In today’s briefing:
- Charted Insights: Understanding the Impact of the US Reciprocal Tariff Plan: A Data-Backed Breakdown
- Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead
- Ohayo Japan | Tariffs On, Risk Off
- Junior Copper Miners: An Update After 1Q25
- No Tariffs on Semiconductors – but Does It Matter?
- Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate
- Hardman & Co Insight: 2024 Pharma Statistics
- South African Listed Property Review – March 2025
- US EV Charging Infrastructure Tracker – March 2025
Charted Insights: Understanding the Impact of the US Reciprocal Tariff Plan: A Data-Backed Breakdown
- In early 2025, former US President Donald Trump announced a new “Reciprocal Tariff Plan” as part of his economic strategy to address trade imbalances.
- The plan involves levying additional tariffs on countries where the US runs a trade deficit, aimed at “equalizing” tariff rates between the US and its trading partners.
- We analyze how the tariffs across major US trading partners will change post reciprocal tariffs.
Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead
- Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
- Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
- Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.
Ohayo Japan | Tariffs On, Risk Off
- US stocks cratered on Thursday in their worst one-day sell-off since 2020, with the Dow tumbling almost 1,700 points; NKY Futures weaker
- Mitsubishi Corporation plans to buy back up to ¥1 trillion of its shares, acquiring up to 689 million shares, or 17% of total issued shares
- An investment company associated with activist investor Yoshiaki Murakami has acquired over 5% of Fuji Media Holdings’ outstanding shares
Junior Copper Miners: An Update After 1Q25
- Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.
- Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The White House yesterday exempted copper from any import tariffs.
- Copper miners show a mixed bag, our basket of favorites was led by Arras Minerals (ARK V EQUITY) which increased 182% YTD.
No Tariffs on Semiconductors – but Does It Matter?
- Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.
- There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea.
- They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.
Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate
- Huge losses for tech/AI/banks in the biggest selloff since Covid.
- Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.
- Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.
Hardman & Co Insight: 2024 Pharma Statistics
- An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database.
- This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024.
- The year was characterised by 9.2% underlying (ex-COVID-19) growth.
South African Listed Property Review – March 2025
- March was an extremely busy month for the SA listed property sector with earnings, pre-close, and interim releases coming thick and fast.
- The SA All Property Index was down -4.12% for the quarter, the FTSE EPRA Nareit Global Index in ZAR was down -1.21%, and in USD down by -1.67%.
- The best positions remain in property companies as insulated from international macro issues as possible, those with steady cash flows, tenants providing necessary products and/or services, plus low debt levels.
US EV Charging Infrastructure Tracker – March 2025
- Total public EV charging stations (incl. temporary unavailable locations) were 77,514 as of March 31, 2025. Compared to the end of FY24, it is an increase of 3.4%.
- Total EV charging ports (including the temporary unavailable ports) were 217,353, up nearly 5.1% compared to the end of 2024 and up 2.0% over February 2025.
- California has the highest number of active DC Fast ports as of March 2025 at 13,611 (~26% of the total), followed by Texas at 3,347 .
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