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The offshore yuan strengthened to around 7.25 per dollar on Friday, extending gains from the previous session, supported by a weakening greenback amid growing concerns that President Donald Trump’s sweeping tariffs could push the global economy, particularly in the US, toward recession. On Wednesday, Trump announced a 10% baseline tariff on all imports, while other major economies are subject to even higher tariffs, with China facing a 54% levy and the European Union 20%. In retaliation, China announced that it will soon restart negotiations with the EU to improve cooperation between Chinese and European companies, particularly in the electric vehicle sector. Earlier in the week, South Korea, China, and Japan also agreed to pursue a free trade pact aimed at boosting regional trade.

Offshore Yuan Strengthens Amid Dollar Weakness

Singapore will refrain from taking countermeasures against U.S. tariffs, Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong said on Thursday. However, the government may revise downward its full-year growth forecast range of between 1% to 3%, as the economic situation has 'turned out to be worse' than expected. This statement followed President Trump’s announcement of a blanket 10% tariff on all countries. “We are naturally disappointed that despite our strong and longstanding economic and commercial relationship with the U.S. under the US-Singapore Free Trade Agreement (USSFTA), we are also subject to the same 10% baseline tariffs,” Gan said. While Singapore has legal recourse under the USSFTA, it has chosen not to retaliate to avoid higher costs for businesses and consumers. “Imposing retaliatory import duties would just add cost to our imports from the U.S.,” he added. Instead, Singapore will engage with its U.S. counterparts to understand and address their concerns.

Singapore Dismisses Tariff Retaliation, Signals Possible GDP Revision

The US dollar index remained below 102 on Friday after tumbling nearly 2% in the previous session, as fears mounted that President Donald Trump’s aggressive tariffs and potential retaliation from key trading partners could push the global economy into recession. Trump announced a baseline 10% tariff on all imports starting April 5, with steeper levies on around 60 countries, including China at 54%, the European Union at 20%, Japan at 24%, India at 27%, and Vietnam at 46%. Markets reacted by pricing in higher inflation, slower growth, and more Federal Reserve rate cuts. Traders are now anticipating four 25-basis-point rate reductions from the Fed this year, with the first expected in June. Meanwhile, Trump later signaled openness to trade negotiations, contradicting earlier remarks from his aides. Investors now await Friday’s US jobs report, which could further shape expectations for the Fed’s next moves.

Dollar Pressured by Fears of Tariff-Induced Recession

VN decreased to a 14-month low of 1159.00 Index Points. Over the past 4 weeks, Vietnam Ho Chi Minh Stock Index lost 6.26%, and in the last 12 months, it decreased 3.03%.

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