Stocks Jolted by Tariff Anxiety as Dollar Climbs: Markets Wrap

White House says China, Mexico, Canada tariffs to hit Saturday
Trump vows tariffs on oil, metals and chips in coming months

US Core PCE Muted, Consumer Spending Solid in Dec.

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By Rita Nazareth and Emily Graffeo

January 30, 2025 at 10:37 PM UTC

Updated on

January 31, 2025 at 9:49 PM UTC

This article is for subscribers only.

Fast-changing news on tariffs flummoxed traders across asset classes Friday, shattering the calm spurred earlier by receding anxieties around the tech sector. A White House assertion that President Donald Trump plans to impose levies on China, Mexico and Canada this weekend sent the dollar up as stocks got hit.

The S&P 500 erased a rally that approached 1%. The greenback notched its best week since November, with the White House saying Trump intends to impose 25% tariffs on Mexico and Canada as well as a 10% levy on China Saturday. The US also denied a news report that the president planned to delay the implementation by a month, which earlier drove the dollar marginally lower. The loonie lost 0.4% while the peso was little changed. Oil jumped.