US President Donald Trump has announced that tariffs on Canada and Mexico will go into effect on March 4, while also threatening additional levies on the European Union. The move could lead to geopolitical friction and economic fallout, particularly for close trade partners.
Jobless claims in the US rose more than expected, with 242,000 jobless individuals filing for benefits last week. This increase is attributed to increased import prices due to tariffs. Tech giants like Google and Microsoft have also announced layoffs this year, which may be linked to rising costs.
Nvidia’s stock plummeted after announcing earnings on Wednesday, wiping out $273 billion in market capitalization. If tariffs on Taiwan are implemented, the impact could be severe for Nvidia and other chipmakers reliant on Taiwanese manufacturer TSMC.
The US economy is feeling the effects of Trump’s tariff threats, with markets experiencing a downturn. The S&P 500 fell 1.59%, while Asia-Pacific markets also slumped due to investor uncertainty.
Bitcoin prices continue to decline, shedding nearly 25% of its value since mid-December, amid concerns over global equity market weakness and Trump’s tariff plans. Meanwhile, analysts predict that gold prices could reach $3,000 for the first time due to persistent geopolitical tensions and inflation concerns.
Source: https://www.cnbc.com/2025/02/28/cnbc-daily-open-nvidia-slumps-and-trump-confirms-tariffs.html