US President Donald Trump's announcement of tariffs on Canada, Mexico, and China triggers a global market sell-off and raises concerns about a trade war.
Global financial markets experienced a significant downturn on Monday, February 3rd, fueled by US President Donald Trump's imposition of tariffs on Canada , Mexico, and China. These tariffs, which take effect on Tuesday, have sparked widespread fears of a trade war and triggered a global sell-off in stocks and currencies. The S&P 500 futures plunged over 1.7% before the opening bell, following a series of sharp declines seen in Asian and European markets throughout the day.
Trump, speaking at the Joint Base Andrews in Maryland upon his return from Mar-a-Lago estate, defended his decision, stating that the United States had been unfairly exploited by trading partners. He acknowledged that the tariffs might cause some short-term pain for Americans but asserted that they were necessary to protect American interests in the long run. He further indicated that the European Union would be the next target after Canada, Mexico, and China, expressing frustration over Europe's trade imbalance with the US. EU leaders, meeting at an informal summit in Brussels, responded to Trump's actions with a mix of apprehension and resolve. While acknowledging the potential for retaliation, they also emphasized the importance of diplomacy and negotiation. French President Emmanuel Macron stated that Europe would need to defend its commercial interests if attacked, while German Chancellor Olaf Scholz stressed the need for finding common ground with the US. The US is the EU's largest trade and investment partner, and the potential for a trade war between the two economic powerhouses has raised significant concerns about the global economic outlook. Several economists have warned that Trump's tariffs could lead to a slowdown in global growth and contribute to inflation in the US
TARIFFS TRADE WAR GLOBAL MARKETS US ECONOMY EUROPEAN UNION CHINA CANADA MEXICO
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump Threatens Tariffs on Canada, Mexico, and China, Rattling Global MarketsPresident Trump is facing down a global storm as he threatens to impose tariffs on major trading partners Canada, Mexico, and China. The looming deadline has sent shockwaves through financial markets, with analysts predicting potential recessions and economic instability.
Read more »
Global Debt Markets Surge as Borrowers Capitalize on Strong DemandBorrowers are aggressively tapping global debt markets, driven by a surge in demand from cash-rich investors seeking higher yields. Corporate bond spreads are near a 30-year low, leading to a record volume of bond issuance across Asia Pacific, Europe, and the United States. This strong appetite for debt is also fueling a boom in the leveraged loan market. Investors, including pension funds and insurers, are eager to lock in higher yields before anticipated central bank interest rate cuts.
Read more »
China Tries to Calm Markets Amidst Yuan Slump and Trump's Tariff ThreatsChina's stock market and yuan are facing pressure due to Donald Trump's return to the White House and his threats of increasing tariffs on Chinese goods. The Chinese government is taking measures to stabilize the situation.
Read more »
Trump Tariffs and Rate Cut Hopes Shake MarketsWorries about potential Trump tariffs and dwindling expectations for interest rate cuts sent shockwaves through global stock markets on Wednesday. A report suggesting Trump may declare a national economic emergency to justify wide-ranging tariffs fueled market anxieties.
Read more »
Asian Markets Diverge as Trump Tariff Plans and Inflation Concerns WeighAsian markets experienced a mixed performance on Tuesday as bargain hunting following recent declines collided with ongoing worries about the global economy and the impact of a second Donald Trump presidency. A report suggesting a gradual increase in import tariffs by Trump's team offered some support, but investors remain cautious about his plans for tax cuts, deregulation, and immigration, fearing a resurgence of inflation.
Read more »
Hotel101 Global Surpasses 1 Million Registered Users on HBNB App, Paves Way for Global ExpansionHotel101 Global, a subsidiary of DOUBLEDRAGON Corp., has achieved a significant milestone by exceeding 1 million registered users on its Hotel101 Global App (HBNB App). This achievement signifies a major step forward in the company's ambitious global expansion strategy.
Read more »