Financial markets are trying to stabilise in the aftermath of the latest in an ongoing series of escalations out of the White House around trade tariffs. Most recently, it’s been about the 25% tariff on auto imports that will come into effect on April 2nd. We’ve also been hearing chatter of Trump talking more tariffs against the EU and Canada if there are any signs of them working together to do economic harm to the US.
Threats of retaliation have since come out of Japan and China, especially if US demands are believed to be unreasonable. Interestingly enough, the tariff news has had more of an impact on US equities than currencies.
Meanwhile, gold seems to be the one market more confident than any other as it looks to break back towards a record high and retest that recent record high from the other week.
Looking ahead, we get a healthy batch of US reads including a third look at Q4 GDP, weekly jobless claims, advanced trade data, and pending home sales.
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