The Safest of Havens.

The mathematics of knots.

“The first news summary of the morning —the most comprehensive I’ll receive all day— and the last thing I read before going on air.” — Hugh Hewitt, host of The Hugh Hewitt Show.

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1. China will raise tariffs on all US goods from 84% to 125% with effect from April 12, according to the Finance Ministry. The move comes after Trump hiked US levies on China. The ministry added that China will ignore further tariffs from the US on Chinese products. “Given that there is no longer any possibility of market acceptance for US goods exported to China under the current tariff levels, if the US side subsequently continues to impose tariffs on Chinese goods exported to the US, the Chinese side will pay no attention to it,” according to the statement. (Source: bloomberg.com)

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2. By imposing tariffs of 145 percent on all Chinese goods, President Donald Trump has effectively launched a trade embargo on the world’s largest exporter. It could hardly have come at a worse time for Beijing. Exports have been a rare bright spot in an economy struggling with a property market slump, high youth unemployment and domestic spending that is so weak it threatens to turn into a deflation crisis. The hit to exports also threatens the legacy of Chinese leader Xi Jinping, who is trying to transform his country from the world’s factory into an advanced manufacturing and technology superpower — a delicate transition that could be thrown off by this bruising trade war. In less than a week, the world’s two largest economies have progressively upped the ante to a point where their respective import duties are at historic highs. (Source: washingtonpost.com)