President Trump’s rumoured 90-day tariff pause on all but China was quickly denied, leading US stock indices to slide before finally closing higher, halting a three-day drop.
Though uncertainty lingers as over 50 countries await trade talks, President Trump remains defiant, pushing for a trade reset with threats of 104% tariffs on China by this Thursday if they don’t drop their 34% tariffs. This escalates trade war risks and keeps markets risk averse, while treasuries and commodities falter amid recession fears and a potential shift away from US assets as safe havens.
Since the tariff news, the Swiss franc and yen have gained, the dollar’s crisis appeal has weakened, and the euro has surprisingly benefited despite 20% tariffs. Risk proxies like the Aussie and New Zealand dollar have suffered. Markets may see technical bounces, but with President Trump digging in and the Fed eyed for cuts despite hawkish tones, upcoming data like CPI will take a backseat to Washington’s moves driving volatility ahead.
Key standouts on Tuesday’s calendar come from some ECB speak, Canada Ivey PMIs, and Fed speak.
For the exact date and time of these major economic events, import the BlackBull Markets Economic Calendar to receive alerts directly in your email inbox.
