European markets fall as Trump says EU tariffs will ‘definitely happen’; stocks and cryptocurrencies tumble in Asian trading hoursTrump says EU tariffs will ‘definitely happen’ as Mexico, Canada and China retaliateHere’s a chart showing how Canada’s currency fell to its weakest level in more than 20 years overnight.The loonie (as it’s known in foreign exchange circles) fell almost 1.48 per US dollar, its lowest level since 2003, amid a general surge in demand for the US dollar (updated).The immediate market impact late on Sunday was a sharp move higher in the US dollar. EUR/USD fell below $1.02 at one stage but has since recouped losses and is back above this level.The Mexican peso initially fell 2% at the open, USD/MXN rose to its highest level since 2020, which is a fairly modest early reaction considering how negative these tariffs could be for the Mexican economy. Continue reading…
Source link : https://www.theguardian.com/business/live/2025/feb/03/donald-trump-tariffs-live-blog-news-updates-stock-market-canada-china-mexico
Author : Philip Wen (earlier) and Graeme Wearden (now)
Publish date : 2025-02-03 14:39:00
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US, EU and UK stock markets hit by global trade war fears as JPMorgan says Trump administration may be ‘business unfriendly’ – business live
