Investors brace for a data-packed week and react to President Trump's potential new tariffs on steel and aluminum imports.
Stock futures declined on Sunday as investors prepared for a busy week of economic data releases and reacted to reports that President Donald Trump might announce a new round of tariffs on Monday. Trump indicated to reporters on Sunday that he intends to impose a 25% tariff on all steel and aluminum imports starting Monday, according to a source familiar with the matter.
He did not specify the exact implementation date and stated that he would also retaliate against countries that impose taxes on U.S. imports. This announcement comes as Trump's previously declared tariffs on China are scheduled to take effect at midnight on Sunday. The potential for additional tariffs raises concerns prior to a series of important economic indicators this week. The January Consumer Price Index report is expected on Wednesday at 8:30 a.m. ET, followed by initial weekly jobless claims and the Producer Price Index on Thursday. Federal Reserve Chair Jerome Powell will also address Congress on Monday morning. Lydia Boussour, senior economist at EY-Parthenon, warned that 'steep tariffs and heightened policy uncertainty could encourage businesses to adopt a more cautious approach, potentially leading to a reduction in hiring.' She further stated that this could result in a more pronounced slowdown in job growth, weaker income, and constrained consumer spending, all amidst significantly higher inflation.Investor sentiment is mixed, reflecting anxieties about inflation alongside worries about the detrimental effects Trump's tariff plan might have on the U.S. economy. Market participants are also anticipating significant corporate earnings reports this week, including McDonald's on Monday and others to be announced throughout the week. Key economic indicators investors will be watching include: Thursday's January Producer Price Index reading at 8:30 a.m. ET
STOCK FUTURES TARIFFS ECONOMIC DATA INVESTORS FED CHAIR
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