Bloomberg Daybreak: Europe Edition Trump 'Two-Faced' Says China, US Tariff Backtrack & Hedge Funds Burned
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Mar 7, 2025 Tensions soar as China's diplomat slams Trump's tariff policies, accusing him of hypocrisy. The U.S. exempts Canadian and Mexican goods from hefty tariffs, but Wall Street is still reeling from sharp market swings. Hedge funds like Millennium Management struggle with poor returns amid this volatility. Meanwhile, the EU moves towards reforming fiscal rules to bolster defense spending, driven by security concerns. Central bankers prepare for tough decisions about interest rates that could further impact financial markets.
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China Criticizes Trump's Hypocrisy on Tariffs
- China’s Foreign Minister Wang Yi criticized President Trump's approach to bilateral ties and denounced tariffs.
- He accused Trump of hypocrisy, stating that no country can suppress China while maintaining good relations.
Trump Delays Tariffs on Mexico and Canada
- President Trump delayed tariffs on goods from Mexico and Canada covered under the USMCA until April 2nd.
- This offers a reprieve to the US’s two largest trading partners.
Market Volatility Amid Tariff Headlines
- Wall Street experienced intense market swings due to tariff headlines.
- The S&P 500 slid 1.8% and the Nasdaq dropped 2.8% despite some tariff relief.