94Ha Viewpoint
HA VIEWPOINT(94HA.COM):US President-elect Trump said he would impose an additional 10% tariff on Chinese goods and a 25% tariff on all products entering the US from Mexico and Canada. The US dollar strengthened against all G10 currencies, including the yen, pound and euro, in response to the news.
According to Bloomberg, Asian stocks fell after opening on Tuesday (November 26), with benchmark indices in Japan, Australia and South Korea all falling. The offshore renminbi fell 0.3% against the US dollar, while the Mexican peso and Canadian dollar both fell more than 1%.
The US dollar also continued to rise against the Singapore dollar, rising to 1.349 on Tuesday morning. In the past month, the US dollar has risen by more than 2% against the Singapore dollar.
Trump posted on his own social platform Truth Social on Monday (25th) that China has not fulfilled its promise to fight drugs, and the tariffs on Mexico and Canada are intended to curb the flow of immigrants and illegal drugs into the United States. US Treasury prices also fell accordingly.
U.S. stocks and bonds rose on Monday before Trump’s tax-reduction speech, and Wall Street welcomed the nomination of hedge fund manager Scott Bessent as U.S. Treasury secretary, hoping that he could mitigate the impact of Trump’s more extreme economic views. The euro, yen, pound and Australian dollar all rose.
