U.S. stocks fell on Friday after President Donald Trump’s shock threat of tariffs on Mexico fueled fears that escalating trade wars could push the world’s largest economy into recession.
U.S. President Donald Trump said on Thursday a tariff of 5% would be imposed on all goods coming from Mexico, increasing gradually each month until it reaches 25% on Oct. 1, unless Mexico takes immediate action to curb illegal immigration.
Mexico’s president on Friday urged his U.S. counterpart Donald Trump to back down from threats to impose tariffs on its exports to the United States, in a dispute over migration that could create a major economic shock for Mexico.
U.S. consumer prices increased by the most in 15 months in April, but a cooling in spending pointed to a slowdown in economic growth that could keep inflation pressures moderate.
Mexican Foreign Minister Marcelo Ebrard said on Friday that he would travel to Washington shortly to hold talks with U.S. officials to try to head off U.S. threats to impose tariffs on Mexican goods, calling Mexico’s treatment unfair.
Wall Street’s main indexes fell sharply on Friday, hit by fears that President Donald Trump’s shock threat of tariffs on Mexico could prove the trigger that pushes the United States into recession.
Global equities tumbled and safe-haven sovereign bonds surged Friday after President Donald Trump’s unexpected threat of tariffs on Mexican goods added to fears that escalating trade wars will push the U.S. and other major economies into recession.
The United States raised the pressure on Western allies in a war of attrition over next-generation networks on Friday, saying countries that allow China’s Huawei to build their telecoms infrastructure could be cut off from crucial intelligence data.
Shares of global automakers and suppliers tumbled on Friday after U.S. President Donald Trump threatened to impose tariffs on imports from Mexico, potentially upending a global manufacturing business model established decades ago.
U.S. stocks fell broadly on Friday, hit by fears that President Donald Trump’s shock threat of tariffs on Mexico could prove the trigger that pushes the world’s largest economy into recession.
White House trade adviser Peter Navarro said in a television interview on Friday that he believes Mexico will respond “favorably” to U.S. President Donald Trump’s demand that the country stop illegal immigration or face ratcheting tariffs.
U.S. stocks opened sharply lower on Friday, hit by fears that President Donald Trump’s shock threat of tariffs on Mexico could prove the trigger that pushes the world’s largest economy into recession.
Mexico’s president said on Friday he would respond with “great prudence” to threats by his U.S. counterpart Donald Trump to slap tariffs on Mexican goods entering the United States, and called on Mexicans to unite to deal with the challenge.
U.S. consumer prices increased by the most in 15 months in April, which could support the Federal Reserve’s contention that recent low inflation readings were transitory and allow the central bank to keep interest rates unchanged for a while.
The board of Renault will meet on Tuesday to discuss Fiat Chrysler’s merger offer, the French carmaker said, as Finance Minister Bruno Le Maire reiterated the government’s conditional support for the tie-up.
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