Asian equities and U.S. stock futures slid on Monday as anxiety over tariffs and criticism of the Federal Reserve by President Donald Trump shook investor confidence, pushing the dollar sharply lower and catapulting safe-haven gold to a record high. Trump launched a scathing attack against Fed Chair Jerome Powell on Thursday, with his team evaluating whether they could fire Powell, a move that would cast doubts about the central bank’s independence and further erode faith in U.S. assets. Most markets were closed on Friday and some, including most of Europe, remained on holiday for Easter Monday, leading to thin liquidity. S&P 500 futures fell 0.75% and Nasdaq futures slid 0.8%. In Asia, Japan’s Nikkei and Taiwan’s benchmark index were down more than 1% but Chinese stocks inched higher. “Markets are already on edge due to escalating geopolitical tensions, and now concerns are rising that Trump’s potential interference with the Fed could add another layer of uncertainty,” said Charu Chanana, chief investment strategist at Saxo in Singapore. “Any signs of political pressure on monetary policy could undermine the Fed’s independence and complicate the path ahead for interest rates just as investors are looking for stability amid global volatility.” Trump’s tariffs have roiled financial markets and triggered a selloff in Treasuries and the dollar in April that stoked doubt in the long-held belief in the safe-haven status of U.S. assets. The drop in confidence in U.S. assets has been exacerbated by Trump’s attacks on the Fed and Powell through last week. The relentless selling in the dollar led euro to a three-year high on Monday, while the yen hit a seven-month peak. The Swiss franc strengthened to its highest against the dollar in over 10 years. Chicago Federal Reserve President Austan Goolsbee said on Sunday that he hopes the United States is not moving to an environment where the ability of the central bank to set monetary policy independent of political pressure is questioned. The Fed’s credibility as the world’s most powerful central bank rests largely on its historic independence to act free from political influence. The yield on the benchmark U.S. 10-year Treasury note rose 3.5 basis points in Asian hours. The two-year yield, which typically moves in step with interest rate expectations, was down 3.6 bps as traders weighed the possibility of rate cuts following pressure from Trump. U.S. EARNINGS IN FOCUS With the U.S. earnings season kicking off, investor focus this week will be on results from tech bellwether Alphabet , chipmaker Intel and EV maker Tesla. All the ‘Magnificent Seven’ megacap stocks are sharply lower in 2025, with Alphabet down about 20% and Tesla off 40%. Companies and investors are grappling with a tariff landscape that is likely to keep shifting as the Trump administration negotiates with countries. While Trump has paused some of the heftiest levies on imports, the U.S. is also locked in a trade battle with China, the world’s second-largest economy. Early April data from South Korea showed a sharp fall in exports, suggesting U.S. tariffs are starting to hit the global economy harder. South Korea and the United States are due to hold trade talks this week. Trump said on Friday the U.S. is having good conversations privately with China amid the two countries’ trade war. But China’s ambassador to the United States has said the U.S. should show respect before any talks can take place. In commodities, gold prices rose more than 1% to touch a record high of $3,370.17 per ounce, taking its gains so far this year to 26%. The metal has been consistently hitting record highs this year, buoyed by safe-haven flows. Oil prices fell on Monday after nuclear talks between the United States and Iran showed progress, easing concerns that the dispute will reduce supply from the major Middle Eastern producer. Brent crude futures fell 1.75% to $66.77 a barrel. U.S. West Texas Intermediate crude was at $63.55 per barrel, also down 1.75%. Bitcoin prices touched its highest level since April 2 and was last up 2.89% at $87,515.88. Reuters