Markets in the US were mixed during a volatile trading session on Tuesday to begin the second quarter of the year, as continuing uncertainty over President Donald Trump's tariffs continue to weigh on investor sentiment.
Mr Trump was expected to unveil a list of tariffs on Wednesday – which he has called “Liberation Day” – that he has said will reduce US reliance on foreign goods. He said on Monday that he had made a decision on the latest plans, but did not reveal details.
The Dow Jones Industrial Averaged closed relatively flat at market close, down 0.03 per cent after paring losses of about 300 points earlier in the session. The S&P 500 and Nasdaq, which are coming off their worst quarterly losses since 2022, ended the day in green, rising 0.38 per cent and 0.87 per cent.
The yield on the 10-year Treasury fell about eight basis points to 4.167 per cent.
“The ebbs and flows of safe-haven support have dominated the Treasury market price action recently, and we expect that will continue over the near term as traders await tomorrow's tariff details and any global response,” Oxford Economics' lead US analyst John Canavan wrote in a note.
Investors received another piece of unwelcome economic data on Tuesday, as manufacturing activity contracted again in March as companies grapple with uncertainty over tariffs.
“A front-running of tariffs and shift to minimise import exposure is driving up prices, while persistent uncertainty is crimping underlying demand and leaves manufacturers longing for clarity,” Wells Fargo analysts wrote to clients.
A separate report from the Bureau of Labour Statistics showed job openings slid in February, showing that the labour market is gradually cooling. The Labour Department was due to release March's employment figures on Friday.
Markets entered the week facing a heightened degree of uncertainty over Mr Trump's self-imposed April 2 deadline on his tariff agenda. His much-delayed approach towards slapping levies on US trading partners has sent market sentiment plummeting, raised recession forecasts from the private sector and has muddied the outlook for the world's largest economy.
Mr Trump has so far given few details of his tariff plans, although the Wall Street Journal previously reported he could announce a flat 20 per cent tariff on most countries. The tariffs could also be more targeted.
White House press secretary Karoline Leavitt told reporters on Tuesday that Mr Trump had "made a decision" on his tariff plans. Mr Trump on Monday said the tariffs would be lower than what other countries are charging the US.
Nevertheless, the tariff saga has sparked renewed fears of a global trade war that could reignite inflation and slow economic growth in the US.
The EU, Canada and other trading partners are preparing to retaliate to Mr Trump's tariff decision.
The White House said the tariffs would immediately go into effect when he announces them.
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Results
3pm: Handicap (PA) Dh40,000 (Dirt) 1,000m; Winner: Dhafra, Antonio Fresu (jockey), Eric Lemartinel (trainer)
3.30pm: Maiden (PA) Dh40,000 (D) 2,000m; Winner: Al Ajayib, Antonio Fresu, Eric Lemartinel
4pm: Handicap (PA) Dh40,000 (D) 1,700m; Winner: Ashtr, Abdul Aziz Al Balushi, Majed Al Jahouri
4.30pm: Handicap (TB) Dh40,000 (D) 1,700m; Winner: Falcon Claws, Szczepan Mazur, Doug Watson
5pm: Sheikh Dr Sultan bin Khalifa Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,700m; Winner: Al Mufham SB, Al Moatasem Al Balushi, Badar Al Hajri
5.30pm: Sharjah Marathon – Handicap (PA) Dh70,000 (D) 2,700m; Winner: Asraa Min Al Talqa, Al Moatasem Al Balushi, Helal Al Alawi
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Name: Yousef Al Bahar
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Racecard
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
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TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
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Torque: 600Nm at 1,900rpm
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Our legal consultant
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Kyrgyzstan v Qatar, 5.45pm
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Under 12 – Minerva Academy
Under 14 – Unam Pumas
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Under 18 – Madenat
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
