Global Markets Wobble Amid Trump's Intensifying Tariff Threats
U.S. and European stock futures dipped as President Trump announced increased tariffs against Canada and Europe, sparking concerns in global markets. The dollar gained against the euro and Canadian currency, while U.S. stock futures saw slight drops. Financial experts are worried about potential escalation with the European Union.
Global stock markets took a hit on Friday after President Donald Trump escalated tariff threats against Europe and Canada. This move restrained a broad rally in regional share markets, with U.S. and European futures dipping in Asia. The dollar strengthened against the euro and the Canadian currency following Trump's announcement.
Trump revealed plans for a 35% tariff on Canadian imports starting August 1, while signaling similar actions against the European Union. This has caused concern among financial experts, with fears of a repeat of the destabilizing U.S.-China trade war. U.S. stock futures saw minor dips with both Nasdaq and S&P 500 futures down 0.2%.
Despite the tariff concerns, Wall Street indexes posted record closing highs, bolstered by Nvidia's historic market valuation. Meanwhile, commodities such as oil and gold saw small gains, with West Texas Intermediate crude trading at $66.75 per barrel and gold prices rising to $3,337 an ounce.
(With inputs from agencies.)
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