---
title: "Reuters Evening News：Tariff-bound drug and chip probes launched"
description: "U.S. Treasury Secretary Janet Yellen stated that the White House will begin interviewing candidates to succeed Federal Reserve Chairman Jerome Powell in the fall. Bostic believes that taking bold acti"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/236007721.md"
published_at: "2025-04-15T09:01:17.000Z"
---

# Reuters Evening News：Tariff-bound drug and chip probes launched

> U.S. Treasury Secretary Janet Yellen stated that the White House will begin interviewing candidates to succeed Federal Reserve Chairman Jerome Powell in the fall. Bostic believes that taking bold actions amid uncertainty is unwise and suggests that the Federal Reserve should remain cautious. The Trump administration plans to cut the State Department budget by nearly half, which could lead to the closure of 30 missions. The U.S. has launched investigations into drug and semiconductor imports, paving the way for the imposition of tariffs

The following is a summary of news from the Asian market session (7:00 AM - 5:00 PM) organized by Reuters Chinese News:

(Significant data or news)

– U.S. Treasury Secretary Mnuchin: The White House will begin interviewing candidates for the next Federal Reserve Chair this fall

U.S. Treasury Secretary Mnuchin stated that the White House will start interviewing candidates to succeed Federal Reserve Chair Jerome Powell this fall. Powell's term will end in May 2026. President Trump has repeatedly pressured the Federal Reserve to lower interest rates. Mnuchin said he is not concerned that Trump will force Powell out or challenge the independence of the Federal Reserve. However, he does believe there is more room for discussion regarding the Fed's role as a bank regulator.

– Federal Reserve's Bostic: Taking "bold actions in any direction" amid uncertainty is unwise

Atlanta Fed President Bostic stated that the uncertainty surrounding tariffs and other policies from the Trump administration has led the economy into a "great pause," and he suggested that the Federal Reserve should hold off until the situation becomes clearer. "The specific landing point of the economy largely depends on the details of policy implementation," Bostic said, "and since we do not know these yet, this is why I feel that taking any bold policy direction at this moment is imprudent." Bostic did not disclose whether he still believes the Fed will cut rates once this year.

– Trump administration seeks to cut U.S. State Department budget by nearly half – internal documents

Internal planning documents seen by Reuters show that the Trump administration aims to cut the State Department's budget by about half, which could lead to the closure of nearly 30 U.S. diplomatic missions and a significant reduction in foreign aid. A summary of documents from the White House Office of Management and Budget (OMB) indicates that the State Department's budget for fiscal year 2026 is requested to be $28.4 billion, down from the current fiscal year's budget of $54.4 billion.

– U.S. launches investigation into drug and chip imports, paving the way for tariffs

A notice published in the U.S. Federal Register indicates that the Trump administration initiated an investigation into drug and semiconductor imports on April 1, as part of imposing tariffs on these two industries under the pretext of national security threats due to heavy reliance on foreign production. The notice sets a 21-day public comment period. The investigation will cover drugs, drug ingredients, and other derivative products.

– Exporters attending the Canton Fair say the U.S. market is "frozen"

Exporters participating in the 135th China Import and Export Fair (Canton Fair) reported that the U.S. market is "frozen." Most exporters interviewed by Reuters indicated that U.S. orders have either been delayed or stopped altogether. Many exporters said they are working to diversify, either by establishing production bases outside of China or by exploring other sales markets outside the U.S.

– U.S. Vice President Pence believes there is a "great opportunity" for a U.S.-UK agreement, criticizes Zelensky as "absurd"

U.S. Vice President Pence stated in an interview with UnHerd that due to Trump's affection for the UK and its royal family, it is very likely that the U.S. and the UK will reach a "great agreement" on trade issues. Officials from both countries have been in talks for weeks, initially focusing on promoting cooperation in artificial intelligence and technology, but it may also expand to food and other goods. Pence also reiterated his criticism of Ukrainian President Zelensky"Zelensky told the U.S. government that we are somewhat on Russia's side, which I think is a bit absurd. The U.S. government is currently maintaining the entire Ukrainian government and war efforts."

Russian Foreign Minister Sergey Lavrov stated in an interview that reaching an agreement with the U.S. on key parts of a potential peace deal to end the war in Ukraine is not easy.

– The Director of the Planning Bureau of the Bank of Japan, Akino Sōichirō, stated that the uncertainty of U.S. tariff policies is causing fluctuations in global markets, but short-term liquidity has not significantly decreased; the Bank of Japan will continue to closely monitor market developments and their impact on the global and domestic economy. Japanese Finance Minister Kato Katsunobu stated that both Japan and the U.S. believe that exchange rates should be determined by the market, and excessive and disorderly exchange rate fluctuations have adverse effects on economic and financial stability. "I hope to continue dialogue with the U.S. based on this consensus," Kato said to Congress.

– The Reserve Bank of Australia will reconsider its policy in May, with no preset timing for action – April meeting minutes

The minutes from the Reserve Bank of Australia's April 1 meeting indicated that the central bank believes it is still too early to cut interest rates in April to respond to global uncertainties brought about by U.S. tariffs, but it will reconsider the prospect of rate cuts at the May meeting. However, the minutes show that the Reserve Bank of Australia is wary that "premature" easing of policy could pose risks to anti-inflation progress and emphasized that there is no "pre-decision" to take action in May.

– The Chief Economist of the Reserve Bank of New Zealand, Conway, stated that increased tariffs and uncertainties in global trade policies may lead to weaker-than-expected global and domestic economic activity. "At this stage, the impact on New Zealand's inflation is less clear, but the risk balance has shifted to the downside." He added that economic growth and inflation face downside risks, but there is still room for rate cuts if necessary, depending on developments.

– The EU's plan to stop importing Russian oil and gas will be announced in May

The European Commission stated that it will announce a more detailed strategy to gradually stop importing Russian oil and gas on May 6, after the plan was postponed twice. EU sources told Reuters that part of the delay in the announcement was due to uncertainties regarding Trump's tariff plans, and energy trade may be a factor in EU-U.S. trade negotiations.

– The Iranian Foreign Minister will visit Russia ahead of the second round of U.S.-Iran talks

Iranian Foreign Minister Amir-Abdollahian will visit Russia this week, ahead of the planned second round of talks between Tehran and Washington to resolve the decades-long nuclear standoff between Iran and the West. The Iranian state news agency (IRNA) quoted a foreign ministry spokesperson as saying that the second round of nuclear negotiations between Tehran and Washington will take place on Saturday in Muscat, Oman. The Iranian foreign ministry spokesperson stated that Amir-Abdollahian will discuss the latest developments regarding the Muscat talks with Russian officials.

U.S. Special Envoy for Middle East Affairs, Wittekov, stated that a diplomatic agreement with Iran will depend on the details of the verification of Iran's uranium enrichment and weapons programs.

– South Korean Minister of Planning and Finance Choi Sang-mok stated that South Korea will try to delay the imposition of reciprocal tariffs as much as possible in negotiations with the U.S., as the imminent prospect of tariffs could impact the export-dependent South Korean economy. In response to a question from a lawmaker about Seoul's response direction, he said, "From our national interest perspective, our idea is to negotiate as much as possible and complete the negotiations under the new government's leadership."Cui Xiangmu stated that South Korea will formulate an additional budget of 12 trillion won (USD 8.45 billion), higher than the previously proposed 10 trillion won. Cui Xiangmu mentioned that this budget will include 4 trillion won for responding to changes in the global trade environment, as well as other expenditures to support small businesses and those affected by recent natural disasters.

– South Korea announced that it will increase its support for the semiconductor industry to 33 trillion won (USD 23.25 billion), an increase of about one-quarter from the 26 trillion won announced last year. According to a joint statement from several departments, including the Ministry of Trade, Industry and Energy, South Korea will also raise its financial aid plan for the chip industry from the previous 17 trillion won to 20 trillion won.

– Data shows signs of weakness in the UK labor market, indicating that hiring has been impacted ahead of the increase in employer taxes this month, although wage growth remains strong. In the three months ending in March, the number of job vacancies fell below pre-pandemic levels for the first time since the three months ending in May 2021. Temporary data provided by employers to the tax authorities showed a decrease of 78,000 employees in March, while revised data for February showed a decrease of 8,000, compared to a previous estimate of an increase of 21,000.

– The European Central Bank's loan survey results show that Eurozone banks tightened credit to businesses in the first quarter of this year due to rising economic risks, and further tightening is expected in this quarter.

– UK shoppers increased their spending last month, but concerns about the global economy have grown ahead of Trump's tariff increases. The British Retail Consortium (BRC) reported that sales at its member stores (mostly large retail chains) rose by 1.1% year-on-year in March, the same increase as in February. However, Barclays Bank reported that March consumer spending increased by 0.5% compared to the same month last year, slowing from a 1.0% increase in February and falling below the inflation rate.

– Germany's incoming Chancellor Merz formed a new coalition government with the center-left Social Democratic Party (SPD) and announced a series of policies, including tax cuts and raising the minimum wage, hoping these measures will enhance purchasing power and stimulate domestic demand. However, economists, retail groups, and consumer behavior experts question whether these measures are sufficient to persuade Germans to open their wallets and spend.

– The Singapore government gazette stated that the Singapore Parliament was dissolved on Tuesday, and elections will be held within three months. The Election Commission later announced that Singapore will hold elections on May 3.

– OpenAI released a new AI model GPT-4.1, with significant improvements in coding and long-context understanding capabilities.

OpenAI announced on Monday the release of the new artificial intelligence (AI) model GPT-4.1, along with smaller versions GPT-4.1 mini and GPT-4.1 nano, claiming significant improvements in coding, instruction following, and long-context understanding. OpenAI stated that the new model is only available through OpenAI's application programming interface (API) and outperforms the company's current state-of-the-art model GPT-4o.

– Nvidia announced plans to produce AI servers worth up to USD 500 billion in the United States over the next four years with the help of partners like TSMC. This is the latest American tech company to support the Trump administration's push for domestic manufacturing

### AMD (Advanced Micro Devices) announced that its key processor chips will soon be produced at TSMC's new facility in Arizona, marking the first time its products will be manufactured in the United States.

– Meta Platforms CEO Mark Zuckerberg testified on Monday in a significant court hearing in Washington, where U.S. antitrust enforcement agencies claimed that the company spent billions of dollars to acquire Instagram and WhatsApp to stifle potential competitors to Facebook. The Federal Trade Commission (FTC) is seeking to force Meta to restructure or sell Instagram and WhatsApp.

– After Argentina lifted most foreign exchange and capital control measures over the weekend, the local currency peso depreciated by 10% against the dollar on Monday, approaching 1,200. The relaxation of controls is part of Argentina's $20 billion financing plan with the IMF. Despite the volatility of the peso exchange rate, investors and economists remain highly optimistic about Argentina's deregulation efforts, viewing it as a crucial step towards normalizing the economy after years of crisis.

(Market Summary)

– Japanese Stock Market: Nikkei Index rises as Trump hints at tariff exemptions boosting automotive stocks

The Japanese stock market's Nikkei Index climbed nearly 1% on Tuesday, rebounding in automotive manufacturing stocks after U.S. President Trump hinted at some tariff exemptions for the auto industry. The Nikkei Index closed up 0.84% at 34,267.54 points, while the TOPIX index rose by 1%. (.TCN)

– Chinese and Hong Kong Stock Markets: Shanghai Composite Index and Hang Seng Index rise for six consecutive days, focusing on domestic policy support

The Shanghai Composite Index in China rose slightly, marking six consecutive trading days of gains, led by bank stocks, while the Hong Kong Hang Seng Index also closed higher for six days in a row. Analysts noted that the impact of U.S. tariffs has diminished, with attention on the release of China's stimulus policies. The Shanghai Composite Index rose by 0.2% to 3,267.66 points, and the CSI 300 Index increased by 0.1%. The Hong Kong Hang Seng Index closed up 0.2% at 21,466.27 points. (.SSCN) (.HKCN)

– Foreign Exchange Market: Dollar steadies, gaining breathing room; investors eager for clarity on tariffs

The dollar steadied, remaining close to the three-year low and six-month low against the euro and yen set last week. Investors are still trying to make sense of the fluctuating U.S. tariff policies and remain cautious about U.S. assets. The euro/dollar slightly weakened during the day, trading at $1.1336. The dollar/yen slightly weakened, trading at 142.99 yen. The dollar index stood at 99.641, not far from last week's three-year low. (FRX/CN)

– Eurozone Bond Market: Yields fall as investors weigh U.S. tariff dynamics

Eurozone government bond yields fell as investors considered Trump's hints about potentially granting further tariff exemptions to automakers. The yield on Germany's 10-year government bonds decreased by 2.1 basis points to 2.5%. The yield on Italy's 10-year government bonds fell by 1 basis point to 3.67%. (GVD/EURCN)

– International Oil Market: Oil prices rise as U.S. may exempt auto tariffs and China's crude oil imports reboundOil prices rise, driven by Trump's proposal for new tariff exemptions and expectations of tightening Iranian supply, boosting China's crude oil imports. At 0813 GMT, Brent crude futures rose by 7 cents or 0.1% to $64.95 per barrel; U.S. West Texas Intermediate (WTI) rose by 7 cents or 0.1% to $61.60. (O/R)

– Global gold market: Gold prices rise as the market responds to U.S. tariff uncertainties

Gold prices increased as uncertainties remain regarding Trump's tariff plans and their impact on the global economy. At 0815 GMT, spot gold rose by 0.7% to $3,230.48 per ounce. U.S. gold futures rose by 0.6% to $3,245.70. (GOL/)

– Metal futures market: Shanghai copper rises as the market bets on a pause in auto tariffs and China's stimulus policies

Shanghai copper increased, supported by market expectations of a pause in auto tariffs and optimism about China introducing more stimulus measures to promote economic growth. At 0628 GMT, the main copper futures contract on the Shanghai Futures Exchange rose by 0.2% to 75,970 yuan ($10,394.03) per ton. The London Metal Exchange (LME) three-month copper benchmark remained steady at $9,182 per ton. (MET/LCN)

Note: For other important financial news, please click (TOP-CMN); for recent "Reuters Evening News," please click (NN/CN)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
