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Metal Sky Star Acquisition Corporation - Right

Autoliv is entering two Virtual Power Purchase Agreements with the two renewable electricity producers, Alight and Eurowind Energy. They are important for ensuring a consistent and reasonably priced energy supply for Autoliv's activities in Europe, reducing the risks associated with potential future energy price fluctuations. Autoliv seeks to improve its energy resilience and ensure its operations will continue to be both economical and sustainable even in the face of volatile markets.

News

Autoliv Signs 12-Year Renewable Energy Agreements With Alight And Eurowind, Strengthening Energy Resilience And Climate Leadership

Mesoblast filed a request for a Type B meeting during the last quarter, in line with previous guidance, and expects to have the meeting during this quarter. The meeting will be held under Mesoblast's Regenerative Medicines Advanced Therapy (RMAT) designation for REVASCOR.
In a Type B meeting last year, FDA provided guidance to Mesoblast that the company was eligible to file for accelerated approval of REVASCOR in patients with end-stage HFrEF based on the totality of data across two randomized controlled trials. FDA also guided that a single confirmatory trial in class II/III patients with ischemic HFrEF and inflammation will need to be completed after any accelerated approval is obtained.

MESO

Reported Earlier, Mesoblast Files Type B FDA Meeting Request To Advance Revascor Toward Accelerated Approval In Ischemic Heart Failure With Inflammation

Preliminary First Quarter 2025 Results
<ul>
<li>Preliminary first quarter 2025 revenue is expected to be approximately $37.9 million, representing growth of 28% compared to the prior year period, and a decrease of 6% compared to the fourth quarter of 2024, driven by:
<ul>
<li>The sale of 27,579 Light Adjustable Lenses (LAL&#x2122;/LAL+&#xAE;); representing a 36% increase in procedure volume compared to the first quarter of 2024; and</li>
<li>The sale of 73 Light Delivery Devices (LDD&#x2122;s), bringing the installed base to 1,044 LDDs as of March 31, 2025, which represents a 43% expansion compared to the installed base of 732 LDDs at end of the first quarter of 2024</li>
</ul>
</li>
</ul>
Revised 2025 Guidance
The company decreased its 2025 full-year revenue and operating expense guidance as follows:
<ul>
<li>Revenue in the range of $160.0 million to $175.0 million, a decrease from the previous guidance range of $185.0 million to $197.0 million, representing implied growth of 14% to 25% compared to 2024;</li>
<li>Operating expenses in the range of $150.0 to $160.0 million, a decrease from the previous guidance range of $165.0 million to $170.0 million and now representing an implied increase of 10% to 18% compared to 2024;</li>
<li>Operating expenses also include non-cash stock-based compensation expense, which is now projected to be in the range of $27.0 million to $30.0 million, compared to the previous range of $22.0 million to $25.0 million.</li>
</ul>

Earnings

RXST

Reported Earlier, RxSight Preliminary Q1 Results: Expects Revenue of $37.9M, Up 28% YoY (Vs. $40.14M Est.); Lowers 2025 Revenue Guidance To $160M–$175M (Vs. $188.9M Est.), Down From $185M–$197M

<ul>
<li>Vanrafia can be seamlessly added to supportive care in IgAN and used as a foundational therapy with no requirement for a REMS (Risk Evaluation Mitigation Strategy) program1</li>
<li>Phase III data showed Vanrafia achieved proteinuria reduction of 36.1% (P&lt;0.0001) vs. placebo with improvements seen at Week 6 and sustained through Week 36 and favorable safety1,2</li>
<li>IgAN is a progressive, rare kidney disease; up to 50% of patients with persistent proteinuria progress to kidney failure within 10 to 20 years of diagnosis3-9</li>
<li>With third FDA approval in under 1 year across its renal portfolio, Novartis is uniquely positioned to lead a transformation in kidney care</li>
</ul>

Reported Earlier, Novartis Gains FDA Accelerated Approval For Vanrafia, The First Selective ETA Receptor Antagonist For Proteinuria Reduction In IgA Nephropathy

Reported Earlier, Sylvan Secures Strategic Investment From Novo Holdings To Accelerate Growth, With KKR Remaining Majority Shareholder

LCID

Lucid Group Prices $1B 5.00% Convertible Senior Notes Due 2030 In Private Offering

Rilzabrutinib granted orphan drug designation in the US for two rare diseases with no approved medicines
<ul>
<li>Designation granted for warm autoimmune hemolytic anemia and IgG4-related disease</li>
<li>Rilzabrutinib is currently under regulatory review in the US, EU and China for potential use in immune thrombocytopenia&nbsp;</li>
</ul>

FDA Grants Orphan Drug Status To Sanofi's Rilzabrutinib For Two Rare Autoimmune Diseases With High Unmet Needs

President Donald Trump declared a national emergency to unveil his list of reciprocal tariffs on some of America&#8217;s biggest trade partners.
This act by the White House marks the biggest upheaval in global trade in decades, which Trump claims is being done to &#8216;strengthen the international economic position of the United States&#8217; and &#8216;protect American workers.&#8217; 
What Happened: On Wednesday, Trump invoked his authority under the International Emergency Economic Powers Act of 1977 to declare a state of emergency and enact reciprocal tariffs to address &#8216;the large and persistent trade deficit&#8217; experienced by the United States.
A <a href="https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/">White House &#8216;Fact Sheet&#8217;</a> accompanying the President&#8217;s announcement lays out the list of tariffs imposed on imports into the U.S. and the countries that are being subjected to them, as Trump emphasizes the golden rule of trade: &#8216;Treat us like we treat you.&#8217;
Here&#8217;s a complete rundown of what the fact sheet entails, with a spotlight on key points and what they each mean for the U.S., as well as the global economy.
See Also: <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">Trump&#8217;s &#8216;Reciprocal Tariff&#8217; Plan Hits Market Confidence As Dow Futures Drops Over 830 Points</a>
<h3 class="wp-block-heading">1. Address Trade Deficit &amp; Unfair Practices</h3>
The fact sheet states that the <a href="https://www.wsj.com/economy/trade/us-trade-import-export-deficit-charts-490a7bce">United States suffered a $1.2 trillion trade deficit in 2024</a>, which was largely &#8216;ignored by prior leadership.&#8217; Going on to state that such persistently high deficit levels year after year are an unsustainable crisis and need to be addressed.
The <a href="https://worldpopulationreview.com/country-rankings/us-trade-deficit-by-country">countries that drive this deficit</a> include China at $270 billion, and Mexico at $160 billion, followed by Vietnam, Ireland, and Germany at $110 billion, $80 billion, and $76 billion, respectively.
It holds the pernicious economic policies and unfair trade practices of its largest partners responsible for this, highlighting the tariffs charged by countries such as India and Turkey, going as high as 60% on Apples, 70% on passenger car imports, and 80% on rice husks.
The White House says American companies are charged nearly $200 billion in value-added taxes each year by other countries, while the U.S. itself taxes little to nothing, with tariffs mostly ranging from 2.5% to 3.3%.
It further sheds light on several non-tariff barriers that leave U.S.-based companies at a disadvantage, such as Brazil and Vietnam&#8217;s restrictions on remanufactured goods.
<h3 class="wp-block-heading">2. Hollowed Out Manufacturing Base &amp; Reshoring</h3>
The fact sheet holds the country&#8217;s long-standing free-for-all trade policy responsible for the erosion of its manufacturing base. It highlights the fact that American manufacturing as a share of global output stood at 28.4% in 2001 but now stands at 17.4%.
In addition to the millions of jobs lost to this shift over the decades, the administration believes that it has left U.S. supply chains vulnerable to global shocks.
The new trade policy emphasizes the importance of reshoring manufacturing, especially in critical sectors such as defense, batteries, microelectronics, and bio-manufacturing.
<h3 class="wp-block-heading">3. Blanket Import Tariffs, Reciprocal Tariffs &amp; Exemptions</h3>
To address these challenges and more, the President used his IEEPA authority to impose a blanket 10% tariff on all goods imported into the U.S. from across the world. This is set to go into effect starting from the 5th of April 2025.
Besides this, several reciprocal tariffs are being imposed on countries with which the United States has the highest trade deficit, which is in addition to the 10% baseline. The reciprocal tariffs are set to take effect on the 9th of April 2025. For Canada and Mexico, the existing IEEPA order around fentanyl and immigration remains in effect and is unchanged.
The fact sheet outlines several products exempted from these tariffs, such as copper, pharmaceuticals, and lumber articles, alongside bullion, energy, and minerals unavailable in the United States. Steel, aluminum, auto, and auto parts are exempted, as they are part of a separate tariff order that remains in force.
Here&#8217;s the full list of reciprocal tariffs being imposed on America&#8217;s largest trading partners,
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td class="has-text-align-center" data-align="center">Country</td>
<td class="has-text-align-center" data-align="center">Tariffs Charged To The U.S.</td>
<td class="has-text-align-center" data-align="center">Discounted Reciprocal Tariffs</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">China</td>
<td class="has-text-align-center" data-align="center">67%</td>
<td class="has-text-align-center" data-align="center">34%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">European Union</td>
<td class="has-text-align-center" data-align="center">39%</td>
<td class="has-text-align-center" data-align="center">20%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Vietnam</td>
<td class="has-text-align-center" data-align="center">90%</td>
<td class="has-text-align-center" data-align="center">46%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Taiwan</td>
<td class="has-text-align-center" data-align="center">64%</td>
<td class="has-text-align-center" data-align="center">32%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">Japan</td>
<td class="has-text-align-center" data-align="center">46%</td>
<td class="has-text-align-center" data-align="center">24%</td>
</tr>
<tr>
<td class="has-text-align-center" data-align="center">India</td>
<td class="has-text-align-center" data-align="center">52%</td>
<td class="has-text-align-center" data-align="center">26%</td>
</tr>
</tbody>
</table>
</figure>
What It Means: The tariffs do have broad implications on the U.S. and global markets, and in addition to a rout in global equity markets, analysts expect it to fuel inflation, while further increasing the risks of a recession. 
America&#8217;s trading partners are expected to respond with countermeasures, which could altogether plunge the global economy into a recession.
<h3 class="wp-block-heading">1. Trade With The United States: A &#8216;Privilege&#8217;</h3>
The President unequivocally states &#8216;Access to the American market is a privilege, not a right&#8217; and that the United States will no longer &#8216;put itself last on matters of international trade.&#8217;
According to analysts, however, this move is not without its downsides, as clamping down on the U.S. market privileges of other countries could hurt America&#8217;s biggest privilege of all, &#8216;<a href="https://thespectator.com/topic/could-trump-tariffs-damage-the-us-dollar/">The Dollar Privilege</a>&#8216;. Something that allowed it to run massive deficits and wield unprecedented geopolitical power over the decades.
<h3 class="wp-block-heading">2. Global Recession Risk</h3>
Early last month, JP Morgan Research suggested that the risk of a global recession taking hold this year was at 40%, up from 30% at the start of 2025. The analysis laid the blame squarely on the ongoing tariff war and the uncertainties surrounding the same, resulting in negative sentiments.
Now with the tariffs in place, analysts at JP Morgan are all but certain that &#8220;these policies, if sustained, would likely push the U.S. and global economy into recession this year.&#8221;
They further add that this is essentially <a href="https://edition.cnn.com/business/live-news/tariffs-trump-news-04-02-25#cm90qyswp001x3b6nd1mkndo5">a $660 billion tax on American consumers</a>, &#8216;the largest tax increase in recent memory by a longshot.&#8217;
<h3 class="wp-block-heading">3. Countermeasures By Trading Partners</h3>
Major U.S. <a href="https://in.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">trade partners have begun responding to the tariffs</a>, starting with a Chinese Commerce Ministry spokesperson calling it &#8216;typical unilateral bullying&#8217; before urging the U.S. to &#8216;immediately cancel its unilateral tariff measures.&#8217;
Meanwhile, Europe joined in on condemning the tariffs, with Italian Prime Minister Giorgia Meloni calling the 20% tariffs imposed on the European Union &#8216;wrong,&#8217; followed by the Irish Taoiseach Micheál Martin, who referred to this decision as &#8216;Extremely Unsettling.&#8217;
The Indian Commerce Ministry said that it was still analyzing the impact of the 26% reciprocal tariff, with a senior official quoted as saying &#8216;a mixed bag and not a setback for India.&#8217; The Canadian Prime Minister Mark Carney, on the other hand, vowed to &#8216;act with purpose and with force.&#8217;
Image via Shutterstock
Read More: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/44620650/nvidia-amd-apple-meta-tesla-why-these-5-stocks-are-trending-on-trumps-liberation-day">Nvidia, AMD, Apple, Meta, Tesla: Why These 5 Stocks Are Trending On Trump&#8217;s Liberation Day</a></li>
</ul>

Government

Markets

Trump Unveils Massive Tariff Plan to Slash $1.2 Trillion Trade Deficit: 'Access To The American Market Is A Privilege'

New Street Research analyst Pierre Ferragu defended his position on Wednesday that negative publicity surrounding CEO Elon Musk won&#8217;t harm Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) in the medium term.
What Happened: &#8220;Many question our view that &#8216;bad press&#8217; related to Elon will not have a lasting influence on Tesla sales,&#8221; Ferragu wrote on X. &#8220;Elon&#8217;s antics are very unlikely to damage the brand medium term (and they definitely help awareness!!).&#8221;
The analyst shared data showing significant drops in Tesla&#8217;s brand perception during 2022, including a 21-point decline in March and a 17-point drop in November, coinciding with Musk&#8217;s Twitter acquisition. Despite these metrics, Tesla&#8217;s quarterly deliveries grew steadily from 185,000 in the first quarter of 2021 to 485,000 by the fourth quarter of 2023.
Ferragu&#8217;s optimistic assessment comes amid recent challenges for the automaker. Tesla reported approximately 337,000 vehicle deliveries in the first quarter of 2025, falling short of analyst expectations across all major markets. The disappointing results sent shares tumbling <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls">before recovering Wednesday</a>.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Many question our view that &quot;bad press&quot; related to Elon will not have a lasting influence on Tesla sales. Here is our underlying analysis. Elon&#39;s antics are very unlikely to damage the brand medium term (and they definitely help awareness!!) <a href="https://t.co/fsYL53GtDE">pic.twitter.com/fsYL53GtDE</a>
&mdash; Pierre Ferragu (@p_ferragu) <a href="https://twitter.com/p_ferragu/status/1907579341149737344?ref_src=twsrc%5Etfw">April 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/global/25/04/44620889/trumps-liberation-day-tariffs-roil-markets-as-china-slams-typical-unilateral-bullying-asian-markets-plunge">Trump&#8217;s &#8216;Liberation Day&#8217; Tariffs Roil Markets As China Slams &#8216;Typical Unilateral Bullying:&#8217; Asian Markets Plunge</a>
Why It Matters: Wedbush Securities analyst Dan Ives called the figures &#8220;a disaster for the bulls&#8221; while maintaining an Outperform rating with a $550 price target. &#8220;The more political he gets with DOGE, the more the brand suffers, there is no debate,&#8221; Ives said, <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls">referring to Musk&#8217;s role</a> in the Department of Government Efficiency under President Donald Trump&#8216;s administration.
Tesla stock rebounded over 5% in regular session on Wednesday following a Politico report suggesting Musk might <a href="https://www.benzinga.com/markets/equities/25/04/44617674/tesla-closes-in-green-dips-after-hours-as-musk-denies-ouster-from-trump-administration">step back from his government position in the coming weeks</a>. Musk dismissed the report as &#8220;fake news&#8221; on X, after which shares dipped 8.01% in after-hours trading.
The company&#8217;s stock has fallen as much as 33% since Trump&#8217;s January inauguration, with analysts attributing some decline to <a href="https://www.benzinga.com/markets/equities/25/04/44617674/tesla-closes-in-green-dips-after-hours-as-musk-denies-ouster-from-trump-administration">Musk&#8217;s political activities</a>, including his reported $20 million investment to defeat a Wisconsin Supreme Court candidate and endorsements of far-right parties in Europe.
Price Action: Tesla closed at $282.76 on Wednesday, gaining 5.33% for the day. In after-hours trading, the stock declined 8.01% to $260.12.
Tesla stock has outperformed rivals Nio Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) and Lucid Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCID#NASDAQ">LCID</a>) but trails Rivian Automotive Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) in short- to long-term price trends, according to Benzinga Edge Stock Ranking. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Sign up to learn more</a>.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/legal/25/04/44620411/mark-zuckerberg-led-meta-set-to-face-truth-at-senate-hearing-over-china-operations-and-communist-party-censorship-efforts">Mark Zuckerberg-Led Meta Set To Face &#8216;Truth&#8217; At Senate Hearing Over China Operations And Communist Party Censorship Efforts</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Equities

Tech

RIVN

TSLA

Tesla Brand Won't Suffer From Elon Musk's 'Antics,' Says Analyst Despite Delivery Miss, 8% Stock Drop In After-Hours Trading

Gold prices hit a new all-time high Wednesday as investors sought refuge in the safe haven following President Donald Trump&#8217;s sweeping tariffs that sent risk-on markets falling.
What happened: Spot gold rose 0.46% to $3,148.93 per ounce as of this writing, down slightly from the peak of $3,167 recorded earlier in the day. Gold futures on the Commodity Exchange were up 0.15% to $3,171.&nbsp;
With the latest uptick, the yellow metal extended its year-to-date gains to 20%.
The rise also boosted physical gold-backed cryptocurrencies. Tether Gold and PAX Gold rose 1.02% in the last 24 hours and over 20% since 2025 began.
In fact, the two cryptocurrency derivatives of gold were among the five most successful coins this year, far outperforming heavyweights like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>24-Hour Gains +/-</td>
<td>YTD Gains +/-</td>
<td>Price (Recorded at 12:30 a.m. ET)</td>
</tr>
<tr>
<td>PAX Gold (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/paxg/usd">PAXG</a>)</td>
<td>+1.02%</td>
<td>+20.16%</td>
<td>$3,167.24</td>
</tr>
<tr>
<td>Tether Gold (CRYPTO: XAUT)</td>
<td>+1.02%</td>
<td>+20.93%</td>
<td>$3,171.20</td>
</tr>
</tbody>
</table>
</figure>
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/03/44555553/will-the-greatest-of-them-all-trump-memecoin-make-its-way-to-trump-media-etfs-polymarket-bettors-think-its-unlikely">&#8216;Greatest Of Them All&#8217; TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It&#8217;s Unlikely</a>
Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a "make-or-break level."
"If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," the analyst projected.
Gold bug and renowned economist Peter Schiff called gold a "true safe haven and store of value," while highlighting the fall of Bitcoin, considered by some as a "digital gold."
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bitcoin is now leading risk assets lower. It&#39;s already down 7% from the high that it hit shortly after Trump began his Liberation Day speech. Meanwhile, gold, a true safe haven and store of value, is up another $30, trading in new record territory above $3,160.
&mdash; Peter Schiff (@PeterSchiff) <a href="https://twitter.com/PeterSchiff/status/1907585940115132685?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Capital markets tumbled after the scope and scale of Trump's new reciprocal tariff structure <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-">exceeded Wall Street's worst-case expectations</a>. The new levies on imported goods would be set at 50% of what the trading partners charge the U.S.
Image via Shutterstock
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44554819/elon-musk-dismisses-dogecoin-use-by-government-clears-the-air-on-doge-department-two-very-different-things">Elon Musk Dismisses Dogecoin Use By Government, Clears The Air On DOGE Department: &#8216;Two Very Different Things&#8217;</a></li>
</ul>

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Movers

Trading Ideas

$BTC

$ETH

$PAXG

Bitcoin Reeling From Trump's 'Liberation Day' Shock But These Gold-Backed Coins Are Killing It This Year

Macro Economic Events

Econ #s

Economics

BBJP

WisdomTree Trust Japan Total Dividend Fund

Reported Earlier, Japan 10-Year JGB Auction 1.405% Vs. 1.404% Prior

Reported Earlier, China Caixin Services Purchasing Managers Index For March 51.9 Vs. 51.5 Est.; 51.4 Prior

Reported Earlier, au Jibun Bank Japan Services Purchasing Managers' Index For March 50.0 Vs. 49.5 Est.; 53.7 Prior

Reported Earlier, Australia Trade Balance For February 2.968B Vs. 5.380B Est.; 5.156B (Revised) Prior

Chinese tech giants ByteDance, Alibaba Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), and Tencent Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCEHY#OTC">TCEHY</a>) have reportedly placed over $16 billion in orders for Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) H20 server chips in the first quarter of 2025.
What Happened: ByteDance, Alibaba, and Tencent are collectively investing billions in Nvidia's H20 server chips, the most advanced AI processor legally available in China under <a href="https://in.benzinga.com/news/25/03/44102063/china-strikes-back-at-trumps-tariffs-with-retaliatory-duties-us-company-sanctions-and-wto-showdown">U.S. export restrictions</a>, reported Reuters (<a href="https://www.theinformation.com/articles/nvidia-faces-dilemma-chinese-firms-rush-order-16-billion-new-ai-chips">via</a> The Information).
The surge in orders comes after the rise of DeepSeek, a Chinese AI startup known for its affordable AI models that have contributed to the high demand for Nvidia&#8217;s H20 chips.
See Also: <a href="https://www.benzinga.com/news/legal/25/04/44620411/mark-zuckerberg-led-meta-set-to-face-truth-at-senate-hearing-over-china-operations-and-communist-party-censorship-efforts">Mark Zuckerberg-Led Meta Set To Face &#8216;Truth&#8217; At Senate Hearing Over China Operations And Communist Party Censorship Efforts</a>
In January 2025, DeepSeek's AI marvel <a href="https://www.benzinga.com/25/01/43232316/deepseek-jitters-shatter-us-tech-stocks-wipe-out-12-trillion-on-wall-street-analyst-eyes-four-chinese-giants-set-to-benefit">triggered a major selloff</a> in U.S. tech stocks, causing Nvidia's market value to plunge by $593 billion.
The H20 chips, which were launched after the latest round of U.S. export controls in October 2023, are critical for Chinese firms striving to advance their AI capabilities.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, reports indicated that Chinese companies were grappling with <a href="https://in.benzinga.com/25/03/44519562/nvidia-faces-fresh-china-setback-as-chip-shortages-and-sanctions-disrupt-supply">chip shortages due to U.S. sanctions</a>. H3C, a key server manufacturer, highlighted the depletion of Nvidia&#8217;s H20 chip inventory, raising concerns about supply chain disruptions.
Chinese firms are exploring alternatives to reduce reliance on Nvidia. In March, Qingcheng.AI introduced &#8220;Chitu,&#8221; a framework designed to operate on Chinese-made chips, aiming for technological self-sufficiency.
Huawei Technologies has also been advancing <a href="https://in.benzinga.com/media/25/03/44488569/chinas-huawei-reportedly-doubles-ai-chip-yields-to-40-now-nvidia-ceo-jensen-huang-warns-that-the-chinese-tech-giant-is-the-most-formidable-competitor-despite-us-sanctions">its AI chip capabilities</a>, with Nvidia CEO Jensen Huang acknowledging the company's competitive edge.
Despite these challenges, China remains a crucial market for Nvidia, contributing significantly to its revenue. In 2024, Nvidia generated $12 billion in revenue from China, selling twice as many AI chips as Huawei's Ascend 910B.
Price Action: Nvidia's stock has declined 20.16% year-to-date, but over the past 12 months, it has gained 24.12%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Benzinga Edge Stock Rankings gives Nvidia (NVDA) a 94.90% growth rating. If you are interested in seeing how it stacks up against other companies, <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">click here for the full analysis</a>.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/markets/25/01/43373775/tim-cook-praises-chinas-deepseek-for-driving-efficiency-stresses-apples-prudent-and-deliberate-approach-toward-capital-expenditure" target="_blank" rel="noreferrer noopener">Tim Cook Praises China&#8217;s DeepSeek For Driving Efficiency, Stresses Apple&#8217;s ‘Prudent And Deliberate&#8217; Approach Toward Capital Expenditure</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

BABA

NVDA

TCEHY

ByteDance, Alibaba, And Tencent Order $16 Billion Worth Of Nvidia's H20 Chips As Demand Surges For DeepSeek's Low-Cost AI Models: Report

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) fell Wednesday after President Donald Trump's tariff shock, extending its weekly losses to over 16%.
What Happened: The world's largest meme reversed from the highs of  $0.1787 to the mid-$0.1600 region as the new reciprocal tariff structure exceeded Wall Street's worst-case expectations, <a href="https://www.benzinga.com/25/04/44620222/bitcoin-ethereum-dogecoin-give-up-early-gains-on-trumps-tariff-liberation-day-analyst-flags-levels-where-buying-btc-could-result-in-substantial-gains">sending stocks and cryptocurrencies tumbling</a>.
DOGE has made a sharp U-turn since hitting $0.20 last week, losing more than 16% along the way. The price decline dampened speculative interest in the coin, causing the Open Interest in DOGE futures to fall 24% over the week, <a href="https://www.coinglass.com/BitcoinOpenInterest">according </a>to Coinglass.&nbsp;
Moreover, the Long/Short Ratio dipped below 1, indicating that the majority of traders were positioned bearish on the coin.
See Also:<a href="https://www.benzinga.com/24/12/42735744/pharma-bro-martin-shkreli-predicts-doom-for-michael-saylors-microstrategy-as-stock-dips-below-300-in-after-hours-trading"> </a><a href="https://www.benzinga.com/25/03/44555553/will-the-greatest-of-them-all-trump-memecoin-make-its-way-to-trump-media-etfs-polymarket-bettors-think-its-unlikely">&#8216;Greatest Of Them All&#8217; TRUMP Memecoin Headed for Trump Media ETFs? Polymarket Bettors Think It&#8217;s Unlikely</a>
Why It Matters: Well-known cryptocurrency analyst Ali Martinez stated that DOGE was at a "make-or-break level."
"If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely," the analyst projected.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> is at a make-or-break level. If $0.16 holds, a rally to $0.57 could follow. If it fails, a drop to $0.06 becomes likely. <a href="https://t.co/ksJjZIuN8D">pic.twitter.com/ksJjZIuN8D</a>
&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1907631139168079972?ref_src=twsrc%5Etfw">April 3, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Moving averages, both exponential and simple, flashed "Sell" signals for DOGE, <a href="https://in.tradingview.com/symbols/DOGEUSD/technicals/">according </a>to TradingView.
Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of price, typically a 12-period EMA and a 26-period EMA, generated a "Buy" signal.
Price Action:  At the time of writing, Dogecoin was exchanging hands at $0.1658, down 3.30% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44554819/elon-musk-dismisses-dogecoin-use-by-government-clears-the-air-on-doge-department-two-very-different-things">Elon Musk Dismisses Dogecoin Use By Government, Clears The Air On DOGE Department: &#8216;Two Very Different Things&#8217;</a></li>
</ul>

$DOGE

Dogecoin Dropped 16% In A Week, Time To Grab Some? Analyst Says Meme King At A 'Make-Or-Break' Level

Global markets reeled on Thursday after President Donald Trump unveiled sweeping new tariffs on imports. China immediately threatened countermeasures, and <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive" target="_blank" rel="noopener">Asian markets dropped</a><a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive"> sharply on trade war fears</a>.
What Happened: Trump <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">announced tariffs on all Chinese imports on Wednesday</a> as part of his &#8220;Liberation Day&#8221; reset of American trade policy, calling Apr. 2 &#8220;the day American industry was reborn&#8221; and a &#8220;Declaration of Economic Independence.&#8221;
&#8220;China firmly opposes this and will resolutely take countermeasures to safeguard its own rights and interests,&#8221; a Chinese Commerce Ministry spokesperson said on Thursday, <a href="https://edition.cnn.com/business/live-news/tariffs-trump-news-04-02-25/index.html?t=1743651072096">according</a> to CNN. The spokesperson characterized the move as &#8220;typical unilateral bullying&#8221; and urged the U.S. to &#8220;immediately cancel its unilateral tariff measures.&#8221;
Asian markets tumbled in response, with Japan&#8217;s Nikkei 225 plunging 2.95% to 34,673.69. Hong Kong&#8217;s Hang Seng dropped 1.66% to 22,818.18, while South Korea&#8217;s KOSPI fell 1.04% to 2,479.80. Mainland China&#8217;s SSE Composite slid 0.51% to 3,333.10. India&#8217;s Nifty 50 declined 0.58% to 23,196.45.
The tariffs, which take effect Apr. 9, establish a &#8220;reciprocal&#8221; structure set at half the rate Trump claims trading partners impose on American goods. China faces duties of 34%, while Vietnam at 46%, and Sri Lanka at 44%, <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">face the steepest increases</a>.
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Musk Needs To ‘Navigate Brand Crisis Or Else,&#8217; Warns Analyst, Tesla&#8217;s&nbsp;</a>‘<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Delivery Number Was A Disaster For The Bulls&#8217;</a>
Why It Matters: European leaders joined the chorus of criticism. Italy&#8217;s Prime Minister Giorgia Meloni, typically a Trump ally, called the 20% tariff rate imposed on the European Union &#8220;wrong,&#8221; while Ireland&#8217;s Taoiseach Micheál Martin deemed the decision &#8220;deeply regrettable,&#8221; according <a href="https://www.bbc.com/news/articles/cvgql020y5lo">to</a> the BBC.
India&#8217;s commerce ministry is analyzing the impact of the 26% &#8220;discounted&#8221; reciprocal tariff, with a senior official calling it &#8220;a mixed bag and not a setback for India,&#8221; according <a href="https://economictimes.indiatimes.com/news/newsblogs/today-news-live-updates-trump-tariffs-parliament-waqf-bill-myanmar-earthquake-russia-ukraine-news-today-3-april-india-world-news/liveblog/119923704.cms?from=mdr">to</a> The Economic Times. Meanwhile, Canadian Prime Minister Mark Carney, according to Reuters, vowed to &#8220;act with purpose and with force&#8221; in response.
U.S. <a href="https://www.benzinga.com/markets/equities/25/04/44620686/sp-500-nasdaq-futures-plunge-over-3-as-trumps-reciprocal-tariff-plan-hits-market-confidence">futures markets plunged</a> following the announcement, with the Dow Jones Industrial Average futures erasing nearly 830 points. Economists warned of severe consequences, with former Treasury Secretary Larry Summers estimating potential <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">economic losses of up to $20 trillion</a>.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44620056/dr-doom-nouriel-roubini-trumps-liberation-day-tariff-label-is-orwellian-doublespeak-us-playing-with-fire" target="_blank" rel="noreferrer noopener">‘Dr. Doom&#8217; Nouriel Roubini: Trump&#8217;s ‘Liberation Day&#8217; Tariff Label Is Orwellian Doublespeak, US ‘Playing With Fire&#8217;</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Global

Trump's 'Liberation Day' Tariffs Roil Markets As China Slams 'Typical Unilateral Bullying:' Asian Markets Plunge

Sentient, a San Francisco-based AI development lab backed by Peter Thiel's Founder&#8217;s Fund, has unveiled its open-source AI search framework, positioning its work as a response to China's DeepSeek.
What Happened: Sentient released its Open Deep Search (ODS) framework, stating that it outperforms major closed-source competitors like OpenAI's GPT-4o Search Preview and Perplexity Sonar Reasoning Pro, <a href="https://decrypt.co/312580/americas-deepseek-moment-peter-thiel-non-profit">reported</a> Decrypt.
The nonprofit lab argues that its open-source approach challenges the growing control of AI by closed-source corporations. Its ODS achieved a 75.3% accuracy on the FRAMES benchmark, the company said.
See Also:&nbsp;<a href="https://www.benzinga.com/25/03/44529187/elon-musk-says-tesla-doesnt-need-lidar-because-people-dont-shoot-lasers-out-of-their-eyes-yet-his-ev-company-quietly-spent-over-2-million-on-the-technology-in-2024-as-china-takes-global-lead" target="_blank" rel="noreferrer noopener">Elon Musk Says Tesla Doesn't Need Lidar Because ‘People Don't Shoot Lasers Out Of Their Eyes' After YouTubers Put His Cars Through Wylie E. Coyote Tests</a>
Sentient co-founder Himanshu Tyagi said that the system requires models to synthesize knowledge from multiple sources, avoiding artificial boosts from preloaded data. To enhance efficiency, traditional &#8220;ground truth&#8221; resources like Wikipedia were intentionally excluded, according to the report.
Why It Matters: The company positioned the release of ODS as America's answer to China&#8217;s DeepSeek. As a nonprofit, Sentient advocates for AI development to be community-driven rather than dominated by closed-source corporations.
DeepSeek's AI breakthrough in late January sparked a <a href="https://www.benzinga.com/25/01/43232316/deepseek-jitters-shatter-us-tech-stocks-wipe-out-12-trillion-on-wall-street-analyst-eyes-four-chinese-giants-set-to-benefit">major selloff in U.S. tech stocks</a>, wiping $593 billion from Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) market value as investors grew concerned about rising competition.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Last month, DeepSeek <a href="https://in.benzinga.com/markets/asia/25/03/44474850/chinas-deepseek-ups-the-heat-in-openai-rivalry-upgrades-v3-model-improving-coding-and-reasoning-capability">released its upgraded</a> V3 model, enhancing its reasoning and coding capabilities.
DeepSeek&#8217;s founder, Liang Wenfeng, has also opted to keep the company&#8217;s core AI models open-source, <a href="https://in.benzinga.com/25/03/44254562/deepseek-stays-free-founder-rejects-monetization-plans-new-reasoning-model-amid-alibaba-talks">rejecting monetization plans</a>.
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) CEO Satya Nadella has also reportedly acknowledged DeepSeek as a <a href="https://in.benzinga.com/25/03/44529954/microsoft-ceo-satya-nadella-admits-chinas-deepseek-was-a-wake-up-call-tells-employees-its-time-to-build-real-products-not-just-research-thats-the-new-bar-to-me">&#8220;wake-up call&#8221; for the tech giant</a>, urging his teams to focus on creating impactful products.
Image via Shutterstock
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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<li><a href="https://www.benzinga.com/markets/equities/25/03/44212672/jamie-dimon-cashed-out-234-million-in-jpmorgan-stock-warren-buffett-stockpiled-334-billion-in-cash-weeks-later-markets-crashed-coincidence" target="_blank" rel="noreferrer noopener">Jamie Dimon Cashed Out $234 Million In JPMorgan Stock, Warren Buffett Stockpiled $334 Billion In Cash — Weeks Later, Markets Crashed. Coincidence?</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

MSFT

Peter Thiel-Backed Nonprofit Sentient Aims To Be America's DeepSeek, Takes Aim At Closed AI Systems

Tim Stokely, the founder of OnlyFans, and a cryptocurrency foundation have joined forces to place a late-stage bid for the acquisition of TikTok&#8217;s U.S. operations from ByteDance.
What Happened: The bid was put forth this week by Zoop, Stokely&#8217;s latest venture,&nbsp;and the HBAR Foundation, which&nbsp;manages the Hedera (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/hbar/usd">HBAR</a>) blockchain network, according to details shared with Benzinga.
The official X account of HBAR also posted a cryptic message with the TikTok logo and reposted media reports about the bid. Zoop didn&#8217;t immediately return Benzinga&#8217;s request for a comment.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/bQNcWYJ2tD">pic.twitter.com/bQNcWYJ2tD</a>
&mdash; HBAR Foundation (@HBAR_foundation) <a href="https://twitter.com/HBAR_foundation/status/1907502097156755628?ref_src=twsrc%5Etfw">April 2, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://benzinga.com/markets/cryptocurrency/25/04/44613293/avax-to-outperform-bitcoin-ethereum-reaching-250-by-2029-standard-chartered" target="_blank" rel="noreferrer noopener">AVAX To Outperform Bitcoin, Ethereum, Reaching $250 By 2029: Standard Chartered </a>
&#8220;We are committed to ensuring TikTok&#8217;s U.S. operations remain under American ownership and governance,&#8221; said RJ Phillips, Zoop co-founder and CEO. "Our bid for TikTok isn&#8217;t just about changing ownership—it&#8217;s about creating a new paradigm where both creators and their communities benefit directly from the value they collectively generate.&#8221;
Unlike OnlyFans, which is known for adult entertainment, Zoop is a mainstream content platform that pays both creators and fans.
Hedera is a public blockchain network that allows for the development of decentralized applications on top of it. HBAR lies at the center of the network, helping secure it through staking. 
The network attracted criticism for <a href="https://www.coindesk.com/markets/2024/04/24/hederas-hbar-doubles-then-falls-25-as-blackrock-links-diminish">misleading marketing</a> last year after a posting about BlackRock tokenizing a U.S. Treasury money market fund on its blockchain. The announcement sent the token soaring. However, when BlackRock clarified that it was not actively involved in the tokenization process and denied any commercial relationship with Hedera, the token came crashing down.
In March 2023, an attacker <a href="https://hedera.com/blog/analysis-remediation-of-the-precompile-attack-on-the-hedera-network">exploited</a> the smart contract code of the network to transfer Hedera Token Service (HTS) tokens from targeted accounts to their own account, leading to the network being taken offline.
Why It Matters: This bid comes amid a flurry of interest in TikTok. Amazon reportedly <a href="https://in.benzinga.com/news/25/04/44613084/amazon-makes-surprise-bid-for-tiktok-amid-us-ban-threat-report">made a last-minute bid</a> to acquire the popular content creation platform in its entirety, just days before the popular video app faces a U.S. ban if it does not sever ties with its Chinese parent company, ByteDance.
Last month,&nbsp;Reddit co-founder Alexis Ohanian&nbsp;expressed his intention <a href="https://in.benzinga.com/25/03/44136476/alexis-ohanian-aims-to-acquire-tiktok-us-and-bring-it-on-chain">to acquire TikTok&#8217;s U.S. operations</a> and transition it to a blockchain-based platform.&nbsp; Ohanian joined Project Liberty—a consortium led by billionaire&nbsp;Frank McCourt&nbsp;to purchase the platform and transition it into an open-source, decentralized protocol.
Price Action:  At the time of writing, HBAR was exchanging hands at $0.1660, up 0.25% over the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>. Year-to-date, the cryptocurrency has tumbled 43%.
Image via Shutterstock
Read Next:&nbsp;
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</ul>

$HBAR

AMZN

MSTR

OnlyFans Founder's Startup And HBAR Foundation Enter Race To Acquire Tiktok To Maintain 'American Ownership And Governance'

U.S. stock futures plunged on Wednesday after President Donald Trump unveiled broad new tariffs on key trading partners, sparking fears of a global trade war that could further <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">weaken the U.S. economy</a>.
What Happened: Futures on the S&amp;P 500 plunged 2.7% to 5,557.75, while Nasdaq-100 futures tumbled 3.37% to 19,092.25 in after-hours trading. Dow Jones Industrial Average futures fell 1.95% to 41,665.00, erasing nearly 830 points.
Trump unveiled a &#8220;reciprocal tariff rate&#8221; set at 50% of what trading partners charge the United States, including non-tariff barriers like currency manipulation and value-added taxes. 
&#8220;April 2nd, 2025 will forever be remembered as the day American industry was reborn,&#8221; Trump said, calling the move &#8220;our Declaration of Economic Independence.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Musk Needs To ‘Navigate Brand Crisis Or Else,' Warns Analyst, Tesla's&nbsp;</a>‘<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44612478/musk-needs-to-navigate-brand-crisis-or-else-warns-analyst-tesla-delivery-number-was-a-disaster-for-the-bulls" target="_blank" rel="noreferrer noopener">Delivery Number Was A Disaster For The Bulls'</a>
Why It Matters: The &#8220;Magnificent Seven&#8221; tech stocks bore the brunt of the sell-off, projected to lose <a href="https://www.benzinga.com/government/regulations/25/04/44618089/trumps-tariffs-surprise-triggers-carnage-magnificent-7-set-to-wipe-out-nearly-700-billion-in-market-value">a combined $685 billion in market value</a>. Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) led declines in after-hours trading, dropping 7.14% and facing a potential $221.7 billion market cap loss. NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) fell 5.68%, while Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) declined 6.10%.
Leading economists expressed alarm, with Justin Wolfers calling the tariffs &#8220;monstrously destructive&#8221; and former Treasury Secretary Larry Summers estimating potential economic losses of up to $20 trillion, or well <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">over $200,000 per family of four</a>.
While Canada and Mexico were notably <a href="https://www.benzinga.com/markets/equities/25/04/44620423/trumps-sweeping-tariffs-could-cost-us-20-trillion-crash-markets-warn-economists-monstrously-destructive">excluded from the tariff program</a>, Vietnam, Cambodia, and Sri Lanka face the steepest increases under the new system. As investors sought safety, gold futures gained 1.1%, with economist Peter Schiff predicting prices could reach $3,500 this month.
Read Next:
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<li><a href="https://www.benzinga.com/25/04/44620056/dr-doom-nouriel-roubini-trumps-liberation-day-tariff-label-is-orwellian-doublespeak-us-playing-with-fire" target="_blank" rel="noreferrer noopener">‘Dr. Doom' Nouriel Roubini: Trump's ‘Liberation Day' Tariff Label Is Orwellian Doublespeak, US ‘Playing With Fire'</a></li>
</ul>
Image via Shutterstock
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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