US stocks had a volatile morning Tuesday after President Donald Trump
made good on his threat to levy tariffs on Canada and Mexico, paving the
way for a global trade war as leaders of both trading partners
threatened retaliation.
Currencies were hit too, with the US dollar sliding.
Futures on gold rose, signaling more uncertainty about geopolitical
stability.
China immediately struck back Tuesday, announcing tariffs on chicken,
pork, beef and some agricultural imports from the US, according to a
statement from the State Council Tariff Commission.
Canadian Prime Minister Justin Trudeau warned Tuesday in a press
conference that Canada “will not back down from a fight.” He said he
would implement a 25% tariff on C$30 billion ($20.7 billion) of US goods immediately, followed by an additional C$125 billion ($86.2 billion) in
21 days’ time.
“This is a very dumb thing to do,” he said, in remarks he said were directed at Trump. “There is absolutely no justification or need
whatsoever for these tariffs today.”
Trump is scheduled later Tuesday to deliver to Congress the first
address of his second term. The theme of that speech, “Renewal of the American Dream,” comes as the stock market has now erased all gains
since he became president and the Federal Reserve Bank of Atlanta’s
real-time GDP forecast projects the economy could contract by 2.8%.
https://edition.cnn.com/2025/03/04/economy/global-markets-trump-tariffs/index.html
Hmmm. The economy could contract ... tariffs could raise inflation ...
Yep. Trumppa very dumb man.
--
“We need to acknowledge he let us down. He went down a path he shouldn’t have, and we shouldn’t have followed him. We shouldn’t have listened to him, and we can’t let that happen ever again”.
-- Nikki Haley
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