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US markets are under pressure as fears of a trade war escalate with President Trump's impending tariffs affecting all countries. The Dow Jones and Nasdaq 100 indices have seen significant declines, while gold prices soar amid geopolitical tensions. Vaccine stocks also suffered, with Moderna and Biontech experiencing sharp losses.
President Trump is set to implement targeted reciprocal tariffs on April 2, a move expected to escalate U.S. tariffs while straining relations with allies. Although the approach will be more focused than previously indicated, officials suggest that only a few countries will face these tariffs, contrary to market expectations of widespread increases. Trump emphasized the need for the U.S. to reclaim respect and financial fairness in international trade.
President Trump suspended a planned 25% tariff on imports from Mexico for a month after a cordial conversation with Mexican President Claude Sheinbaum, who agreed to send 10,000 troops to the U.S. border to combat fentanyl and illegal migration. This temporary deal eased market concerns, although tariffs on Canada and China remain in effect. Ontario's Premier Doug Ford announced a ban on American companies from public contracts, attributing the economic fallout to Trump's policies, while European leaders expressed the need to respond to potential trade attacks.
US equity futures dipped as traders reacted to Donald Trump's cabinet appointments and anticipated key economic data, including inflation and GDP updates. The S&P 500 and Nasdaq 100 futures fell 0.1% and 0.3%, respectively, while Treasuries saw a decline in yields. Amidst a polarized global stock market, the dollar index dropped, and European stocks lagged significantly behind US gains.
India's benchmark indices closed higher on November 27, with the Sensex gaining 230.02 points to reach 80,234.08 and the Nifty rising 82.20 points to 24,276.7, amid a volatile trading session. Adani Group stocks surged up to 12% following news that the chairman and his aides were not charged under the US Foreign Corrupt Practices Act, adding Rs 1.2 lakh crore to the group's market capitalization. Meanwhile, European markets and US equity futures declined as investors assessed recent US cabinet appointments and awaited key economic data for insights on interest rate trends.
China's industrial profits fell 10% in October year-on-year, following a 27.1% drop in September, indicating that stimulus measures have yet to boost corporate earnings. In the Asia-Pacific, markets reacted to Australia's cooling inflation and New Zealand's interest rate cut. On the political front, President-elect Trump appointed Kevin Hassett to lead the National Economic Council, while China dismissed his tariff threats, attributing blame for the fentanyl crisis elsewhere.
President-elect Donald Trump has appointed Kevin Hassett to lead the National Economic Council and Jamieson Greer as the US Trade Representative, key roles in his economic team. Hassett will focus on tax cuts, while Greer, pending Senate confirmation, will oversee Trump's tariff initiatives.
Donald Trump has appointed Kevin Hassett to lead the National Economic Council, enhancing his economic team as he prepares for his inauguration on January 20. Hassett, who previously chaired the Council of Economic Advisers, will play a key role in shaping policies on trade, taxes, and deregulation. Alongside this, Trump has nominated Jamieson Greer as U.S. Trade Representative and indicated plans to raise tariffs on Chinese goods and products from Mexico and Canada.
President-elect Donald Trump has chosen Kevin Hassett to lead the National Economic Council, overseeing the administration's tax, trade, and spending policies. A veteran in conservative economic circles, Hassett previously served as a senior adviser and chaired the Council of Economic Advisers during Trump's first term, advocating for the administration's tax and tariff strategies.
Kevin Hassett
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
us markets decline amid tariff fears and geopolitical tensions as gold surges
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