Unconfirmed reports said China has stopped its imports of some U.S. farm products and liquefied natural gas to avoid paying steep tariffs it imposed in retaliation for Trump’s tariffs of up to 145% on imports of Chinese products.

U.S. President Donald Trump’s trade war remains a source of deep uncertainty. Economists worry his use of sharp tariff hikes could cause a recession if fully implemented and left in place for a while.

Tokyo’s Nikkei 225 index lost 1% to 34,368.42 in the absence of signs of significant progress toward a trade deal with Trump. Japanese automakers, in particular, are facing 25% tariffs on exports to the U.S. of autos and auto parts.

The Shanghai Composite index gained 0.3% to 3,244.44, while the Kospi in South Korea was nearly unchanged at 2,484.23.

Taiwan’s Taiex lost 1.2%.

Markets were closed in Hong Kong and Australia.

U.S. markets were shut on Friday and were mixed at Thursday’s close. The Dow industrials sank 1.3%, while the S&P 500 edged up 0.1%. The Nasdaq composite shed 0.1%.

Treasury yields rose early Monday.

Big Tech’s “Magnificent Seven” companies, a group consisting of Apple, Microsoft, Nvidia, Amazon, Tesla, Google parent Alphabet and Facebook parent Meta Platforms kick off earnings season this week. Since Trump’s inauguration, their combined market value had plunged by $3.8 trillion, or 22%, as of April 20.

Trump’s tariffs are wreaking havoc with supply chains in China and other key markets around the world.

Tesla, which makes its electric vehicles in Shanghai, is scheduled to release its full financial report Tuesday after already revealing that its first-quarter car sales dropped by 13% from the same time last year.

Also early Monday, U.S. benchmark crude oil sank $1.20 to $62.81 per barrel. Brent crude, the international standard, gave up $1.20 to $66.76 per barrel.

The U.S. dollar bought 141.08 Japanese yen, its weakest level since September, down from 141.80 yen. The euro rose to $1.1473 from $1.1404.

A recent drop in the dollar has economists worried that it might reflect something more ominous than the usual ups and downs as Trump tries to reshape global trade: a loss of confidence in the U.S. as a safe haven for investments.

In the bond market, the yield on the 10-year Treasury rose to 4.35% from 4.32% late Thursday.

Credit: AP

Credit: AP

Credit: AP

Credit: AP

Credit: AP

Credit: AP

Credit: AP

Credit: AP