Author: Unknown
Published on: 03/02/2025 | 00:00:00
AI Summary:
The benchmark S&P 500 fell 1.7 percent at the opening bell on the heels of the year’s biggest daily losses on a string of Asian and European bourses. Later on Monday, Trump said he will pause new tariffs on Mexico for one month after Mexico agreed to reinforce its border with the US with 10,000 National Guard officers to stem the flow of illegal drugs. The two countries will use the monthlong pause to engage in further negotiations. EU leaders meeting at informal summit in Brussels on Monday said Europe would be prepared to fight back if the US imposes tariffs. Trump hinted that Britain, which left the EU in 2020, might be spared tariffs, saying: “I think that one can be worked out” The US had a deficit of 155.8 billion euros ($161.6bn) with the EU. Chinese yuan, Canadian dollar and Mexican peso all slumped against a soaring dollar. Canada and Mexico the top sources of US crude oil imports, US oil prices jumped more than 1 percent while petrol futures rose nearly 3 percent. Shares in Volkswagen, Porsche, Stellantis and Daimler Truck all fell by about 5 percent. Analysts estimate 8 billion euros ($8.2bn) of VW’s revenues would be impacted by tariffs.
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