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Global Selloff Ensues After Trump Rips Up World Trade Framework

Financial markets are in freefall across the planet after Donald Trump took aim at the international trading system with the most significant package of tariff increases in more than a century, threatening to inflict a third systemic blow against global growth in as many decades. The dollar is down more than 2 percent against a basket of its major counterparts, benchmark ten-year Treasury yields have fallen through the 4.05 percent threshold, and major North American equity markets are set to open more than 3 percent lower after a selloff rippled across Europe and Asia in the overnight session. Trump’s tariff...

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Tariffied Markets Await Rose Garden Announcement

The dollar is retreating against most of its peers, Treasury yields are holding near one-month lows, and stock markets are sliding once again as the world counts down to US President Donald Trump’s tariff announcement later today. Major media outlets are reporting that the administration is still working to establish the scale and scope of the reciprocal tariff plan ahead of its unveiling, which is now* scheduled to begin at 4 pm in the White House Rose Garden this afternoon. According to Bloomberg, CNBC, Fox, the Wall Street Journal, and the Washington Post, there are at least three architectures under...

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Markets Go Quiet Ahead of Tariff Decision

Trading activity is subsiding across financial markets this morning as participants prepare for today’s US job openings and Institute for Supply Management reports, and brace for tomorrow’s tariff decision. Equity markets are giving back some of yesterday’s late-session gains, ten-year Treasury yields continue to edge lower, and the greenback is trading flat against its major counterparts. Currencies look largely rangebound, but the euro is trading with a softer bias after bloc-wide inflation slowed last month, clearing the way for a rate cut at the European Central Bank’s April meeting. According to an update published by Eurostat this morning, consumer prices...

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Peso Jumps As Trump Pauses Tariffs on Mexico

The peso is surging after Donald Trump announced another pause in tariffs on Mexico—only three days after putting them in place. In a post on his social media platform, the president said, “After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement. This Agreement is until April 2nd. I did this as an accommodation, and out of respect for, President Sheinbaum. Our relationship has been a very good one, and we are working hard, together, on the Border, both in terms of...

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Dollar Slide Continues as Growth Differentials Shift

Markets are turning down ahead of the North American open as global bond yields ratchet higher and extreme levels of policy uncertainty cripple investment and spending decisions in the world’s largest economy, narrowing expected growth differentials across the major currency blocs. The trade-weighted dollar is down more than 2 percent on the week, ten-year Treasury yields are lagging their international rivals, and equity markets are setting up for a broad-based retreat after the bell. The Trump administration yesterday said it would give automakers a one-month reprieve from the 25 percent tariffs that have been imposed on other imports from Canada...

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