Tariff Relief Lifts S&P Futures as Trump Sworn In: Markets Wrap

Presidential memo stops short of calling for new tariffs
Trump’s call for national emergency at Mexico border hits peso

Sean Darby, managing director at Mizuho Securities Asia, says potential reforms to US taxes by the Trump administration are “at the forefront of most people’s minds in the first 100 days.” Darby tells Bloomberg Television that tax cuts would be a “tangible result” for equity markets.Source: Bloomberg

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By Cecile Gutscher and Isabelle Lee

January 19, 2025 at 10:42 PM UTC

Updated on

January 20, 2025 at 9:07 PM UTC

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Wall Street breathed a collective sigh a relief after Donald Trump held off from imposing China-specific tariffs on his first day in office, pushing US equity futures higher. The dollar slumped.

Pivoting away from a full-blown trade war, Trump plans to issue a broad memorandum that directs federal agencies to study existing trade policies and relationships with China, Canada and Mexico, the Wall Street Journal reported earlier Monday.