President Trump threatens Canada with 35% tariffs
While President Trump said he was considering raising blanket tariffs for most trading partners, he threatened Canada with a 35% tariff.
U.S. stocks are quietly and almost low after President Donald Trump escalates trade tensions further.
Over the weekend, Trump announced 30% tariffs on goods from the European Union and Mexico starting on August 1st. Mexican and EU leaders said they would continue negotiations this month earlier.
According to people familiar with the issue, the EU is currently preparing to strengthen its involvement with other countries hit by Trump’s tariffs. Other reports say the EU has not reached the transaction and is considering retaliatory tariffs against the US if US taxes are enacted.
Still, market responses have been significantly suppressed, not even close to the huge swing in April when Trump first announced his tariff plans. “We stopped speculating about whether there is a long-term strategy,” says Karsten Bruzesky, global head of macros at the Bank of Netherlands. “We know that financial markets seem paralyzed, but at the same time we know that tariff threats are still real.”
At 9:31am ET, the Blue Chip Dow slipped 0.26% (116.9 points) to 44,254.61. The Broad S&P 500 reduced its 0.14% (8.61 points) to 6,251.14. And the high-tech Nasdaq swayed between red and green, but lastly at 20,588.54 to 0.02% (3.01 points). The benchmark 10-year yield fell to 4.419%.
Bitcoin Price
But Bitcoin continues to gather to hit highs. The digital unit jumped over $121,000 on July 14th, ahead of the launch of “Crypto Week.” Lawmakers will discuss three important bills aimed at providing a clear regulatory framework for digital assets, Stablecoins and Blockchain Technologies. Bitcoin last increased by 2.29% to $121,567.50.
Later this week, investors will get to adjust other inflation data for signs that Trump’s tariffs are affecting consumer prices and the economy. So far, the impact of tariff inflation has been curtailed.
Feeding the Chief under a Fire
Investors should also challenge Federal Reserve Chairman Jerome Powell.
On Sunday, National Economic Council director Kevin Hassett said Trump could fire Chairman Jerome Powell “if there is a cause.”
Management and Budget Director Russell Vault said Powell “mismanically mismanaged the Fed” and suggested that he misunderstood the Congress about the expensive and exaggerated renovation of the central bank’s headquarters. He swears to this by using a probe.
Trump said over the weekend that if Powell resigned, it would be a “good thing.”
Corporate News
The revenue season continues to grow, with major banks such as JPMorgan, Bank of America and Goldman Sachs scheduled to report this week.
- Tesla plans to vote on shareholders on whether to invest in Xai, Elon Musk’s chief executive said the Wall Street Journal reported that SpaceX will invest $2 billion in GROK Chatbot developers. The electric car manufacturer’s shares have been added by 2.01%.
- Boeing’s shares rose 1.61% after a preliminary report from Air India Crush Probe suggested no immediate action against plan makers.
- Kenvue’s chief executive has resigned, and the board said the company is considering strategic alternatives, such as simplifying its portfolio. Neutrogena Maker shares rose 3.23%.
- Waters has agreed to merge with Becton Dickinson in a deal worth around $17.5 billion. Waters stock fell 9.54%.
- Fastenal said quarterly sales rose. Stocks rose 4.97%.
(This story has been updated with new information.)
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
