China has options: The U.S. may be more dependent on trade with Asia than President Trump realizes

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• In today’s CEO Daily: Nicholas Gordon, Fortune’s Asia Editor, on how the U.S. may be more dependent on trade with Asia than President Trump realizes. 
• The big story: Fed chair Jerome Powell warns that Trump’s tariffs could lead to “higher inflation and slower growth.”
• The markets: U.S. down, Asia up, Europe struggling, but U.S. futures look sunny.
• Analyst notes from JPMorgan on the budget, Wedbush on Nvidia, Apollo on recession, and UBS on the trade war.
• Plus: All the news and watercooler chat from Fortune.

Good morning. Trump’s “Liberation Day” tariffs spared no country: U.S. allies, emerging markets, and even those countries that ran trade deficits with the U.S. all got hit. China has garnered much of the attention. But dig deeper and you’ll find a mix of confusion and disappointment among U.S. allies.