Fears about a global trade war as President Donald Trump ramped up tariff threats sent stock markets tumbling.
“U.S. futures and global stocks were hit by a selloff early on Monday as markets around the world braced for a potential trade war” as the president threatened to impose the tariffs on imports from Canada, Mexico, and China,” Forbes reported.
“As of early Monday morning Dow Futures was down to 44,113, falling 1.3%, while the tech-centric NASDAQ Futures saw an even sharper slump of 1.6% to 21,227. S&P 500 Futures were also hit by the selloff, dropping 1.4% to 5,980,” the outlet added.
(Video Credit: King 5 Seattle)
Trump also warned that the European Union and the U.K. could be next.
“UK is out of line but I’m sure that one… I think that one can be worked out,” Trump told the BBC early Monday.
He added that his discussions with Prime Minister Sir Keir Starmer have “been very nice.”
“We’ve had a couple of meetings. We’ve had numerous phone calls. We’re getting along very well,” Trump said.
But he noted that America’s trade deficit with the EU has been “an atrocity,” explaining that “they take almost nothing and we take everything from them.”
The UK prime minister told reporters Sunday, “It is early days. What I want to see is strong trading relations.”
“In the discussions that I have had with President Trump, that is what we have centered on – a strong trading relationship,” he added.
President Trump addresses tariffs on Canada and Mexico: “It has been a one-way street.” pic.twitter.com/54YlS0BVqz
— Rapid Response 47 (@RapidResponse47) February 3, 2025
Trump’s strong stance in righting what he sees as an out-of-balance relationship has triggered global markets and prompted threats of retaliation but a BBC report notes that “this is just the opening salvo from the Oval Office.”
Pointing to what Trump Is “actually trying to achieve,” the BBC contends “what matters as much as the actions the US takes, is how the rest of the world responds.”
Interior Secretary Doug Bergum insisted that “this isn’t about a trade war” with America’s trading partners but about fentanyl and other drugs across the border.
.@SecretaryBurgum: “This isn’t a ‘trade war’ with Canada, or Mexico, or China — this is about fentanyl. We’ve had a mass invasion of our country. We’ve been taking mass casualties. We lose almost 300 people a day to overdose deaths… President Trump wants it to end.” pic.twitter.com/0yozZnTWTM
— Rapid Response 47 (@RapidResponse47) February 3, 2025
Social media users blasted Canada and Mexico for their retaliatory responses and backed Trump’s decisions which could mean some temporary pain for Americans.
Instead of screaming about why President Trump is using tariffs, ask why are Mexico and Canada unwilling to stop their fentanyl industry?
This trade war would not be necessary if they actually tried to stop their fentanyl industry drug cartels in their own countries.
— Spitfire (@DogRightGirl) February 2, 2025
It’s insane to me that both Canada and Mexico rather go through with this trade war instead of ensuring borders are safe and drug trafficking stops!
President Trump won’t back down. We are sick of the drugs and criminals in Our Country. pic.twitter.com/a8JjgCHpIJ
— Imperatrix (@Dark_Imperatrix) February 2, 2025
Canada and Mexico are about to get Trumped…
The US’s GDP is 7 times bigger than the GDP’s of Mexico and Canada *combined*.
35% of Mexico’s GDP is exports to the US
Only 1.2% of US’s GDP is exports to Mexico22% of Canada’s GDP is exports to the US
Only 1.5% of US’s GDP is…— Frank Truslow (@FrankTruslow) February 3, 2025
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