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President Trump is set to announce a series of tariffs, dubbed "Liberation Day," aimed at reducing foreign imports and boosting American manufacturing. While he believes these measures will revitalize the U.S. economy, economists warn they could lead to higher consumer prices and sluggish growth, with potential retaliatory actions from other nations. Global leaders express concern that such tariffs could disrupt trade and harm job markets, emphasizing the risks of escalating trade tensions.
In March 2024, Kushner praised Gaza's beachfront property while advocating for ethnic cleansing, contrasting with the Oscar-winning documentary "No Other Land," which highlights Israeli-Palestinian cooperation in rebuilding. Elon Musk distanced himself from job cuts at the Department of Veterans Affairs, attributing them to agency heads, while acknowledging his own missteps. Concerns grow over Musk's influence at the Social Security Administration, where aggressive cuts could harm millions of beneficiaries. The National Republican Congressional Committee faced backlash for labeling a U.S. citizen, Rep. Adriano Espaillat, an "illegal immigrant," reflecting the party's increasingly xenophobic rhetoric.
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.
Warren Buffet has labeled President Trump's new tariffs on Canada and Mexico as "an act of war," emphasizing that American consumers will ultimately bear the cost. In response, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on $155 billion of U.S. goods, while Mexico prepared contingency plans. The tariffs, affecting over $918 billion in imports, are expected to disrupt trade relations and increase prices for American consumers.
Warren Buffett has labeled tariffs as an "act of war," warning that they ultimately act as a tax on consumers, raising prices without clear benefits. His comments come as the Trump administration imposes a 25% tariff on imports from Canada and Mexico, prompting retaliatory measures from both countries and escalating trade tensions. Meanwhile, China has also announced additional tariffs on American agricultural products in response to the U.S. trade actions.
The Australia 200 index fell 58 points (-0.70%) to 8187 amid escalating trade tensions, hitting a seven-week low of 8150.2 before some buying emerged. The US economy faces challenges as manufacturing PMI declines, while Australian GDP forecasts improve, suggesting resilience despite the trade war. In the energy sector, crude oil prices dropped 2% as OPEC plans to increase supply, impacting stocks like Beach Energy and Santos. The mining sector also suffered, with iron ore prices falling below $100, affecting companies like Mineral Resources and Fortescue.
Warren Buffett criticized President Trump's sweeping tariffs on Canada, China, and Mexico, labeling them an "act of war" that could raise consumer prices. In response, Canada plans to impose 25% tariffs on $155 billion of American goods, while Mexico prepares countermeasures. Trump also increased tariffs on China from 10% to 20%, prompting Beijing to warn of retaliatory actions.
The recent U.S. tariffs on Canada, Mexico, and China have created significant market volatility, with automakers like General Motors and Ford facing losses due to increased costs on vehicles produced in Mexico. Conversely, stocks linked to precious metals, such as Newmont Corporation and Barrick Gold, may benefit amid rising gold prices. The tech sector, including giants like Apple and Nvidia, is also bracing for potential impacts from tariffs on Chinese imports.
China has announced retaliatory tariffs of 10-15% on various US imports, including liquefied natural gas and crude oil, following President Trump's new tariffs. Meanwhile, UBS reported a strong fourth-quarter profit, driven by increased trading activity, and plans to repurchase $3bn in shares. Standard Chartered appointed Maria Ramos as its new chair amid rising global trade tensions.
Mexico's labor reform for app drivers is set to advance quickly through the legislature, with a proposal from President Claudia Sheinbaum aiming to ensure public health access and job injury insurance for drivers earning minimum wage or more. The ruling Morena party, holding a majority, plans to push the bill through both chambers before Congress adjourns for the holidays on December 15. Concerns remain regarding the tax implications of the reform, as the government seeks to enhance living conditions for delivery workers.
Claudia Sheinbaum
People
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