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French President Emmanuel Macron on Thursday urged a suspension of new investments in the U.S. in response to Donald Trump’s “brutal and unfounded” tariffs targeting Europe and other global partners. His remarks came after Trump announced sweeping new levies, including a 20% tariff on EU imports.
“Future investments, investments announced in the last weeks, should be suspended for a time for as long as the situation with the United States is not clarified,” Macron told a gathering of French companies. He also called for a united European response, cautioning against unilateral actions. Prime Minister François Bayrou echoed the concern, calling the tariffs “an immense difficulty for Europe” and “a catastrophe for the U.S. and for US citizens.”

France Seeks Investment Halt in U.S. Over Tariff Dispute

Singapore equities plunged 99 points, or 2.5%, to 3,843, touching their lowest in three weeks in morning trade on Friday, falling for the fifth straight session, with some sectors moving into the red, led by the retail sector. Market sentiment was downbeat, with rising concerns over a potential global trade war after U.S. President Donald Trump announced new tariffs on Wednesday. Singapore will be imposed with U.S. tariffs of 10%, despite having a free trade agreement with the U.S. Retail trade, consumer durables, and health services plunged by 3.8%, 2.0%, and 1.9%, respectively. Meanwhile, producer manufacturing dropped by 1.4%, and the financial sector shrank by 1.1%. Among the biggest laggards were DBS Group Holdings (-3.4%), DFI Retail Group Holdings (-2.5%), UOB (-2.4%), SATS (-2.4%), and OCBC (-2.0%). For the week, the index is heading for a 3.2% plunge, after gaining in the previous week amid persistent concerns over a potential global trade war.

Singapore Stocks Head for Steep Losses Weekly

The South Korean won climbed toward 1,440 per dollar, rallying for the fourth straight session to hit a four-week high as the long-awaited court verdict on President Yoon’s impeachment helped ease political turmoil. The Constitutional Court is scheduled to deliver its ruling later Friday, and if he is removed from office, it will trigger a 60-day countdown for a presidential election. The ruling could help ease, if not conclude, the monthslong political instability that followed his brief imposition of martial law in early December. Meanwhile, a weakening US dollar added further support to the won as Trump’s sweeping tariffs stoked fears of an all-out trade war and a global recession. This prompted South Korea’s Acting President Han Duck-soo to call for talks with US officials and order emergency support for businesses to cushion the blow.

South Korean Won Rallies to 4-Week High

The Australian dollar weakened to around $0.63 on Friday, paring gains from the previous session as risk aversion gripped financial markets amid mounting fears of a tariff-driven global recession. While US President Donald Trump imposed a 10% tariff on Australian imports, Prime Minister Anthony Albanese ruled out retaliatory measures, noting that the US accounts for less than 5% of Australia’s exports. However, higher US tariffs on Australia’s key trading partners such as China, Japan, and South Korea dampened the broader outlook for global trade and economic growth. In response, markets priced in 100 basis points of total rate cuts from the Reserve Bank of Australia this year, up from 75 basis points earlier in the week. The next rate cut is expected in May, with July and August seen as potential follow-ups.

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