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Overseas stocks jump, dollar plunges on report of more targeted Trump tariffs
Washington Post reports that tariffs will be imposed on key sectors rather than universally
President-elect Donald Trump may introduce more targeted tariffs than proposed on the campaign.Photo: Associated Press
The U.S. dollar was selling off on Monday and U.S. stock futures extended gains on a report that aides to President-elect Donald Trump are weighing more targeted tariffs than was proposed by the campaign.
The Washington Post, citing three people familiar with the matter, said tariffs would be applied to every country but only cover imports critical to national or economic security. The report said no final decisions have been made.
Interesting news from USA. Hopefully targeted tariffs on sectors of economy helps junior stocks like BKT in 2025.According to the report, universal tariffs reflect the Trump team’s desire not to have avoidance by shipping to third countries.
The tariffs would apply to the defense industrial chain, critical medical supplies and energy production, the report said.
U.S. stock futures
extended gains after the report. The euro surged, rising to $1.0420 from $1.0309. The dollar slumped vs. the Mexican peso .
It extended declines vs. the Canadian dollar
, where the greenback was already pressured on reports Canadian Prime Minister Justin Trudeau was set to resign. The Washington Post report said it was unclear how the universal tariff plan would impact Trump’s stated intention to slap 25% tariffs on Canada and Mexico.
European stocks rallied, with the German DAX
and French CAC 40
