Market Beats | US Slaps Up to 3,521% Tariffs on Solar Imports from Southeast Asia; Boeing Sells Navigation Unit to Thoma Bravo for $10.6 Billion; Japanese Investors Dump $20bn in Overseas Bonds; Two UN Buildings in NY Tap Muni Debt for Upgrades; Yale to Sell PE Stakes Amid Federal Funding Turmoil

—— US Slaps Up to 3,521% Tariffs on Solar Imports from Southeast Asia; Boeing Sells Navigation Unit to Thoma Bravo for $10.6 Billion; Japanese Investors Dump $20bn in Overseas Bonds; Two UN Buildings in NY Tap Muni Debt for Upgrades; Yale to Sell PE Stakes Amid Federal Funding Turmoil

1. US Slaps Up to 3,521% Tariffs on Solar Imports from Southeast Asia

The United States has imposed tariffs as high as 3,521% on solar products imported from Cambodia, Vietnam, Malaysia, and Thailand, marking the conclusion of a yearlong investigation into unfair trade practices — and escalating uncertainty in the U.S. renewable energy sector.

Announced Monday by the U.S. Department of Commerce, the duties stem from findings that producers in the four Southeast Asian countries received improper government subsidies and dumped their products in the U.S. at prices below production costs. The trade case was originally brought by U.S. solar manufacturers and launched during President Joe Biden’s administration.

The new antidumping and countervailing duties — separate from but in addition to sweeping tariffs recently introduced by President Donald Trump — aim to level the playing field for domestic manufacturers. However, they also pose a fresh challenge to U.S. clean energy developers, many of whom rely on inexpensive foreign panels to build out projects and hit climate targets.

“The duties are meant to offset the impact of unfair subsidization and pricing,” the Commerce Department said. The move is likely to raise costs for developers, delay new projects, and add strain to global solar supply chains already roiled by geopolitical and policy shifts.

The decision is expected to provoke a sharp response from the affected countries and intensify tensions in the global green energy trade system.

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2. Boeing Sells Navigation Unit to Thoma Bravo for $10.6 Billion

Boeing Co. has agreed to sell its flight navigation business to private equity firm Thoma Bravo for $10.6 billion in cash, marking the first significant portfolio transaction under new CEO Kelly Ortberg as the company works to strengthen its balance sheet.

The deal includes Boeing’s Jeppesen unit — a provider of interactive flight planning tools — as well as ForeFlight, AerData, and OzRunways, the company confirmed Tuesday in a statement following an earlier Bloomberg News report.

Though the ownership of the businesses will shift, Boeing will retain access to operational data necessary for its maintenance, repair, and diagnostics services.

Jeppesen, acquired by Boeing in 2000 for $1.5 billion, is a profitable business with a wide customer base ranging from commercial airlines to general aviation pilots. The sale is part of Boeing’s broader effort to divest non-core assets and reduce its $58 billion debt burden following a series of operational and reputational challenges.

Boeing shares rose as much as 2.3% in early trading in New York on Tuesday. The company is set to report quarterly earnings on Wednesday.

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3. Japanese Investors Dump $20bn in Overseas Bonds

Japanese investors sold more than $20 billion in foreign bonds over a two-week span as financial markets reeled from US President Donald Trump’s sweeping new tariffs, underscoring the global impact of Wall Street volatility.

Private institutions including banks and pension funds offloaded $17.5 billion of long-dated international bonds in the week ending April 4, followed by another $3.6 billion in the subsequent week, according to preliminary data from Japan’s Ministry of Finance.

The selloff — totaling $21.1 billion — marks one of the largest two-week outflows since the government began keeping records in 2005.

Japan is the world’s largest foreign holder of US Treasuries, with a combined public and private stake exceeding $1.1 trillion. Its investment movements are closely watched as a proxy for broader sentiment toward US government debt.

The retreat came after Trump’s April 2 “Liberation Day” tariff announcement rattled global equity and bond markets, triggering widespread investor anxiety. The S&P 500 Index plunged 12% over the four trading days following the news, before recovering slightly after Trump paused most reciprocal tariffs for 90 days.

US Treasuries also suffered heavy losses, with 10-year yields surging during the week of April 11 in their biggest spike since 2001 — another sign that investors were rapidly reassessing the safety and appeal of US assets amid policy uncertainty.

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4. Two UN Buildings in NY Tap Muni Debt for Upgrades

Two high-rise office buildings in Manhattan’s United Nations complex are slated for major renovations backed by $365 million in municipal bonds, with added credit support from the City of New York.

The United Nations Development Corp. (UNDC), a public benefit corporation formed to operate and develop office space near UN headquarters, issued the bonds this week. Proceeds will be used to upgrade One and Two UN Plaza — two skyscrapers on the east side of Manhattan — including a redesigned lobby, new HVAC systems, and indoor bicycle storage, according to bond documents.

Turner Construction Company will lead construction, while Cushman & Wakefield is managing the project.

The bonds are primarily backed by lease revenues from new tenants. In the event of shortfalls, New York City has pledged to cover debt service, enhancing the bonds’ credit profile. Due to this support, the bonds received AA- ratings from both S&P Global Ratings and Fitch Ratings.

“It provides comfort to bondholders that the city is there in the event there’s some interruption in revenues for this project,” said Fitch Ratings analyst Kevin Dolan. He added that the city’s credit support “mitigates” leasing risks.

The renovation of One and Two UN Plaza reflects ongoing efforts to modernize critical office infrastructure in New York’s international corridor and maintain the area’s strategic role as a global diplomatic hub.

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5. JD.com to Hire 100,000 Riders

JD.com Inc. plans to recruit 100,000 full-time delivery riders over the next three months, the company announced, intensifying its challenge to food delivery market leader Meituan.

The move comes in response to what JD claims is a rival platform restricting riders from taking JD delivery orders. In a WeChat statement, the Beijing-based firm said it will ensure riders affected by such bans still receive enough orders to maintain their earnings, and it will also help their family members find jobs to boost household income.

JD is aggressively expanding beyond its core online retail business to compete in China’s massive food delivery industry. With 1.4 billion people and growing demand for on-demand services, the sector has become a battleground between JD and Meituan.

Both companies announced in February they would begin enrolling their riders in China’s social security system, marking a shift in the treatment of gig economy workers.

“JD will never force part-time riders to choose only one platform,” the company said. “We encourage all riders to freely take orders across platforms to maximize their income.”

A Meituan spokesperson didn’t immediately comment, but the company pointed to a post on its official WeChat account stating it does not prohibit riders from working with other platforms.

JD’s rider hiring spree marks a significant escalation in the delivery war, with broader implications for labor rights, competition practices, and platform governance in China’s gig economy.

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6. Yale to Sell PE Stakes Amid Federal Funding Turmoil

Yale University’s $41 billion endowment is exploring sales of private equity stakes amid budget pressures stemming from underwhelming investment returns and political headwinds from President Donald Trump’s administration.

Evercore is advising on the potential transaction, which has been in the works for several months, a Yale spokesperson confirmed. While the process is underway, the endowment remains “committed to private equity” and continues to make new capital commitments, the spokesperson said.

Though the university hasn’t publicly disclosed the target size of the sale, Secondaries Investor earlier reported that Yale may offload as much as $6 billion of its private equity portfolio.

Yale is widely regarded as a pioneer in the endowment world for shifting away from traditional public equities and bonds toward illiquid alternative assets such as private equity and venture capital. In recent years, however, the school has stopped disclosing the breakdown of its asset allocation. In October, Chief Investment Officer Matt Mendelsohn said the endowment maintained a “significant allocation” to private assets.

The potential asset sale comes as the Trump administration intensifies scrutiny of elite universities. In recent months, it has suspended federal research funding for Ivy League institutions including Harvard, Columbia, and Princeton, while threatening to revoke Harvard’s tax-exempt status — a move that could further complicate donor fundraising and financial planning.

Yale’s exploration of secondaries sales may reflect broader efforts among top universities to reposition their portfolios amid rising political and financial uncertainty.

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7. US Mortgage Rates See Biggest Weekly Jump in a Year, Threatening Spring Home Sales

US mortgage rates rose for the first time in four weeks, posting the largest weekly gain since April 2024 and threatening to cool the housing market during the crucial spring buying season.

The average rate for a 30-year fixed loan climbed to 6.83% from 6.62% the previous week, Freddie Mac said in a statement Thursday.

The surge comes as global tariff tensions — particularly between the US and China — have rattled equity markets and pushed up yields on 10-year US Treasuries, which serve as a benchmark for mortgage pricing.

“When [the 10-year yield] rises, mortgage rates typically follow suit,” said Jiayi Xu, an economist at Realtor.com. “Looking forward, competing economic forces are pulling mortgage rates in opposite directions, making it increasingly difficult to predict where they’ll land.”

Demand is already showing signs of weakening. According to data from Redfin Corp., home-purchase contracts in the four weeks ending April 13 fell 0.8% from a year earlier.

“Consumers are feeling anxious about the economy and the rising cost of living, potentially leading them to adopt a ‘wait-and-see’ approach regarding significant purchases like homes,” said Kara Ng, senior economist at Zillow Home Loans.

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