Dollar slumps, European stocks rally after Trump delays tariff plan
The U.S. dollar tumbled and European stocks surged on Monday after reports that President-elect Donald Trump will delay imposing new tariffs once he takes office later today.
According to the Wall Street Journal, Trump will hold off on immediate import duties, calming investors worried about potential trade shocks. The STOXX 600 rose 0.3%, while the MSCI All-World Index climbed 0.4%, News.Az reports, citing Reuters.
The dollar fell as much as 1.3%, sliding sharply against the euro, yuan, peso, and Canadian dollar. Analysts said markets were encouraged by signs Trump may take a more gradual approach to trade policy.
“This perception that the door is open to negotiations is important,” said Frederik Ducrozet of Pictet Wealth Management.
Meanwhile, Bitcoin hit a record high of $109,071 before settling around $106,000, and Trump’s new $TRUMP cryptocurrency reached a market value near $12 billion.
Gold edged higher to $2,708 an ounce, while Brent crude slipped to $79.82, amid speculation Trump could ease energy sanctions on Russia in exchange for a Ukraine truce.
Trump, set to be sworn in at 1700 GMT, has vowed a “brand new day of American strength.” Markets, however, remain cautious about what that means for global trade.
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