Tuesday saw another tech rise on Wall Street, which led to a largely positive performance by European and Asian stock markets. Following a report suggesting that incoming US President Donald Trump may use a more targeted strategy than previously announced, traders also evaluated his tariff plans. US equities have started the year in spectacular fashion after a slow December, with tech and semiconductors taking center stage, according to Matt Britzman, senior equity analyst at Hargreaves Lansdown.
Additionally, he stated that “tariff optimism despite mixed signals” existed. According to the Washington Post, Trump’s advisers were considering limiting the scope of tariffs to products in specific vital industries, which is a more restrictive definition than the president-elect had previously suggested.
The revelation follows Trump’s threat to impose massive tariffs on Canada, Mexico, and China last year. The US Defense Department added battery producer CATL and digital giant Tencent to a list of businesses it claims are connected to Beijing’s military on Tuesday, ahead of his inauguration on January 20.
While Tencent’s stock fell more than 7% in Hong Kong, China accused Washington of “unjustified suppression.” The stock of CATL fell 5.2%. With a favorable outlook, shares of US chip designer Nvidia surged Monday, bringing the company’s market worth to almost $3.6 trillion.
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