🚀 Trump Tariffs on Canada Proposed for Feb 1st

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. President Donald Trump announced plans to impose 25% tariffs on Mexico and Canada starting February 1, citing border security concerns and accusing Canada of trade abuses. While details remain unclear, the move could significantly impact the $500 billion-plus annual trade between the U.S. and Canada. Trump also floated intensified tariffs on China as leverage in TikTok negotiations, framing these measures as part of his broader pledge to overhaul trade, curb fentanyl trafficking, and prioritize American interests. The announcement rattled financial markets, with stock futures slipping and the dollar weakening against major currencies.

2. Tesla’s brand value plunged 26% in 2024 to $43 billion, marking a second consecutive annual decline, as its aging product lineup and Elon Musk’s polarizing persona alienated some consumers, according to Brand Finance. Despite Tesla maintaining a high U.S. loyalty rate, its global reputation, recommendation, and consideration scores fell sharply, particularly in Europe, where rivals like Mercedes and BYD gained ground. Tesla’s U.S. EV market share also dropped to 49% amid growing competition. Musk’s controversial political engagements, including endorsements of far-right leaders and gestures described as fascist, have further tarnished Tesla’s image, underscoring the risks of a brand tightly tied to its CEO’s actions.

3. Bank of America CEO Brian Moynihan stated that the U.S. banking industry is prepared to embrace cryptocurrencies for payments if regulators establish clear rules, emphasizing that banks are ready to "come in hard on the transactional side." Speaking at the World Economic Forum, Moynihan highlighted the industry's extensive blockchain patents and readiness to integrate crypto as a payment option akin to Visa or Apple Pay. While banks have largely avoided retail crypto use, institutional involvement persists. Moynihan sidestepped addressing cryptocurrencies as investments, distinguishing their use for transactions from their value as assets.

4. Headlines

   1. Eric Schmidt’s family office has backed 22 AI startups in another show of support for the industry.

   2. The crypto market pulled back a day after Trump’s inauguration without any actions impacting the industry on Trump’s first day.

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