US President Donald Trump has announced tariffs on imports from Canada, Mexico, and China. We find out how this may impact your savings and investments.
What happened?
After returning from the Chinese New Year holidays, I couldn’t help but notice the major news that unfolded over the weekend.
US President Donald Trump has announced tariffs on imports from Canada, Mexico, and China, with the details as follows:
- A 25% tariff on most imports from Canada and Mexico, with Canadian oil exports taxed at 10%
- A 10% tariff on all Chinese goods
While tariffs were a frequent topic during Trump’s campaign,
markets were initially relieved when no tariffs were implemented following his inauguration.
However, with the announcement of these tariffs, global financial markets have reacted negatively.
As of 10 a.m. on Monday, the markets were already feeling the impact:
- Hong Kong’s Hang Seng Index dropped 1.7%
- Japan’s Nikkei 225 fell by 2.1%
- South Korea’s Kospi Composite Index decreased by 2.7%
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