News from April 5, 2025 at 2 AM

U.S. President Donald Trump's announcement of high tariffs on goods from multiple countries has sparked global market turmoil. China announced retaliatory tariffs of 34% on U.S. goods. Federal Reserve Chair Jerome Powell warned that Trump's tariffs would lead to inflation and slower economic growth. Nintendo delayed pre-orders of its highly anticipated Switch 2 due to tariff uncertainty. Allianz's Chief Economic Advisor Mohamed El-Erian warned that the risk of a U.S. recession is 'uncomfortably high.' The Trump administration's efforts on immigration, including a sharp decline in illegal border crossings into the U.S. and a series of arrests of alleged gang members. Trump also 'implemented his bold plan for reciprocal trade as he seeks to reverse the decades of globalization that has decimated our industrial base.' The White House also pointed to favorable manufacturing-related announcements from companies such as Nissan and General Motors.

South Korea's Constitutional Court unanimously upheld the impeachment of President Yoon Suk Yeol on March 24, ousting him from office. This decision initiates a 60-day countdown for a presidential election to select a new leader. In the interim, Prime Minister Han Duck-soo has been reinstated as acting president. Acting Chief Justice Moon Hyung-bae stated that Yoon's declaration of martial law did not meet legal requirements and that sending troops to parliament to stop its reversal was illegal. Following the ruling, the Kospi index fell 1.66%, Kosdaq dropped 0.85%, and the South Korean won strengthened by about 1%. The Democratic Party hailed the decision as a 'people's victory,' while Yoon's People's Power Party 'humbly accepted' the court's ruling. South Korea's finance minister convened an emergency meeting with Bank of Korea governor Rhee Chang-yong and other financial officials to assess the economic impact. Yoon was impeached on December 14 after declaring martial law on December 3, which was subsequently overturned by parliament.

The Hungarian government has announced its intention to withdraw from the International Criminal Court (ICC), with the process set to begin on Thursday as per constitutional and international legal frameworks. This decision comes after a visit by Israeli Prime Minister Benjamin Netanyahu, who received Hungary's support against the radical Palestinian movement Hamas. Netanyahu has been issued an arrest warrant by the ICC for war crimes and crimes against humanity in Palestine. Hungarian Prime Minister Viktor Orbán termed the decision 'absurd and shameful,' assuring Netanyahu of Hungary's non-compliance with the ICC's ruling. Hungarian Foreign Minister Peter Szijjarto had previously indicated Budapest's contemplation of ending cooperation with the international court, describing the ICC as a biased political instrument that has discredited the international judicial system. Hungary is the only EU country not participating in the ICC, alongside Russia, the United States, China, India, and Iran.

Myanmar's junta chief, Min Aung Hlaing, attended a regional summit in Bangkok on April 3, 2025, as the death toll from the earthquake that struck central Myanmar last Friday rose to 3,085 killed and 4,715 injured, with hundreds more missing and the toll expected to rise. His arrival in Bangkok, on the eve of the summit, was confirmed by a spokesman for the Myanmar army. Thailand, where the earthquake was felt and caused 21 deaths, proposed that the leaders issue a joint statement on the disaster. Many earthquake-affected areas in Myanmar have yet to be reached by authorities, suggesting the death toll figures may not be accurate. Since the quake, countries around the world have sent aid and rescue teams to Myanmar, but poor infrastructure and an ongoing civil war have complicated relief efforts. The junta announced a temporary ceasefire to expedite these efforts, after rejecting earlier proposals from armed ethnic rebel groups. On Tuesday night, the military opened fire at a Chinese Red Cross convoy carrying relief supplies, claiming the convoy refused to stop despite signals to do so.

On April 4, a Russian missile attack in the Ukrainian city of Kryvyi Rih killed at least 18 people, including nine children. Local officials stated the strike hit a residential area, but Russia's Defence Ministry claimed it targeted a military gathering. The Ukrainian military denounced the Russian statement as misinformation. This attack was one of the deadliest in the 2025 conflict, occurring as US President Donald Trump attempts to end the war. Regional governor Serhiy Lysak reported that the strike damaged residential blocks and sparked fires, with at least 50 people wounded and over 30 hospitalized, including a three-month-old baby. City military administrator Oleksandr Vilkul later said Russian drones attacked private homes, causing one elderly woman's death and injuring five others. The Ukrainian military accused Moscow of spreading false information, intent on continuing its invasion. In his nightly video address, President Zelensky called for greater Western pressure on Russia.

Russell Brand has been charged with rape, indecent assault, and sexual assault involving four women between 1999 and 2005. The charges stem from an investigation by The Sunday Times, The Times, and Channel 4's Dispatches in September 2023. Brand denied the allegations in a video posted on X, stating he will defend himself in court. The Metropolitan Police informed Brand he must appear at Westminster Magistrates' Court on May 2. Currently believed to be in the United States, prosecutors may seek his return or extradition. Additionally, a civil case for personal injury and sexual abuse was filed against Brand at the High Court in London by an anonymous woman in February.

A 24-year-old US tourist, Mykhailo Viktorovych Polyakov, was arrested for attempting to contact the isolated tribe on North Sentinel Island in the Indian Ocean. He filmed his visit and left a can of coke and a coconut on the shore. Survival International warned that such actions endanger both the visitor and the tribe. Police in the Andaman and Nicobar Islands, India, stated that Polyakov was remanded for three days by a local court for further interrogation. He had previously attempted to approach the island twice. Survival International highlighted that social media influencers pose a new threat to uncontacted tribes. In 2018, another US national, John Allen Chau, was killed by the tribe after visiting the same island.

The Russian Foreign Ministry announced on Friday that it is expelling three Moldovan diplomats in response to Moldova's expulsion of three Russian diplomats. Moldova expelled the Russian diplomats on Monday, accusing the Russian Embassy in Chisinau of orchestrating the escape of a pro-Kremlin lawmaker, Alexander Nesterovschii, to avoid imprisonment for illegal political funding. The Russian Foreign Ministry summoned Moldova's envoy, Lilian Darii, to protest the expulsion and declared three Moldovan embassy employees in Russia 'persona non grata.' The ministry insisted its embassy in Moldova acted in accordance with diplomatic conventions and denied any interference in Moldova's internal affairs. The pro-European government of Moldova, a former Soviet republic, has repeatedly accused Russia of meddling in its domestic politics, a claim Moscow denies. The latest diplomatic row centers around Nesterovschii, who was convicted of illegally channeling funds to a pro-Russian party and fled to the Russian embassy last month, shortly before being sentenced in absentia to 12 years in jail.

On April 3, US President Donald Trump unveiled the first 'gold card', a residency permit priced at $5 million (approximately S$6.68 million), aboard Air Force One. Holding a prototype featuring his face and the inscription 'The Trump Card', the Republican President told reporters that the special visa would likely be available 'in less than two weeks'. He claimed to be the 'first buyer', calling it 'pretty exciting'. Trump previously stated that sales of this high-priced version of the traditional green card would attract job creators and could help reduce the US national deficit. The former real estate tycoon, who has prioritized the deportation of millions of undocumented migrants for his second term, said the new card would be a pathway to highly prized US citizenship. In February, he mentioned his administration's hope to sell 'maybe a million' of these cards and did not rule out the eligibility of Russian oligarchs.

This week, the U.S. stock market suffered a significant setback, with the Nasdaq Composite closing in bear market territory on Friday, down more than 22% from its all-time high. The S&P 500 could be next to fall into a bear market if it fails to hold a critical support level at around 5,200. On Friday, the benchmark index closed at about 5,074, about 17% below its record high. JC O'Hara, chief technical strategist at Roth MKM, warned that if there is a surge of negative news over the weekend, a dramatic drop could occur on Monday. He cautioned that if the S&P 500 fails to maintain the 5,200 support level, its futures could test the bear market level of 4,850. Additionally, there are concerns about further downside risks in the short term, including the rare occurrence of two consecutive 4% declines in the S&P 500, which historically has preceded more selling during significant market disruptions.