Top Overnight News President Donald Trump pledged he will still apply tariffs to phones, computers and popular consumer electronics, downplaying a weekend exemption as a procedural step in his overall push to remake US trade. “NOBODY is getting ‘off the hook,’” the president said in a social post. BBG China’s exports surged in Mar beyond expectations (+12.4% vs. the Street +4.6%) as companies rushed orders to get ahead of Trump’s tariffs. WSJ China’s Xi embarks on a tour of Vietnam, Malaysia, and Cambodia, warning that Trump’s trade war will “lead nowhere” and produce “no winners”. FT China imposes restrictions on daily net equity sales by hedge funds and large retail investors. RTRS Brazil will be a major beneficiary of the US-China trade war, as Beijing substantially increases purchases of agricultural products from the country. FT Iran said the first round of negotiations with the US, held over the weekend, were “constructive”, and that additional meetings will take place. BBG Neel Kashkari downplayed suggestions the Fed will step in to calm markets. “Investors in the US and around the world are trying to determine what is the new normal in America” and the Fed has “zero ability to affect that,” he said. BBG Argentina’s 20 billion IMF rescue program represents a bet that Javier Milei’s cost-cutting will avoid the debacles of the past. As part of the reforms, the peso will be allowed to trade within a range from this week. Scott Bessent will meet Milei in Buenos Aires today. BBG META will face off against the FTC in an antitrust case on Monday, the latest indication that Trump 2.0 isn’t taking an easier regulatory approach to the tech industry. NYT The dollar weakened to a six-month low on concern that the confusion around the Trump administration’s tariff policy will drive traders away from US assets. Treasuries may have hit the bottom for now amid signs of robust foreign demand and expectations for the Federal Reserve to support US government debt when needed, according to JPMorgan Asset Management.