TV News LIES

Gold has reached a record high while the yen has strengthened against the dollar and stock markets have slumped after Donald’s Trump’s unexpectedly aggressive tariff announcement. Here’s the latest on the markets courtesy of Reuters:

The high-flying tech sector was pummelled as manufacturing hubs in China and Taiwan faced new tariffs above 30%, bringing the total new levy to an eye-watering 54% on imports from China.

“The US effective tariff rate on all imports look to be the highest level in over a century,” said Citi’s global rates trading strategist, Ben Wiltshire.

Nasdaq futures tumbled 4% and in after-hours trade some $760 billion was wiped from the market value of Magnificent Seven technology leaders. Apple shares, hit hardest as the company makes iPhones in China, were down nearly 7%.

S&P 500 futures fell 3.3%, FTSE futures fell 1.8%, while European futures fell nearly 2%.

More...

Donald Trump announced plans to impose sweeping 25% tariffs on cars from overseas on Wednesday, days before the US president is expected to announce wide-ranging levies on other goods from around the world.

“What we’re going to be doing is a 25% tariff for all cars that are not made in the United States,” Trump said in the Oval Office. “We start off with a 2.5% base, which is what we’re at, and go to 25%.”

The announcement drew swift condemnation from the European Union and from the Canadian prime minister, Mark Carney, who called it a “direct attack” on Canadian workers. “We will defend our workers, we will defend our companies, we will defend our country, and we will defend it together,” Carney said.

It was a surprise ceremony at the White House presided over by President Donald Trump to unveil a $100 billion investment from what he called the world’s most powerful company, Taiwan Semiconductor Manufacturing Company (TSMC).

But nearly 8,000 miles away, the mood was far from celebratory. Instead, the shock announcement last week has reignited fears in Taiwan about losing its crown jewel, its world-beating semiconductor industry, to the US due to political pressure.

The S&P 500, a key US stock market index, closed in correction territory on Thursday as the volatility of Donald Trump’s trade wars rattled investors.

The index closed more than 10% down from its 19 February peak as Wall Street approaches the end of a second week of pressure.

The technology-focused Nasdaq Composite also closed in correction last Thursday, while the Dow is over 9% down from its peak in December.