Markets weigh impact of looming Trump tariffs

- Advertisement -

By Suzanne McGee and Isla Binnie

NEW YORK- Global markets buckled up for a turbulent session on Monday after US President Donald Trump launched a trade war with sweeping tariffs on Canada, Mexico and China that threaten to undermine economic growth and reignite inflation.

US stock futures slumped in early Asian hours, with Nasdaq futures down 2.35 percent and S&P 500 futures 1.8 percent lower.

- Advertisement -

Canadian Prime Minister Justin Trudeau announced plans for retaliatory tariffs on imports of goods from the United States, the first of which also would take effect on Tuesday. Claudia Sheinbaum, Mexico’s president, said on social media platform X that she will spell out details of its response on Monday.

The two countries and the largest trading partners of the United States. China also said it would take “counter measures,” and the president said Americans may feel “some pain”.

US oil prices jumped more than $2 as Asian trade began on Monday while gasoline futures jumped more than 3 percent.

Uncertainty over how and for how long the tariffs will be wielded brought fresh upset for markets that were dealt a blow last week as the emergence of China’s DeepSeek AI model hit tech stocks.

The White House has not yet published all the details of the tariff plan, leaving questions about their impact and duration, while some analysts continued to game out the chances last-minute negotiations delay or avoid them altogether. — Reuters

Author

- Advertisement -

Share post: