Table of Contents
- Market Maintains Downward Trend
- Chaotic US-Canada Trade War
- Geopolitics
Market Maintains Downward Trend
In the past 24 hours, global stock markets have continued to be pressured by concerns over economic slowdown and the uncertainty surrounding President Trump’s tariff policies. The S&P 500 has entered correction territory, down 10% from recent highs, indicating a pessimistic sentiment regarding the economic outlook. The Dow Jones Industrial Average and the S&P 500 fell by 1.1% and 0.76% respectively, while the Nasdaq saw a slight decline of 0.18%.
Meanwhile, Bitcoin rebounded from a low of $76,000 yesterday to around $83,000, with a gain of over 6.5% in the last 24 hours; however, the overall trend has not yet broken free from its downward trajectory.
Chaotic US-Canada Trade War
At the same time, the constantly changing trade policies of the United States continue to impact the markets. In response to President Trump’s trade war, Ontario Province in Canada announced on March 10 a 25% increase in tariffs on electricity exports to the U.S. Trump also announced on March 11 that tariffs on Canadian steel and aluminum imports would be raised from 25% to 50%. In a post on Truth Social, Trump stated: “I have instructed the Secretary of Commerce to impose tariffs of 25% to 50% on all steel and aluminum imported from Canada, which is one of the countries with the highest tariffs in the world.”
This move could further escalate trade tensions with Canada and affect global trade, leading to a drop in U.S. stocks when the market opened last night. However, it seems that Trump’s hardline approach took many by surprise. After discussions with the U.S. Secretary of Commerce, the Premier of Ontario announced a suspension of the additional tariffs, and Trump subsequently declared a delay in implementing the 50% tariff on steel and aluminum imports from Canada, bringing this chaotic trade war to a temporary halt.
Geopolitics
In terms of geopolitics, Ukrainian President Zelensky, who previously sparked heated discussions with his verbal sparring against the U.S. government, accepted the U.S. proposal for a 30-day ceasefire with Russia yesterday. The U.S. also announced an immediate resumption of intelligence sharing and security assistance to Ukraine. Trump, in an interview, indicated that he would invite Zelensky back to the White House in the future and publicly urged Russian President Putin to agree to a ceasefire to initiate peace negotiations.
