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Trump's trade war salvo only the start of market pain
  • February 3, 2025

Trump's trade war salvo only the start of market pain

Financial markets that had bet trade wars could be avoided are reassessing the risks of a sharp global slowdown, resurgent inflation and a pause to Federal Reserve rate cuts following Donald Trump's tariffs on top U.S. trading partners. The U.S. President's weekend orders for additional levies of 25% on imports from Mexico and most goods from Canada, as well as 10% on goods from China, jolted markets that had assumed Trump was mostly bluff and bluster. Trump said he would speak on Monday with the Canadian and Mexican leaders, who have announced retaliatory measures, but downplayed expectations they would change his mind.

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Trump tariffs push Wall Street down, dollar up
  • February 3, 2025

Trump tariffs push Wall Street down, dollar up

Wall Street opened lower on Monday following a worldwide selloff driven by concern that U.S. President Donald Trump's tariffs on Canada, Mexico and China are just the opening salvo in a global trade war that would curb economic growth. The Russell 2000 index of small cap stocks - viewed as major beneficiaries of Trump's policies - fell almost 1%. Britain's FTSE 100 fell 1.4%, while the pound dropped 0.3% after Trump told reporters on Sunday that while the country was "out of line" when it came to trade, it may be able to avoid tariffs.

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Tesla loses market share in Sweden, Norway as Musk looms large
  • February 3, 2025

Tesla loses market share in Sweden, Norway as Musk looms large

Tesla lost market share in Sweden and Norway in January, car registration data showed on Monday as the U.S. electric vehicle maker faces a test of popularity following billionaire CEO Elon Musk's high-profile foray into politics. A total of 405 new Teslas were registered in Sweden last month, down 44% from January of 2024, while registrations in Norway fell to 689, a decline of 38% over the same period, despite soaring overall demand for cars in the two countries. While Tesla's Model Y crossover SUV was the most sold car in both of the two Nordic countries in 2024, the group's image has taken a hit in recent weeks, a market sentiment survey by Sweden's Novus Group found according to Swedish news agency TT.

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Auto giants, nuclear firms bear the brunt as Trump tariffs roil markets
  • February 3, 2025

Auto giants, nuclear firms bear the brunt as Trump tariffs roil markets

Automakers, beer brewers and nuclear power companies led declines in a broad equity pullback on Monday after the U.S. hit Mexico, Canada and China with sweeping tariffs, stoking worries that an all-out trade war could cripple growth and corporate profits. Investors sold stocks and bought dollars on Monday, as they assessed the risks of a trade war after Donald Trump imposed tariffs on top U.S. trading partners. Executives on earnings calls have said Trump's shifting plans for tariffs could disrupt world trade and prompt some companies to move production to the U.S. The sectors most affected by new tariffs by far are auto and auto parts, which accounted for $129 billion worth of imports from ...

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