The Day at a Glance | April 15 2025

The Top

• In the United States, March import prices logged no significant changes despite tariffs.

• Later today, Q1 2025 GDP figures for China will be released, with the consensus estimating 5.1% y/y growth.

• The U.S. announced a 21% tariff on tomato imports from Mexico, effective July 14^th.

• Canada’s annual CPI inflation stood at 2.3% in March, surprising analysts who had expected 2.6%.

• The Trump administration is moving forward with investigations into pharmaceutical and semiconductor imports, aiming to impose tariffs on both sectors.

• Japan will seek the full removal of additional tariffs imposed by U.S. President Donald Trump, said its chief negotiator Ryosei Akazawa on Tuesday, ahead of a scheduled three-day visit to Washington.

• Oil prices edged lower on Tuesday after the International Energy Agency followed OPEC in cutting its crude demand forecast, though declines were limited by President Donald Trump’s suggestion of potential new tariff exemptions.

Economic Environment

In the U.S., March import prices logged no significant changes despite tariffs. Import prices in the world’s largest economy fell -0.1% m/m in March, after rising 0.2% m/m in February. These prices include cost, insurance, and freight (CIF), which are paid once the goods arrive at customs, excluding tariffs. As such, they help assess whether merchandise values were affected by the rounds of tariffs imposed by the U.S. A closer look at the data reveals no substantial changes in import prices: Steel rose 0.1% m/m (previous: -0.6%), aluminum increased 1.2% (previous: 0.7%), electrical equipment rose 0.5% m/m (previous: -0.6%), and transportation equipment rose 0.1% m/m (unchanged from the prior month). By country of origin, import prices from China declined -0.2% m/m, rose 0.5% m/m from Japan, remained unchanged from Europe, and dropped -0.3% m/m and -1.5% m/m from Mexico and Canada respectively, mainly due to non-manufactured goods. On a year-over-year basis, import prices rose 0.9% in March. Overall, the value of imported goods — before tariffs — logged no substantial change, which is notable given that by March, three rounds of tariffs were already in effect: A 20% tariff on China, 25% tariffs on steel, aluminum, and derivatives, and 25% tariffs on all products not included inthe USMCA.

Markets and Companies

The main U.S. stock indices are trading higher. Market volatility has eased following the declines triggered by the announcement of import tariffs in the U.S. In recent sessions, nervousness has subsided amidst the possibility that the U.S. government may grant certain pauses and exemptions, as seen in the case of electronic products such as smartphones and semiconductors. Additionally, market attention is beginning to shift toward the Q1 2025 earnings season.

Treasury yields are showing a more stable performance, with the 2-year bond yield at 3.82% and the 10-year at 4.36%.

In commodities, oil prices are rising despite the International Energy Agency cutting its demand forecast. Gold continues its upward trend.

The exchange rate stands at $19.97 pesos per dollar, down from yesterday’s $20.07 at market close. 

Corporate News

• Bank of America shares rose nearly 2% after posting better-than-expected first-quarter results, driven by strong performance in net interest income and trading; net profit rose 11%.

• Boeing shares fell over 3% after Beijing ordered Chinese airlines to suspend new deliveries of its aircraft and halt purchases of U.S. equipment.

• Citigroup reported better-than-expected results, boosted by its fixed income and equity trading divisions.

• Netflix shares rose after The Wall Street Journal reported the company aims to reach a $1 trillion market cap and double its revenue by 2030.