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Trump Confirms No Immediate Tariffs, Will Evaluate China, Canada, Mexico Trade; Markets Rally

Jan 20, 2025, 02:04 PM

President-elect Donald Trump plans to lay out his trade vision on Monday but will stop short of imposing new tariffs on his first day in office, according to a memo obtained by the Wall Street Journal and confirmed by a Trump official. The memo, which Trump is expected to sign today, directs federal agencies to study trade policies, evaluate the United States' trade relationships with China, Canada, and Mexico, investigate trade deficits and unfair trade practices, and review Section 232 tariffs. Markets reacted positively to the news, with U.S. stock futures rising nearly 300 points, the euro advancing 1.5% to $1.0430—its largest daily rise since November—and the dollar index tumbling 1%. Gold and cryptocurrencies also saw gains as investors welcomed relief from immediate tariff concerns.