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The Bank of Korea has cut its benchmark interest rate by a quarter percentage point to 3% to support a slowing economy, revising its growth forecasts down to 2.2% for 2024 and 1.9% for 2025. This marks the second consecutive month of rate cuts amid high inflation and rising household debt, as global economic uncertainties persist. The bank's actions follow a previous cut in October, the first since May 2020, as concerns grow over the impact of new U.S. tariffs and geopolitical tensions.
The peso strengthened by 1% to 20.40 against the dollar after President-elect Donald Trump reported a productive conversation with Mexico’s president, Claudia Sheinbaum. This improvement came as Mexico agreed to curb migration and drug inflow into the U.S., reversing earlier losses for the currency.
President-elect Donald Trump's proposed tariffs on imports from China, Mexico, and Canada could disrupt inflation and investment, potentially reversing progress made by the Federal Reserve. Economists predict an 8% increase in import prices, pushing headline PCE above 3%, while also widening the trade deficit as companies may front-load imports in anticipation of the tariffs.
President-elect Donald Trump's proposed 25% tariffs on Canadian and Mexican imports could significantly impact U.S. refiners, consumers, and Canadian producers, potentially leading to higher fuel prices and revenue losses. Experts express skepticism about the implementation of these tariffs, citing inflation concerns and the need to maintain energy costs ahead of the midterm elections. Canadian officials are urging immediate resolution of border issues to prevent unnecessary tariffs on exports.
Trading is expected to start sluggishly, influenced by Donald Trump's tariff announcements on Mexico, Canada, and China, which have dampened market sentiment. Major industrial stocks like Schindler and UBS faced losses, while car manufacturers like Ford and GM also struggled due to potential impacts from the tariffs. Despite these challenges, the US stock market showed unexpected strength, buoyed by a ceasefire between Israel and Hezbollah.
U.S. markets are responding positively to President-elect Donald Trump's policies, with the S&P 500 and Dow Jones hitting record highs despite his tariff threats. The Federal Reserve plans to gradually lower interest rates if inflation stabilizes at 2% and employment remains strong. Meanwhile, Softbank invests $1.5 billion in OpenAI, reflecting ongoing interest in tech advancements.
Trump's recent trade threats have prompted Mexico to deploy 6,000 troops to its southern border and revive the "remain in Mexico" policy. Canada, seeking to mitigate tensions, has engaged in talks emphasizing the economic risks of disrupted relations, while Prime Minister Trudeau hinted at a potential separate trade deal with the U.S. Economists warn that universal tariffs could lead to increased domestic prices and economic stagnation, although Trump's economic advisers suggest a more measured approach to tariffs, viewing them as tools for negotiation rather than immediate action.
Trump has appointed Greer, a former chief of staff to trade representative Lighthizer, as his trade chief, signaling a push for aggressive trade policies against China. Greer advocates for strict enforcement of existing trade agreements and new deals with countries like the U.K. and India, while downplaying inflation risks from tariffs. He emphasizes the need for long-term strategic competition with China, despite potential short-term costs for businesses.
Auto insurance costs are expected to rise further due to new tariffs proposed by President-elect Donald Trump. Approximately 60% of car replacement parts in the U.S. are imported, primarily from Mexico, China, and Canada. Increased tariffs will elevate parts costs, which constitute about 40% of average repair bills, leading insurers to raise rates.
President-elect Donald Trump's proposed 25% tariffs on goods from Canada and Mexico are expected to significantly increase aluminum and steel prices in the US. Analysts from Citigroup highlight that Canada and Mexico are major suppliers, with Canada providing about 60% of US aluminum and 25% of steel imports.
Mexican Peso
Currency
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