March S&P 500 E-Mini futures (ESH25) are down -1.45%, and March Nasdaq 100 E-Mini futures (NQH25) are down -1.79% this morning as risk sentiment took a hit after U.S. President Donald Trump announced tariffs on Canada, Mexico, and China.
President Trump turned his tariff threats into reality on Saturday, imposing 25% tariffs on Canada and Mexico and 10% on China. Canada’s energy products will be subject to a 10% tariff. Trump said he imposed the tariffs under the International Emergency Economic Powers Act, citing the “major threat of illegal aliens and deadly drugs killing our Citizens, including fentanyl.” Trump stated that he plans to hold talks on Monday with Canada and Mexico before the tariffs take effect. The levies are set to take effect on February 4th.
