As traders awaited important US jobs data and uncertainty about US President Donald Trump’s trade policy shook markets, global stock markets fell and the currency declined on Friday.
Following Trump’s executive order to create a “Strategic Bitcoin Reserve” without arranging for any public purchases of the cryptocurrency, the price of bitcoin fell as much as 5.7%. After a slight recovery, the unit traded about 1% lower. Despite Trump’s decision on Thursday to postpone duties on Canadian and Mexican goods covered by a North American trade pact until April 2, stocks in Europe and Asia were down.
The pause provides automakers with short-term respite. However, Trump has stated that he will not change the general tariffs on steel and aluminum imports that are set to go into effect next week.
Russ Mould, investment director at AJ Bell, stated, “Investors are upset by Donald Trump’s constant tinkering, even though he has exempted more goods from tariffs on Canada and Mexico.” The fact that Trump constantly changes his mind makes things confusing because businesses don’t know what’s happening daily,” he continued.
As expected, increases in Germany’s defence and infrastructure spending exacerbate inflation fears and encourage the European Central Bank to halt interest rate decreases, so the euro maintained its strong support.
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