- Global markets slipped this morning on the news that President Trump wants a 35% tariff on Canada. And if he puts a 200% tariff on pharmaceuticals it might wipe 4% off the GDP of Switzerland, Pantheon Macroeconomics estimates. Yet many investors are assuming that much of this will never happen.
S&P 500 futures slipped 0.7% this morning, premarket, after the index hit a new all-time high yesterday of 6,280. Around the world, markets in Asia sold off today but mostly at levels of less than 1%. In Europe, the Stoxx Europe 600 was down 1% in early trading. Many of those indexes have also hit recent all-time highs, so—fingers crossed!—this could be routine profit-taking rather than the first rumblings of an earthquake.
