from the Southeast Asian nation. Vietnam, which last year had the world's third-largest trade surplus with the US after China and Mexico, has repeatedly vowed to purchase more American goods such as LNG and aircraft, while offering to remove all tariffs on US imports.

Vietnam's President Luong Cuong, right, shakes hands with Xi Jinping earlier this month. Photographer: Minh Hoang/Getty Images

China's President Xi Jinping committed the country to more stringent curbs on greenhouse gas emissions over the next decade in global climate talks that took place without the US. The nation, which accounted for about 30% of total emissions in 2023, will set out new goals for cuts by 2035 ahead of the COP30 summit in November, Xi told other global leaders at a virtual meeting organized by the United Nations and Brazil, according to state-run CCTV.

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For Your Commute

If you've never heard of Matt Farah, he's one of the biggest automotive personalities of the digital era. The host of the popular "The Smoking Tire" podcast and content creator counts more than a million YouTube subscribers. That's why he's an unlikely advocate for urban transportation policy reforms that limit car use. He recently talked to CityLab about the costs of constructing our lives around motor vehicles.