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18 April 2024

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Dollar soars as China tariffs take effect

04-02-2025 01:23 PM


Ammon News - U.S. stock futures wobbled, the dollar jumped and Hong Kong shares slipped from two-month highs on Tuesday as the U.S. and China set financial markets on edge with tit-for-tat tariffs that raised the spectre of a broader, damaging trade conflict.

"(The) trade war story remains alive and well and this has a lot further to play out," said Shane Oliver chief economist at AMP in Sydney as prices skidded around on news headlines.

S&P 500 futures , which had bounced in relief that Mexico and Canada cut deals to delay a U.S. tariff hit, swung to a 0.2% loss. European futures fell 0.1% and the euro sank beneath $1.02 on nerves Europe gets dragged in.

Renewed selling pressure hit the Canadian dollar and Mexican peso .

The dollar index was last up 0.2% at 108.78.

Hong Kong's Hang Seng (.HSI), opens new tab, which had scaled 2025 highs on expectations that China, too, would negotiate with U.S. President Donald Trump, pared gains to trade about 2% higher. Reuters




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