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US tariffs set to ignite trade tensions amid broader geopolitical uncertainty
Fresh US tariffs on Canada, Mexico, and China take effect March 4, raising fears of retaliation, while markets brace for key economic data and geopolitical shifts.
New US tariffs on Canada, Mexico, and China take effect on March 4.
China hints at retaliatory tariffs and non-tariff barriers.
US closely watches a UK-EU push for a Ukraine peace plan.
Key US economic data, including non-farm payrolls, set for release this week.
ECB expected to cut interest rates again this week.
Multiple US tariffs targeting Canada, Mexico, and China are scheduled to take effect on Tuesday, March 4, intensifying an already fraught trade environment. The tariffs come as speculation mounts over potential retaliatory measures, with Beijing already hinting at counteractions that could include duties on US agricultural exports and the imposition of non-tariff barriers.
At the same time, Washington is expected to closely monitor a fresh diplomatic initiative. A new UK-EU effort to craft a peace plan for Ukraine follows closely on the heels of Ukrainian President Volodymyr Zelenskiy’s high-profile confrontation with former President Trump at the Oval Office just two days ago. The US response to this plan could carry significant geopolitical ramifications.
Market watchers will also be paying close attention to a series of key economic indicators set to be released throughout the week.
Weekly Economic Highlights
- Monday:
Japan PMI Manufacturing Final
China Caixin PMI Manufacturing
Swiss PMI Manufacturing
Eurozone CPI Flash, PMI Manufacturing Final
UK PMI Manufacturing Final
Canada PMI Manufacturing
US ISM Manufacturing, Construction Spending
- Tuesday:
New Zealand Building Permits
Japan Unemployment Rate, Capital Spending, Monetary Base, Consumer Confidence
Australia RBA Minutes, Retail Sales
Eurozone Unemployment Rate
- Wednesday:
Australia GDP
China Caixin PMI Services
Eurozone PMI Services Final, PPI
UK PMI Services Final
US ADP Employment, ISM Services, Factory Orders, Fed’s Beige Book Report
- Thursday:
Australia Building Permits, Goods Trade Balance
Swiss Unemployment Rate
UK PMI Construction
Eurozone Retail Sales, ECB Rate Decision, US Jobless Claims, Trade Balance
Canada Ivey PMI
- Friday:
China Trade Balance
Germany Factory Orders
Swiss Foreign Currency Reserves
Eurozone GDP Revision
Canada Employment
US Non-Farm Payrolls
