Opening Summary
Good morning, and we welcome comprehensive coverage of business, financial markets and the global economy in response to the latest US tariffs.
Donald Trump On Monday, he announced a 25% tariff on foreign steel and aluminum, increasing his controversial bids to boost the US economy by hiking taxes on imports from abroad.
Correction The president declared that US obligations would be enacted “without exceptions or exemptions,” and drastically abandoned the nation's hopes that they wanted to avoid them.
Asked about the possibility of other countries retaliating against US tariffs; Trump He said: “I don't care.”
The Canadian Minister of Industry said US tariffs were “completely unfair” and Canada's steel and aluminum support major US industries such as defense, shipbuilding, energy and automobiles.
Meanwhile, Hong Kong has filed a recent globally-imposed US tariff complaints with the World Trade Organization, claiming that the US completely ignored the city's status as another customs territory, Chief Eric Chan said. He said Tuesday.
“This is absolutely inconsistent with the WTO rules. Of course, they have completely ignored Hong Kong as an independent customs territory,” said the second official in the Chinese-controlled city. Chang told reporters.
“I am lodging a complaint with the WTO regarding this unreasonable arrangement,” he said without detailing.
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Speaking at his annual conference on Monday, Slim warned:
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“They increase inflation … the interest rate doesn’t go down … tariffs don’t solve problems.”
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Trump’s tariff threats are simply a negotiating tool, Slim argued.
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Slim, who is worth $81.5bn according to Bloomberg, controls the largest mobile-phone operator in Latin America, and also has stakes in commercial banks, energy companies, and Mexico’s construction industry.
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He also argued that Trump has a lot to do in the next four years, adding:
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“What the U.S. has to do is regain global leadership,” he said.
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“It would be interesting if he did a sort of double play, let’s say on one side reduce the costs of certain things and on the other channel it toward investment.”
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Asia-Pacific stock markets are mixed as traders digest Trump’s tariffs announcement.
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China’s CSI 300 index has dipped by 0.5%, while South Korea’s KOSPI is up 0.6%.
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Kathleen Brooks, research director at XTB says President Trump’s tariff policy “remains unclear”, and is thus difficult to price in by financial markets.
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She writes:
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Trump said on Monday that tariffs on metals could go higher, and other tariffs could be announced later this week. At this stage, traders have little clarity about how far Trump’s tariff policies will go, whether they are mostly a negotiating tactic or if they will have a more long-lasting economic impact. It is also unclear if it will spark a wave of protectionism.
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Are markets being too complacent, though?
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Brooks says:
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The Vix volatility index fell to 15.81 on Monday, which is below the 12-month average of 15.92. This is a clear sign that investors have some ‘tariff fatigue’ and it may take another driver, such as inflation concerns, to move the dial for equity markets. While volatility remains low, this could help stocks to grind higher.
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The gold price has hit a new record high as demand for safe-haven assets continues to push up bullion.
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The spot gold price traded as high as $2,942.70 per ounce after Donald Trump announced the new steel and aluminium tariffs. That means its gained over 11% so far this year.
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Ipek Ozkardeskaya, senior analyst at Swissquote Bank, says:
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The US dollar extended gains and gold hit a fresh ATH fuelled by fresh tariff threats from Donald Trump. In addition, China now allows insurers to buy gold and hold 1% of their holdings in the precious metal as other investment options are not ideal at the moment.
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France’s Minister for Industry and Energy, Marc Ferracci, has responded to Trump’s tariffs, saying that Europe should respond in a united and firm manner, Reuters reports.
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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy, as reaction to the latest US tariffs comes in.
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Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, ramping up his controversial bid to boost the US economy by hiking taxes on imports from overseas.
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The modified US duties will be enforced “without exceptions or exemptions”, the president declared, dashing the hopes of countries that hoped to avoid them.
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Asked about the possibility of other countries retaliating against US tariffs, Trump said: “I don’t mind.”
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Canada’s industry minister said the US tariffs were “totally unjustified”, with Canadian steel and aluminum supporting key US industries including defense, shipbuilding, energy and autos.
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Meanwhile Hong Kong will file a complaint on recent US tariffs imposed on the city to the World Trade Organization, claiming the US has completely ignored the city’s status as a separate customs territory, chief secretary Eric Chan said on Tuesday.
\n “This is absolutely inconsistent with the WTO rules. Of course, they have totally disregarded Hong Kong is a separate customs territory,” Chan, the China-ruled city’s number two official, told reporters.
\n “We will file a complaint to the WTO regarding this unreasonable arrangement,” he said without giving specifics.
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Important Events
Mexico's wealthiest man says tariffs don't work
Carlos SlimMexico's wealthiest man warns that tariffs simply don't work.
Speaking at his annual meeting on Monday, slim caveat:
“They increase inflation… interest rates don't fall… tariffs don't solve the problem.”
Trump's tariff threat is merely a negotiation tool; slim We discussed it.
slimwho is it? It's worth $81.5 billion, according to Bloombergmanages the largest mobile phone operator in Latin America, and has stocks in the commercial banks, energy companies and the Mexican construction industry.
He also argued that Trump has a lot to do in the next four years, adding:
“All the US has to do is regain its global leadership,” he said.
“If he's kind of double play, that would be interesting. On the one hand, try reducing the cost of certain things and on the other hand, guiding the channel towards investment.”
Stock markets in the Asia-Pacific region are mixed as traders digest Trump's tariff announcements.
China's CSI 300 The index fell by 0.5%, but it is from Korea Kospi It's an increase of 0.6%.
Kathleen Brooks, Research Director of XTB President Trump's tariff policies remain “still unknown” and therefore make pricing difficult in financial markets.
She writes:
Trump said Monday that tariffs on metals will rise high and other tariffs could be announced later this week. At this stage, traders are little clear about how far Trump's tariff policies will go, whether it is mostly a negotiation tactic or whether it will have a longer-term economic impact. It is also unclear whether it will cause a wave of protectionism.
But is the market too satisfied?
Brooks say:
The VIX Volatility Index fell to 15.81 on Monday. This is below the 12-month average of 15.92. This is a clear indication that investors have “tax fatigue,” and another driver, such as inflation concerns, could move the stock market dialing. The volatility remains low, but this helps to grind higher inventory.
New record money after Trump's tariffs
Gold prices reached new record highs as demand for safe haven assets continues to push bullion.
Spot gold prices reached $2,942.70 per ounce after Donald Trump announced new steel and aluminum tariffs. This means that we have earned more than 11% this year.
Ipek OzkardeskayaAdvanced Analyst swissquote bank, say:
The US dollar extended profits, and gold hit fresh Ass fueled by the fresh tariff threat from Donald Trump. Additionally, China is now allowing insurers to purchase gold and hold 1% of their holdings in precious metals.
French industry minister responds to Trump's tariffs calling for United Europe to respond
French industry and energy minister Mark Ferracci said that in response to Trump's tariffs, Europe should respond in a unified and solid way, Reuters reports.
Callum Jones
Donald Trump announced 25% tariffs on foreign steel and aluminum on Monday, increasing his controversial bids to boost the US economy by hiking taxes on imports from abroad.
Correction The president declared that US obligations would be enacted “without exceptions or exemptions,” and drove himself abandoned the nation's hopes that he wanted to avoid them.
Trump first imposed sudden tariffs on foreign steel and aluminum during his first presidency. The lawsuit, released Monday night, ends the exemptions granted to certain countries and increases the aluminium obligation rate.
However, White House officials say the change is not scheduled to take effect until March 4th.
Countries, including Australia, have already made their claims, and Trump later said he would give Australia a “big consideration” to his request for an exemption from steel tariffs due to trade deficits with the US.
Opening Summary
Good morning, and we welcome comprehensive coverage of business, financial markets and the global economy in response to the latest US tariffs.
Donald Trump On Monday, he announced a 25% tariff on foreign steel and aluminum, increasing his controversial bids to boost the US economy by hiking taxes on imports from abroad.
Correction The president declared that US obligations would be enacted “without exceptions or exemptions,” and drastically abandoned the nation's hopes that they wanted to avoid them.
Asked about the possibility of other countries retaliating against US tariffs; Trump He said: “I don't care.”
The Canadian Minister of Industry said US tariffs were “completely unfair” and Canada's steel and aluminum support major US industries such as defense, shipbuilding, energy and automobiles.
Meanwhile, Hong Kong has filed a recent globally-imposed US tariff complaints with the World Trade Organization, claiming that the US completely ignored the city's status as another customs territory, Chief Eric Chan said. He said Tuesday.
“This is absolutely inconsistent with the WTO rules. Of course, they have completely ignored Hong Kong as an independent customs territory,” said the second official in the Chinese-controlled city. Chang told reporters.
“I am lodging a complaint with the WTO regarding this unreasonable arrangement,” he said without detailing.
