Trump Tariffs Coming Tomorrow, Plane Crash Black Box & Women ‘Don’t Trust BOE’
Jan 31, 2025
auto_awesome
In this discussion with Derek Wallbank, Bloomberg's senior editor for U.S. economics and government, listeners gain insights into President Trump's plans for 25% tariffs on imports from Canada and Mexico, which have already rattled foreign exchange markets. They delve into the serious implications of these tariffs on trade and immigration while examining the tragic plane crash in Washington, D.C. Additionally, Wallbank highlights a concerning study revealing that women have significantly less trust in the Bank of England compared to men amidst rising cost-of-living pressures.
President Trump's proposed 25% tariffs on imports from Canada and Mexico have destabilized foreign exchange markets, weakening both currencies against the US dollar.
Research reveals that women have less trust in the Bank of England than men, exacerbated by the rising cost of living and its economic management.
Deep dives
Trump's Tariff Plans Against Canada and Mexico
The U.S. President has announced plans to impose 25% tariffs on approximately $900 billion worth of goods from Canada and Mexico. He cited issues such as immigration, drug trafficking, and trade deficits as reasons for the tariffs. This move has provoked concerns from both countries, which have indicated possible retaliatory measures that could further strain economic relations. The impending tariffs have already affected currency values, causing both the Canadian and Mexican currencies to weaken as the U.S. dollar strengthened.
Investigation into Washington D.C. Plane Crash
The investigation into the recent mid-air plane crash that resulted in 67 fatalities is focusing on several key factors, including air traffic control operations and the positioning of the aircraft involved. Preliminary findings suggest that staffing at the control tower was inadequate, potentially impacting the event's outcome. The National Transportation Safety Board has recovered critical flight data and cockpit voice recorders, which will play a significant role in understanding the collision's causes. Investigators are conducting a thorough examination of human, machine, and environmental interactions leading up to the accident.
Gender Disparities in Trust Towards the Bank of England
A recent study highlights a significant gender gap in trust towards the Bank of England, with women expressing lower confidence compared to men. The research from the University of Oxford indicates that women are more affected by the rising cost of living and tend to tighten their budgets more than men, who are inclined to seek higher wages. This disparity in responses suggests that women feel the economic pressures more acutely and impacts their perception of the bank’s effectiveness in managing the economy. Additionally, regulators are investigating potential inaccuracies in the UK’s official economic statistics, further challenging the bank's credibility.
Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:
(1) President Donald Trump’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.
(2) The US Army Black Hawk helicopter that collided with a passenger jet over Washington on Wednesday evening was manned by an experienced three-person crew conducting a routine training flight over familiar territory, a service official told reporters Thursday.
(3) US officials are probing whether Chinese AI startup DeepSeek bought advanced Nvidia Corp. semiconductors through third parties in Singapore, circumventing US restrictions on sales of chips used for artificial intelligence tasks, people familiar with the matter said.
(4) Apple gave a reassuring revenue forecast for the current quarter, helping boost shares of the world’s most valuable company after its holiday results showed jarring declines for China and the iPhone.
(5) Women trust the Bank of England less than men and feel more squeezed by cost-of-living shocks, new research shows, underlining the challenge facing the central bank to improve its public reputation.