It is today, Wednesday 2 April, the day chosen by President Donald Trump to announce the so -called “Mutual customs duties”. The event is scheduled at 4 pm (when in Italy there will be 10 pm) at the Rose Garden of the White House, which will participate its complete administration.
This was said by the spokesman for the White House Karoline Leavitt explaining that
“Each country that has treated the United States incorrectly should expect duties“
And underlining that on the rates that will be announced Trump was consulted with the secretary of the Treasury Scott Beesent. Leavitt also explained:
“The duties that Donald Trump will announce tomorrow (today, ed) they will be effective immediately “.
D-Day Dazi, today the announcement
The president assured that he will be “kind” in the imposition of the new rates without however unbalanced on the content of his action plan. One of the hypotheses on the table provides for the introduction of Universal duties at 20%. But according to the economist Mark Zandi, leader of Moody’s Analytics, this option “It could make the American economy derail “with heavy consequences.
It is good to remember that mutual duties and those on cars will be added to those already introduced, including the duties of 25% that the US already apply on all steel and aluminum imports, to which the EU has responded with rates of 50% on American whiskey, motorcycles and motorboats starting from April, and from mid -April further duties on chewing gums, poultry, other goods.
EU prepares the counter -move
In the meantime, the EU is not watching. The president von der leyen He reiterated that if European preference is for a negotiating solution, the EU will not remain with his hands in his hand:
“We would all be better if he could find a constructive solution. At the same time, he must also be clear: Europe has not started this clash. We do not necessarily want to take retaliation actions, but we have a solid plan to do it, if necessary”.
Pictet WM View
President Trump said he wanted to introduce 25% duties on cars imports to give impetus to national production, increasing the fears of the markets for a global commercial war and making the share markets go down, he explains César Pérez Ruiz, Head of Investments & CIO DI PICTET WEALTH MANAGEMENT, underlining that the tariffs on the automotive sector, negative for growth but positive for inflation, would concern about 500 billion dollars of imports, about 1.6% of GDP. Trump also threatened “secondary” duties against the countries that buy Venezuelan oil. US families, as well as the markets, are worried about Trump’s economic policy, as evidenced by the decrease in consumer trust In March, which has touched the minimum of the last four years.
Last week, The S&P 500 lost 1.5% (in USD). The returns of the US Treasury at 10 years of age have risen from 1 base point to 4.26%. The price of gold has reached a new historical maximum at 3086 dollars, as well as copper due to fears on duties. The Nasdaq, on the other hand, lost the 2.6%(in USD). The president of a Chinese technological giant expressed concerns about enormous investments in artificial intelligence in the United States, stating that they could mark the beginning of a bubble. In Europe, Sweden has declared that it will bring the expenditure for the defense to 3.5% of the GDP by 2030, growing compared to the current 2.4%, pEr Via of the high uncertainty in transatlantic relationships. In the United Kingdom, the Chancellor Reeves presented cuts in public spending in the context of a series of measures to restore its tax objectives, without however being able to convince the markets. The performance of the 10 -year -old GILTs has risen.
The “Liberation Day”
Breath suspended therefore in view of today’s announcement, renamed by the US President as the “Liberation Day”. The White House said the administration will raise the duties against the so -called “dirty 15”, the 15% of commercial partners with which the United States have the major commercial imbalances. The data on employment and ISM on the manufacturing sectors and publication services this week will be crucial to evaluate the risk of recession.
Fed at the window
If the new US duties will persist, “The Fed will probably keep the rates unchanged In the presence of stable growth or will cut them in response to economic weakness. The appointment by Trump by Michelle Bowman at the helm of the supervisory division on the Fed banks will be a catalyst for banking deregulation. The comments of the Chinese technological giant on excessive investments in artificial intelligence in the greases were an emblematic event of last week. We plan that the market will expand beyond the magnificent 7 and beyond the United States. We maintain the overpound of Eurozone actions. In the United Kingdom, the rates curve was irritated despite the strong retail sales and the drop in inflation, due to the poor conviction of the markets on tax programs dThe Reeves. We are overweighted on British obligations “.
