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The Trade War in 24 Hours
If nothing changes between now and tomorrow, the U.S. could find itself in a trade war with Canada and Mexico.
Tariffs on 25% of all goods coming from those two countries were postponed in February but are scheduled to take effect tomorrow.
The Trump Administration also plans to double the tariff on Chinese goods to 20%.
According to Bloomberg, the duties on goods from Canada and Mexico would apply to around $1.5 trillion in annual imports.
Chinese stocks fell on fears of the impact doubling the tariff will have on goods coming from China.
In the U.S., Wall Street pushed stocks higher in hopes the duties could be postponed a second time.
The tariffs on Canada apply to everything except oil, gas, and other energy products, which will only incur a 10% duty, while tariffs on Mexico apply to all imports.
The biggest unknown is how Canada, Mexico and China will respond to this latest round of tariffs. The response could include retaliatory tariffs on U.S. imports, or Canada and Mexico could slap higher duties on goods from China in hopes of appeasing Washington.
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The Weekend Crypto Rally
This weekend, President Donald Trump posted two social media posts listing digital currencies the U.S. strategic reserve would embrace.
The result … big pops in those individual currencies.
XRP jumped 62% from its low on February 28, while Cardano moved up 29% and Solano moved 19% higher.
These higher moves, in such a short amount of time, reversed a sell-off of cryptocurrencies that has been ongoing for the last several weeks.
Trump also mentioned bitcoin and Ethereum in a second post on Sunday as coins used in a potential “crypto reserve.”
Despite the reversal in crypto prices, gains from the weekend were pared back early today.
What’s Next For Tesla Stock
Over the weekend, Tesla Inc. (TSLA) CEO Elon Musk tweeted that the company’s earnings could grow tenfold over the next five years.
TSLA gained 3.5% in Monday’s premarket trading, so Barron’s looked at some of Musk’s predictions and how they resonated with the market.
During Tesla’s Q4 2024 conference call, Musk suggested Tesla could be worth more than the next five companies combined.
The day after that prediction, TSLA fell seven times. In predictions made outside of earnings, Tesla stock also dropped.
The average move, up or down, was around 9%, and the magnitude of those moves was likely due to post-earnings reactions.
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Safe trading,
Matt Clark, CMSA®
Chief Research Analyst, Money & Markets