Bloomberg Daybreak: US Edition Trump Imposes Tariffs; Dollar Surges on New Tariffs
Feb 3, 2025
President Trump's new tariffs could stoke economic pain for American consumers, sparking global stock sell-offs. The dollar reaches a two-year high as trade partners like Canada, Mexico, and China prepare for the impact. Concerns arise over job losses and retaliatory measures, particularly in the automotive sector. Meanwhile, Elon Musk aims to cut inefficiencies in government to bolster market confidence. As sports and economic shifts unfold, the political landscape remains charged with potential congressional reactions.
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Market Reactions to Tariffs
- President Trump's tariffs on Canada, Mexico, and China are causing market reactions.
- Stocks are selling off, and the dollar is surging to a two-year high.
Canadian Response
- Canadian Prime Minister Justin Trudeau criticizes Trump's tariffs, predicting job losses and price rises for Americans.
- British Columbia Premier David Eby directed the removal of alcohol brands from Republican-led states.
Tariffs on EU
- President Trump is threatening tariffs on the European Union due to their large trade surplus with the U.S.
- He says the EU takes almost nothing from the U.S. while exporting millions of cars and tons of agricultural products.