Overview

• China banned Chinese companies from dealing with five U.S.-linked subsidiaries of South Korea’s Hanwha Ocean, accusing them of supporting a U.S. shipping investigation.
• The United States and China began imposing additional port fees on ocean carriers on Tuesday, escalating the dispute onto maritime trade routes.
• Equities fell across Asia and Europe and U.S. stock futures turned lower, while the dollar strengthened and gold hovered near a new record high.
• Treasury Secretary Scott Bessent said President Trump still aims to meet Xi Jinping in South Korea this month and warned China would be “hurt the most” if it rejects U.S. demands.
• Risk appetite stayed weak after roughly $19–20 billion in leveraged crypto positions were liquidated over the weekend, with investors watching policy signals from Jerome Powell and the kickoff of big-bank earnings.