As the latest U.S. tariffs go into effect, European markets are preparing to open lower.

With the implementation of Trump’s new tariffs specific to countries, European markets are expected to open lower on Wednesday morning.

Due to the mutual tariffs, including a total import tax of 104% on Chinese goods, coming into effect at midnight Eastern Time, a low opening is anticipated in Europe this morning (April 9, Wednesday). The U.S. Customs and Border Protection confirmed it is preparing to collect country-specific tariffs from 86 countries. While the president stated he is open to negotiations, he also confirmed that the planned tariffs on Chinese imports will continue. He signed an executive order tripling the tariffs on low-value Chinese goods to 90%, effective from May 2. Trump mentioned having "special agreements" with some countries, noting that some Asian countries and the European Union (EU) are open to negotiations. However, since his promise on Tuesday to "fight to the end," there has been no further response from China. In a statement at the White House on Tuesday, Trump said, "China wants to make a deal very much, but they don't know how to start. We are waiting for their call. This will happen!"

Losses are deepening in Asian markets. The Hong Kong Hang Seng Index fell about 2%, Japan's Nikkei 225 dropped 4%, Australia's ASX 200 decreased 1.8%, and South Korea's Kospi fell 1.7%, as stock markets across Asia continued their declines as of 05:50 Central European Time (CET), which is 06:50 Turkish Time. In China, the People's Bank of China (PBOC) weakened the Yuan fixing for the fifth consecutive session against the U.S. dollar. The USD/CNY exchange rate rose to 7.35, a level not seen since September 2023. However, analysts expect the central bank to gradually weaken the Yuan to avoid erratic movements that could trigger capital outflows. South Korea announced a $2 billion emergency package to support automakers and warned that Trump's 25% tariff on cars would deliver a "significant blow" to the critical sector. After the Reserve Bank of India (RBI) cut the benchmark interest rate to 6% for the second consecutive time and changed its policy stance to supportive, India's Nifty 50 was more resilient with only a 0.55% decline. The New Zealand stock market also outperformed the region with just a 0.6% drop. The Reserve Bank of New Zealand (RBNZ) lowered the official cash rate to 3.5% for the fifth consecutive meeting, signaling further rate cuts as it faces downward risks to growth and inflation from U.S. tariffs.

U.S. stock futures also fell sharply; the S&P 500 dropped 2.56%, the Nasdaq fell 2.76%, and the Dow Jones Industrial Average was down 2.18% as of 05:18 Turkish Time. The rally seen earlier this week on Wall Street was short-lived as uncertainty deepened following Trump’s confirmation that he would continue imposing tariffs on China. Major European indices also continued their sharp declines; Euro Stoxx 50 dropped 4.44%, Germany's DAX fell 4.12%, and the FTSE 100 lost 3.11%. Michael Brown, a senior research strategist at Pepperstone in London, stated, "Basically, it will be difficult to rally unless the Trump administration starts to consistently formulate policy, adopts a less hawkish tone on tariffs, or begins to roll back 'reciprocal' tariffs through country-specific agreements."

Safe haven assets shine. Risk-off sentiment has benefited safe haven assets like gold, the Japanese yen, the euro, and the Swiss franc. Spot gold rose by more than 1%, reaching a high of $3,018 per ounce. The euro increased by 0.7% against the U.S. dollar to 1.1037 as of 06:30 Turkish Time, nearing its highest level in seven months, while the dollar weakened by 0.65% against both the Japanese yen and the Swiss franc, falling to levels not seen since October 2024. Meanwhile, U.S. Treasury bonds saw heavy selling, particularly in long-term government bonds, indicating that traders are becoming increasingly skeptical about the economic outlook in the U.S. The yield on 30-year U.S. Treasury bonds rose by 20 basis points on Tuesday, reaching its highest level of the year.

Oil losses widen. Crude oil prices continued to decline, with Brent futures falling by 3.84% to $60.41 per barrel as of 06:30 Turkish Time, and West Texas Intermediate (WTI) futures dropping by 4.23% to $57.06 per barrel. Both benchmarks are currently at their lowest levels since March 2021.