Global stocks paused on Wednesday and currencies were mixed as investors worried over the next potential target for U.S. tariffs under President-elect Donald Trump, a day after he pledged new levies on Canada, Mexico and China.
Trump said late on Monday that he would immediately put a 25% tariff on all products from Mexico and Canada upon taking office in January, and slap an additional 10% tariff on goods from China. The threat drew warnings of retaliation. Trump’s policies are “relatively positive for U.S. business conditions but probably more challenging for the rest of the world that will have to adjust and find a path to avoid disruptions and more expensive access to U.S. markets.”
Investors seem to be taking some risk off the table as trading in November draws to close ahead of U.S. Thanksgiving holiday on Thursday, with many investors extending their break into Friday. Traders are also keeping an eye on a reading on a key inflation gauge, the PCE deflator, due later on Wednesday.
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