US pre-open: Futures higher following Trump tariff anouncement
By Iain Gilbert
Date: Tuesday 26 Nov 2024
(Sharecast News) - Wall Street futures were trading higher ahead of the bell on Tuesday after president-elect Donald Trump threatened to slap fresh tariffs on America's biggest trading partners.
As of 1230 GMT, Dow Jones futures were up 0.03%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.23% and 0.30% firmer, respectively.
The Dow closed 440.06 points higher on Monday, matching gains recorded in the previous session.
US president-elect Donald Trump has promised to institute new tariffs on China, Mexico and Canada from the first day of his presidency as part of an effort to stop illegal immigration and drug smuggling. Trump said he would sign an executive order that would slap all goods coming from Canada and Mexico with a 25% tariff, while China will be levied with an additional 10% tariff until Beijing cracks down on the illegal export of fentanyl to the US.
The tariffs will undoubtedly lead to a major escalation in tensions between the US and its top three trading partners, which account for roughly 40% of America's imports. It will also likely result in higher goods prices, given that tariffs are a form of tax on imports.
On the macro front, September's S&P Case-Shiller housing price index will be out at 1400 GMT, while October new home sales, November consumer confidence figures and the Richmond Federal Reserve's manufacturing index will follow at 1500 GMT.
Minutes from the Federal Reserve's latest two-day policy meeting were also scheduled for publication at 1900 GMT.
Reporting by Iain Gilbert at Sharecast.com
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