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Elon Musk's net worth has dropped by approximately $110.8 billion, following a significant decline in Tesla's stock price, which closed at $272.04 after Donald Trump's announcement of new tariffs on goods from Canada, Mexico, and China. This marked a loss of $1.5 billion in just one day, with Tesla's stock hitting its lowest point since Trump's election. Despite the setback, Musk remains connected to Trump and may find new opportunities, such as potential deals involving Starlink.
US stocks declined amid new tariffs on Mexico, Canada, and China, raising inflation risks and complicating the Federal Reserve's monetary easing path. While volatility is expected, resilient earnings and AI-driven growth may support equity gains, with the S&P 500 projected to reach 6,600 by year-end. Concerns over tech supply chains and retaliatory tariffs from Canada and China add to market uncertainty.
UBS has upgraded Barrick Gold to "buy" from "neutral," citing long-term growth potential from mine ramp-ups. Shares rose 2% to C$26.19, supported by a weaker dollar and rising gold prices. UBS projects gold at $2,900/oz and notes that Barrick offers significant organic growth despite challenges in Mali and Reko Diq. With 9 of 13 brokerages rating the stock as "buy" or higher, the median price target stands at $32.45, while Barrick's stock has increased 17.5% year-to-date.
The euro is gaining traction, trading above 1.07 dollars, following a significant financial package agreement between CDU/CSU and SPD. Investors are optimistic about economic stimulus in the eurozone, while concerns over U.S. tariffs and inflation weigh on the dollar. The ECB's upcoming meeting and U.S. labor market report are key events to watch.
US stocks experienced volatility as new tariffs on Mexico, Canada, and China were imposed, leading to a 1.2% decline in the S&P 500. Canada and China retaliated with their own tariffs, raising concerns about economic momentum and inflation risks. Despite these challenges, strong demand for AI and resilient corporate earnings may support long-term equity growth.
Gold and silver prices are expected to rise, driven by geopolitical tensions and increased demand, with UBS forecasting gold could reach $3,000 and silver $38 per ounce. In contrast, platinum and palladium face challenges due to declining demand and production issues, leading to uncertainty in their markets.
President Trump's tariffs, effective from March 4, 2025, impose a 25% levy on imports from Mexico and Canada, alongside increased tariffs on Chinese goods. This protectionist shift is expected to raise consumer prices significantly, costing Americans up to $225 billion annually, while disrupting supply chains and potentially leading to economic contraction in affected countries. The Federal Reserve is adjusting its monetary policy outlook amid rising inflation concerns and anticipated rate cuts.
US markets have plunged due to new tariffs, with the US 500 down 1.8% and the tech-heavy US Tech 100 losing 2.6%. The technology and automotive sectors are particularly affected, with companies like Nvidia and Tesla facing significant stock declines. Global markets, including Japan and Europe, are also reacting negatively, highlighting the widespread impact of US trade policies. Currency and commodity markets are experiencing volatility, with crude oil prices hitting yearly lows. The Federal Reserve is expected to cut interest rates in response to these economic challenges, as investors brace for potential retaliatory measures and prolonged trade disputes.
Warren Buffett labeled Trump's tariffs on Canada, Mexico, and China as "an act of war," warning they could significantly raise prices on a wide range of goods, including vehicles and food. The tariffs, imposing a 25% levy on Canadian and Mexican imports and 20% on Chinese goods, are expected to increase production costs for vehicles by up to $12,000, potentially leading to job cuts and reduced production in the automotive industry. As a result, American consumers will face higher prices across various sectors.
The U.S. has imposed high tariffs on imports from Mexico and Canada, escalating trade tensions and prompting retaliatory measures from both countries. Canada announced immediate tariffs on $20.7 billion of U.S. goods, while China responded with tariffs on U.S. agricultural imports. Economists warn that these actions could lead to higher consumer prices and significant economic repercussions.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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