April 3rd International Headlines: Trump Threatens to Strike Iran's Infrastructure Again, U.S. Oil Prices Surge 11% SpaceX Raises IPO Target Valuation to Over $2 Trillion

The main headline stories jointly covered by global financial media last night and this morning are as follows:

**　　1、Trump again threatens to strike Iran’s infrastructure**

**　　**2、Trump plans to impose a 100% tariff on certain medicines, raising trade barriers

**　　3****、SpaceX reportedly seeks to go public at a valuation of more than $2 trillion**

**　　4****、The United States adjusts the scope of metal tariffs, still keeping a 50% rate**

**　　5、U.S. oil prices surge 11%; further concerns arise from Trump’s remarks about a war with Iran**

**　　**6、The UK convenes more than 40 countries to plan the reopening of the Strait of Hormuz, or to move forward without the U.S. being present

Trump again threatens to strike Iran’s infrastructure

Trump again issued threats to Iran’s infrastructure, seeking to pressure Tehran. One day earlier, he vowed to continue moving forward with war, triggering turmoil in global markets and the economy.

“Iran’s biggest bridge has collapsed and can no longer be used—there will be more to come!” Trump posted a video on social media and wrote in the caption, “Iran is time to reach an agreement, otherwise it will be too late—then everything will be gone, when it could have become a great nation!”

Iran’s Foreign Minister Aragchi posted on social media that striking civilian facilities “will not force Iranians to surrender.” Earlier on Thursday, Iran’s semi-official Fars News Agency reported that U.S.-Israeli airstrikes hit multiple targets, including a bridge connecting Tehran and the city of Karaj.

Trump plans to impose a 100% tariff on certain medicines, raising trade barriers

The Trump administration will impose tariffs of up to 100% on certain imported medicines, while also setting several key exemptions, to pressure pharmaceutical companies and prompt them to expand production in the United States.

The new tariff was approved by U.S. President Donald Trump on Thursday. It applies to patent drugs produced in countries that have not reached a tariff agreement with the United States, and where the relevant companies have not signed a most-favored-nation pricing agreement with the government.

A White House statement said that products produced by some large companies will begin being taxed after 120 days, while those from smaller manufacturers will be affected after 180 days.

The statement said that for major economies that reached an agreement with the White House, the tariff cap for their products is 15%, including the European Union, South Korea, Japan, Switzerland, and Liechtenstein. Products from the United Kingdom will face a lower tariff rate.

SpaceX reportedly seeks to go public at a valuation of more than $2 trillion

Insiders say SpaceX has raised its target valuation for its initial public offering (IPO) to above $2 trillion. The startup company with the highest global valuation is preparing for what could become the largest-scale public listing deal in history.

Insiders said that in the coming weeks, before talks with potential IPO investors, the rocket, satellite, and artificial intelligence company led by billionaire Elon Musk—and its advisers—are pitching that figure to potential investors. Earlier reports said that such so-called “trial run roadshows” may include more details to support the valuation.

More than $2 trillion would mean SpaceX’s valuation rose by nearly two-thirds in just a few months. In February, it was reported that SpaceX acquired Musk’s xAI, and after the merger, the company’s valuation was $1.25 trillion.

Based on that valuation, SpaceX’s market capitalization would exceed all companies in the S&P 500 except Nvidia, Apple, Alphabet Inc., Microsoft, and Amazon. It would surpass Meta Platforms Inc. and Musk’s Tesla—both of which are also members of the “Magnificent Seven.”

The United States adjusts the scope of metal tariffs, still keeping a 50% rate

The Trump administration said it will maintain a 50% tariff on a variety of imported steel, aluminum, and copper products, while simplifying the rules for taxing goods with lower metal content.

A senior government official said these adjustments are intended to simplify complex policies and provide more fair treatment for companies that have been troubled by Trump’s tariff policies. The official disclosed the relevant details anonymously before Trump made a formal announcement.

A White House statement said that under the new framework, goods with steel, aluminum, or copper content below 15% will be effectively exempt from metal tariffs. Other derivative products that are identified as being “primarily composed” of one of those metals will be subject to a lower 25% tax rate.

The White House said that products manufactured overseas but fully using U.S. metal will face a lower 10% rate. Some “metal-intensive industrial equipment and grid equipment” will be taxed at a 15% rate through the end of 2027. The move is intended to strengthen the U.S. industrial base.

U.S. oil prices surge 11%; further concerns arise from Trump’s remarks about a war with Iran

Oil prices jumped on Thursday as investors assessed how long Middle East conflict might disrupt oil transport through the Strait of Hormuz.

U.S. West Texas Intermediate crude oil May futures rose more than 11%, or $11.42, to close at $111.54 per barrel. International benchmark Brent crude June futures climbed more than 7% to $108.66 per barrel.

U.S. President Trump warned in a national address on Wednesday evening that he would take further military action against Iran in the next two to three weeks. This dashed market hopes that the conflict would soon ease and pushed up oil prices.

However, after Iran’s state news agency IRNA reported that Iran is working with Oman to draft an agreement to “monitor” the “transit transportation” of a key waterway between the two countries, oil prices retreated from their highs.

The UK convenes more than 40 countries to plan the reopening of the Strait of Hormuz, or to move forward without the U.S. being present

More than 40 U.S. allies met on Thursday to discuss plans to reopen the Strait of Hormuz, sending a signal to U.S. President Donald Trump that the international community is deeply concerned about the shipping lane crisis sparked by his decision to launch a war against Iran.

The UK convened countries from Europe, the Middle East, and Asia, as well as Australia and Canada, to explore diplomatic engagement with Iran and possible sanctions measures that could be implemented if Tehran does not agree to reopen this global energy critical shipping lane.

The video conference appeared intended to demonstrate a unified stance among dozens of U.S. allies: Trump should not disengage from the conflict without finding a solution for the strait. Attendees are worried that Trump might end actions against Iran without a plan to reopen the strait, leaving the consequences to be borne by allies.

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Editor: Ding Wenwu