A new wave of 25% tariffs on imports from Canada and Mexico raised immediate concerns about the economic stability in the U.S., with potential price increases and retaliatory measures anticipated. Commerce Secretary Howard Lutnick hinted at a possible softening of the tariffs, contrasting sharply with Trump's staunch defense of the policy. Analysts are concerned about the chaotic state of Trump's economic agenda, highlighted by shifts in trade policies and Musk's aggressive bureaucracy reforms. Investors are now facing significant uncertainty as they reassess the impact of these developments on the market.
Not only has the president embarked on an extraordinary trade clash with neighbours, prompting retaliatory tariffs from Canada and warnings of sharp price rises from US retailers on everything from avocados to cars.
This confrontation is taking place against a background of corrosive instability with Trump’s right-hand man Elon Musk working to dismantle the federal bureaucracy.
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