Trump threatens new tariffs, putting pressure on Wall Street; Bitcoin retreats
Bitget2025/07/04 20:10- Trump threatens tariffs, puts pressure on stock futures
- Investors seek refuge in gold and reduce risk
- Bitcoin and Ether follow decline amid trade tensions
After a record-breaking week for the S&P 500, U.S. stock futures fell on Friday, dropping 0,6% in the index after U.S. President Donald Trump signaled the possibility of new unilateral tariffs of up to 70%, adding to pressure on global trade relations.
In Europe, the Stoxx 600 fell 0,7%, with miners and automakers among the biggest losers. The dollar weakened and gold rose 0,3%, reflecting a search for safer assets. Asian stocks also closed lower, and U.S. markets were closed for the July 4 holiday.
Despite the recent recovery since the April turmoil, investors remain wary of the escalating trade war and its impact on corporate profits. Neil Wilson, strategist at Saxo UK, said: “Today is a good day to reduce risk a little bit. But I don’t think there’s a fundamental shift, it’s all on the margins at the moment.”
Bank of America’s Michael Hartnett warned of rising bubble risks, especially after the S&P 500 surged to near 6.300 and a $3,4 trillion tax-cutting package was passed. “Overbought markets can stay overbought because greed is harder to overcome than fear,” he said.
On the exchange rate front, the euro rose 0,1%, the pound remained stable and the yen appreciated 0,4%. Among cryptocurrencies, Bitcoin fell 1,6%, trading at US$ 107.515, while Ether fell 3,6%, trading at US$ 2.480.
Tensions between China and the European Union have escalated, with Beijing canceling part of a summit and imposing anti-dumping duties on European cognac, putting pressure on exporters such as Remy Cointreau and Pernod Ricard.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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