The Dow Jones (DJIA) is set to open the trading week down by over 1% following the extended weekend in honor of Martin Luther King Jr. Day.
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Heightened geopolitical tensions from President Trump’s tariffs on eight European countries have shocked the European Union, with European Commission President Ursula von der Leyen vowing an “unflinching, united and proportional” response. Trump said the tariffs will start at 10% on February 1 before rising to 25% on June 1 and will be in effect until the U.S. purchases Greenland.
Trump Teases Davos Remarks ahead of Emergency EU Summit
On Wednesday, Trump is set to speak in Davos at the World Economic Forum Annual Meeting. “It’s going to be a very interesting Davos,” he said on Monday night, adding that he has “a lot of messages.”
Trump’s comments come ahead of an emergency EU summit on Thursday, where leaders from the bloc will discuss a plan to address the tariffs. Several options are on the table, including reinstating a $103 billion tariff package on U.S. goods and invoking the anti-coercion instrument, which could lead to taxes on foreign companies and limit access to markets.