Gold prices steady above $3,400/oz on rate cut bets; PCE data awaited
The U.S. stock market has given up all the gains seen since U.S. President Donald Trump won the election in November 2024 due largely to uncertainties created by his tariff melee. However, according to Trump, “he is not even looking at the stock market.”
Trump told reporters on Thursday that the move to roll back some tariffs on Mexico and Canada was unrelated to the volatility in the U.S. stock market.
The S&P 500 closed at 5,783 on election day - it is now at 5,734. Further, it is down 7% from its February 2025 all-time highs.
Trump added that globalist countries and companies are behind the sell-off.
“Well a lot of them are globalist countries and companies that won’t be doing as well because we’re taken back things that have been taken from us many years ago,” Trump added.
This week, 25% tariffs went into effect on Mexico and Canada and an additional 10% on China. On April 2, reciprocal tariffs on European and other countries will be announced by the U.S.
In his speech at a joint session of Congress earlier this week, Trump admitted that a little near-term pain would be needed, but the long-term future is bright for the U.S.