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#etttts

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#WallStreet continues fall

Wall Street's indexes opened lower on Friday as #markets assessed the latest escalation in #Trump’s #TradeWar, with #China increasing its #tariffs on #US imports to 125%.
The Dow Jones Industrial Average fell 100.2 points, or 0.25%, at the open to 39493.42.
The S&P 500 fell 12.5 points, or 0.24%, at the open to 5255.56​, while the Nasdaq Composite dropped 28.8 points, or 0.18%, to 16358.532 at the opening bell.

Continued thread

Global #stocks fell & the #dollar sank further on Friday, while a manic #bonds selloff took hold in a brutal end to the week of tit-for-tat worldwide #tariffs that have fed fears of a deep #recession & shaken investor confidence in #US assets.

The selloff in US #Treasuries picked up pace during Asian hours, with the 10-year note yield rising to 4.45%, gaining about 45 basis points in the week, the biggest increase since 2001, LSEG data showed.

#ETTTTS #trump #economy
reuters.com/markets/global-mar

Fears of a sharp downturn in the global #economy have sent #markets convulsing again, w/action focused on #currencies & #bonds as the escalating #US#China #TradeWar has investors fleeing #dollar-based assets.

Stock futures in Europe pointed to a subdued open but the Swiss #franc reached a 10-yr high & the #yen was its strongest in 6 months. #Gold prices resumed their march to successive record highs & the #euro rose to levels not seen since Feb 2022.

King dollar no more.

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Another video posted on the X page of state-run news agency Xinhua, also generated by AI, shows a robot named TARIFF that chooses to self-destruct rather than follow its creator's orders for high #tariffs that bring "trade wars & unrest".

#China has sharply criticised the #US tariffs, which have triggered the biggest #stockmarket rout since the pandemic, & retaliated on Friday w/import duties & export curbs of its own.

Continued thread

"'Liberation Day', you promised us the stars. But #tariffs killed our cheap Chinese cars," an automated female voice sings in a video on the website of China's CGTN, a state-run English-language broadcaster. It appears with a shot of a woman at a kitchen table staring at an empty fork. The 2-min, 42-sec clip, was captioned with a warning: "Track is AI-generated. The debt crisis? 100% human-made." [they’re not wrong]

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US #stocks extended already deep losses as traders focused on remarks from #FederalReserve Chair #JeromePowell amid global economic turmoil caused by #Trump’s sweeping #tariffs.

The S&P 500 was last down 4.3%, while the Nasdaq was down by about the same amount.

#Oil plunged to its lowest level since 2021 & commodities including #NaturalGas & #soybeans also dived as #China retaliated against #Trump's aggressive tariffs.

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"We've taken a step back & we're watching to see what the policies turn out to be & the ways in which they will affect the #economy. Then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that." thanks to #Biden / #Bidenomics]

#TheFed, he added is in the same place as everyone else, awaiting clarity on policies.
[again, cuz shit is crazy]

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#JeromePowell says #TheFed does not forecast #recession probability.

"We don't actually, we don't make a probability forecast of how likely it is for there to be a recession, but many outside forecasters do, & many of them have raised the likelihood, …there's not much more I can say about that."

Powell stressed that he did not want to be part of a political discussion about #policy.

The Fed is not responsible for #trade, #immigration, fiscal or other policies.

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"The new administration is in the process of implementing substantial policy changes in four distinct areas #trade, #immigration, fiscal policy & regulation [#deregulation]," #FederalReserve chair #JeromePowell said.

"Our monetary policy stance is well positioned to deal with the risks & uncertainties we face as we gain a better understanding of the policy changes & their likely [adverse] effects on the #economy. It is not our role to comment on those policies."

#FederalReserve Chair #JeromePowell is speaking

Says #Trump #tariffs were far higher than expected & that larger than expected tariffs mean higher #inflation, slower growth.

"We face a highly uncertain outlook with elevated risks of both higher #unemployment & higher inflation," undermining both of the #Fed's mandates of 2% inflation & maximum employment, Powell said in prepared remarks for a business journalists' conference.

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…The levies #Trump announced on Wed are separate from the ones he has already imposed on #steel, #aluminum, & foreign-made #cars & parts. Taken as a whole, his tariffs represent a dramatic expansion from the more narrowly targeted duties he imposed in his first term—some of which the Biden Admin retained—& a final nail in the coffin for the open #trading environment that reigned before 2016.

Continued thread

After weeks of nervous anticipation in the #financial #markets & in the capitals of America’s #trading partners, #Trump’s “Liberation Day” #tariffs have arrived, &, even by his standards, they are shockingly high & wide-ranging. “For decades our country has been looted, pillaged, raped, & plundered by nations near & far,” Trump said on Wed to a crowd at the WH that included members of #UAW, & also elected #Republicans.

Continued thread

#China announced the #RareEarth #minerals controls late on Friday as part of a broader package of #tariffs & company restrictions in #retaliation for #Trump's decision to hike tariffs against most Chinese products to 54%.

China announced additional tariffs of 34% on #US goods.

It added 11 entities to the "unreliable entity" list.

And it filed a complaint at the World Trade Organization #WTO.

#Trump #economy #geopolitics #inflation #recession #trumpcession #ETTTTS
reuters.com/markets/europe/eur