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🚀 Trump Tariffs On Mexico and Canada Paused

🚀 Trump Tariffs On Mexico and Canada Paused

Liam Gill
February 04, 2025

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

Dow Jones	44,544.66	4.70%
S&P 500	6,040.53	2.70%
Nasdaq	19,627.44	1.64%
Russell 2000	2,287.69	2.58%
TSX	25,533.10	3.26%
Bitcoin	$94,498.21	2.29%
Ethereum	$2,549.57	-23.44%
US to Canadian Dollar	$1.47	1.96%

President Donald Trump has paused his new 25% tariffs on Mexican imports for one month after Mexican President Claudia Sheinbaum agreed to deploy 10,000 soldiers to the U.S. border to curb fentanyl trafficking. The move follows Trump’s recent imposition of tariffs on Mexico, Canada, and China, sparking threats of retaliation, including Canada’s 25% tariff on $155 billion in U.S. goods. Trump announced that negotiations, led by Secretaries Marco Rubio, Scott Bessent, and Howard Lutnick, will seek a broader deal with Mexico. Sheinbaum also emphasized efforts to curb U.S. weapon trafficking into Mexico and pledged to support Mexican migrants facing deportation. Canadian Prime Minister Justin Trudeau announced a commitment to his $1.3 billion border security plan following a call with President Trump, aiming to curb fentanyl trafficking through increased personnel, new technology, and enhanced coordination with U.S. authorities. Canada will also appoint a Fentanyl Czar, designate cartels as terrorist organizations, establish a 24/7 border monitoring system, and launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl smuggling, and money laundering. Trudeau signed a new intelligence directive backed by $200 million, and in response, proposed U.S. tariffs on Canada will be paused for at least 30 days.
Stock futures tumbled yesterday as Trump’s new tariffs on Mexico, Canada, and China fueled fears of a trade war, sparking selloffs across equities and cryptocurrencies. The Dow fell 622 points within minutes of the market opening, with automakers, retailers, and manufacturers hit hardest, while steel stocks gained. Europe’s markets slid, the dollar surged, and crude oil jumped on supply concerns. Canada and Mexico vowed retaliation, and China threatened a WTO challenge, escalating tensions further. With major earnings reports and a key jobs report ahead, investors braced for heightened volatility as markets weighed the long-term economic impact of Trump’s escalating trade policies.
SoftBank has committed $3 billion annually to OpenAI’s technology and launched a joint venture, SB OpenAI Japan, to market AI tools to major Japanese companies. The move comes as SoftBank leads a potential $40 billion funding round for OpenAI, which could make it the startup’s largest backer, surpassing Microsoft. CEO Masayoshi Son predicts AGI within a decade, emphasizing its emergence in enterprise settings first. The deal strengthens OpenAI’s global reach amid rising competition, including China’s DeepSeek, while also tying into the Stargate AI infrastructure project backed by SoftBank, OpenAI, and Oracle.
Headlines
1. Trump coin fell to $17, from $73 before Trump’s inauguration, as public sentiment and support for the President declined.
2. There are growing fears in Hollywood that the Canadian government could end tax credits for American companies filming in Canada, paralyzing the movie industry with many films being made in Vancouver or Toronto.
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