Washington headlines drive volatility, @SecScottBessent comments on global trade, and results continue to emerge from Q1 earnings season. @MReinking details these developments and more on this week’s Market Storylines.
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After a turbulent week for global stock markets, Wall Street saw gains at the close on Friday, while the UK’s FTSE ended down 1.1%. With the stocks closed for the weekend, it will be a waiting game to see how President Donald Trump’s 90-day pause on higher tariffs will impact the markets going forward. China hiked tariffs on US goods to 125% after the US hit them with a 145% tariff on some goods entering the US.
Stocks set for weekly gains as the U.S. seeks better trade terms with China and India. @KristenScholer has more in the Market Update. pic.twitter.com/zXKI5XoUSV
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The value of the US dollar has fallen in recent days to a three-year low following the uncertainty over the impact of Trump’s tariffs on the global economy. Trump turned to social media earlier to say that the US is “doing really well on our tariff policy.” Meanwhile, the US says it is preparing for negotiations with countries over tariffs in the coming weeks. In San Francisco, Jenny Ngo, co-owner of Telescope Coffee, is grappling with what the tariffs will mean for her business.
The coffee she sells is sourced from Ethiopia and Guatemala, both facing the standard 10% tariff. She also imports her iced coffee cups from China and said she noticed the prices on those jumped overnight. “We unfortunately project to raise prices again in order to sustain our business,” she said.
#WATCH | "Any day when the President isn't commenting on tariffs is a good day for markets," says Ed Yardeni, analyzing US stock market moves amid trade war uncertainty.
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Similarly, Jorge Prudencio, who runs Bread Bite Bakery in Washington DC, says his Colombia-based coffee distributor just increased prices following the tariffs. Prudencio says his bakery will “definitely” be increasing prices for customers just to break even.
Wall Street sees end-of-week gains
Days of volatility have beset stock markets worldwide following Trump’s tariff announcement. In the US, those stock losses are more likely to affect the average person than in countries where investors are mostly wealthy individuals and major corporations. Around 61% of Americans have some invested money in the stock market, largely tied to 401(k)s and IRAs, which are used to save for retirement expenses.
Beijing’s response was swift, with taxes on US goods hiked to 125%. As the tit-for-tat continues, people in China have expressed various perspectives on the trade war:
“Actually, our hope is for better China-US relations; we want to see cooperation.”
“In China, we’re not scared. Ordinary people have confidence in our country’s economic power.”
“Our President Xi always said we live in the same global village.
I reckon it would be great if we can stay friendly to each other.”
“The fight will only be short-term. I believe China-US will get the trade disputes solved by talks.”
“I think hiking tariffs in such a short period is Trump’s strategy to put pressure on Chinese leaders, pushing them to come back to the negotiating table, but it won’t work in the long run.”
Kremlin spokesman Dmitry Peskov stated that Russia’s economic bodies are analyzing the potential consequences of the US tariffs and are doing everything possible to minimize their negative impact. “We need to carefully monitor this in terms of our interests,” Peskov said.
After a week driven by tariff uncertainty, Wall Street closed with some gains for the US markets, though they remain below levels before Trump’s tariff announcement. Here’s how the US stock market’s three major indexes closed for the day on Friday:
– S&P 500 was up
– Dow Jones Industrial Average was up
– Nasdaq Composite also closed up
The week has ended with slight market gains, but the long-term impact of Trump’s tariff policy remains uncertain. Business owners continue to navigate price increases, and both national and global economic analysts are closely watching the developments.
