{"id":62289,"date":"2026-05-23T23:38:26","date_gmt":"2026-05-24T03:38:26","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/"},"modified":"2026-05-23T23:38:26","modified_gmt":"2026-05-24T03:38:26","slug":"global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/","title":{"rendered":"Global Markets Under Pressure: China Retail Slump, Rising Mortgage Rates, and $149B Tariff Refund Loom"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#Chinas_Economic_Jolt_and_Consumer_Caution\" >China\u2019s Economic Jolt and Consumer Caution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#US_Trade_Policy_and_the_149_Billion_Refund\" >US Trade Policy and the $149 Billion Refund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#Real_Estate_Rising_Rates_and_Miamis_Demographic_Shift\" >Real Estate: Rising Rates and Miami&#39;s Demographic Shift<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#Geopolitical_Escalation_Kyiv_and_the_Strait_of_Hormuz\" >Geopolitical Escalation: Kyiv and the Strait of Hormuz<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-markets-under-pressure-china-retail-slump-rising-mortgage-rates-and-149b-tariff-refund-loom\/62289\/#Technology_and_Political_Rhetoric\" >Technology and Political Rhetoric<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>China\u2019s retail sales growth plummeted to 0.2% in April 2026<\/strong>, the slowest pace since the COVID-19 pandemic, signaling a severe domestic demand crisis.<\/li>\n<li><strong>The U.S. government faces a $149 billion liability<\/strong> after a Supreme Court ruling found broad tariff regimes exceeded presidential authority, requiring massive refunds to importers.<\/li>\n<li><strong>Mortgage rates hit a nine-month high of 6.51%<\/strong>, according to Freddie Mac and <em>The Wall Street Journal<\/em>, further straining the spring housing market.<\/li>\n<li><strong>Geopolitical tensions reached a fever pitch<\/strong> as Russia launched a massive missile strike on Kyiv and Iran\u2019s IRGC asserted &quot;full control&quot; over the Strait of Hormuz, contradicting U.S. claims of a deal.<\/li>\n<li><strong>A Chinese AI startup claims a 95% accuracy rate<\/strong> in translating pet vocalizations, utilizing Alibaba Cloud (<a href=\"\/stock\/BABA\">BABA<\/a>) technology to decode animal emotions.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Chinas_Economic_Jolt_and_Consumer_Caution\"><\/span>China\u2019s Economic Jolt and Consumer Caution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>China\u2019s retail sales grew at their slowest pace since the pandemic, expanding by just <strong>0.2% in April<\/strong>. This figure represents a significant miss from market expectations of 2% and highlights a deepening &quot;demand hangover&quot; following previous stimulus efforts.<\/p>\n<p>The slowdown was broad-based, with <strong>auto sales plunging 15.3%<\/strong> and home appliances dropping 15.1%. Analysts suggest that <em>rising energy costs and a persistent property market crisis<\/em> are forcing Chinese households to prioritize essential spending over big-ticket luxury items.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"US_Trade_Policy_and_the_149_Billion_Refund\"><\/span>US Trade Policy and the $149 Billion Refund<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>President Donald Trump confirmed that the U.S. Treasury may be forced to pay back <strong>$149 billion in collected tariff revenue<\/strong>. The announcement follows a <strong>6-3 Supreme Court ruling<\/strong> which determined that the administration overstepped its constitutional authority in imposing sweeping import duties.<\/p>\n<p>The refund process, expected to be managed by U.S. Customs and Border Protection, could significantly widen the federal budget deficit. Markets are closely monitoring how this liquidity injection into the corporate sector will impact <em>inflationary pressures and future trade negotiations<\/em>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Real_Estate_Rising_Rates_and_Miamis_Demographic_Shift\"><\/span>Real Estate: Rising Rates and Miami&#39;s Demographic Shift<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The average rate on a <strong>30-year fixed mortgage rose to 6.51%<\/strong>, hitting a nine-month high. This upward trend, reported by <em>The Wall Street Journal<\/em> (<a href=\"\/stock\/NWSA\">NWSA<\/a>), is driven by climbing bond yields and persistent inflation, making homeownership increasingly unaffordable for middle-class buyers.<\/p>\n<p>In Miami, a &quot;dangerous concentration of wealth&quot; is emerging as the city gets richer but smaller. While the overall population fell by over <strong>10,000 residents<\/strong>, the average income of newcomers surged to <strong>$178,000<\/strong>, nearly double the <strong>$89,000<\/strong> average of those moving out.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Escalation_Kyiv_and_the_Strait_of_Hormuz\"><\/span>Geopolitical Escalation: Kyiv and the Strait of Hormuz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Russia launched a &quot;mass ballistic missile attack&quot; on Kyiv early Sunday, causing major fires in the <strong>Dniprovskyi, Darnytskyi, and Pecherskyi districts<\/strong>. Ukrainian officials warned of the potential use of the hypersonic <strong>Oreshnik missile<\/strong>, which is reportedly impossible to intercept at its current velocity.<\/p>\n<p>Simultaneously, the Islamic Revolutionary Guard Corps (IRGC) declared that the <strong>Strait of Hormuz remains under &quot;full Iranian control.&quot;<\/strong> This statement directly challenges recent claims from Washington that a deal had been &quot;largely negotiated&quot; to reopen the critical maritime chokepoint for global oil supplies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technology_and_Political_Rhetoric\"><\/span>Technology and Political Rhetoric<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Hangzhou-based startup <strong>Meng Xiaoyi<\/strong> has launched an AI-powered pet translator claiming <strong>95% accuracy<\/strong> in decoding animal sounds and behavior. The device, priced at <strong>799 yuan ($118)<\/strong>, is built on Alibaba Cloud\u2019s (<a href=\"\/stock\/BABA\">BABA<\/a>) Qwen language model and has already secured over 10,000 preorders.<\/p>\n<p>On the political front, Donald Trump sparked controversy by claiming he would have won California if <strong>&quot;Jesus Christ came down and counted the votes.&quot;<\/strong> Trump attributed his alleged hidden support in the deep-blue state to his popularity with <strong>Hispanic voters<\/strong>, while continuing to attack mail-in voting as &quot;dishonest.&quot;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways China\u2019s retail sales growth plummeted to 0.2% in April 2026, the slowest pace since the COVID-19 pandemic, signaling 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