LDN - Business

World shares rise, US futures slip after Trump vows to push ahead with tariff hikes

[March 17, 2025] By ELAINE KURTENBACH

BANGKOK (AP) — Shares rose in Europe and Asia though U.S. futures declined after U.S. President Donald Trump told reporters he would go ahead with more tariff hikes despite worries over their impact on the economy and markets.

Speaking to reporters on Air Force One, said he has no intention to back away from another round of tariffs due to take effect on April 2.

“April 2 is a liberating day for our country,” Trump said. “We’re getting back some of the wealth that very, very foolish presidents gave away because they had no clue what they were doing.”

“They charge us and we charge them,” he said regarding retaliatory moves by trading partners. “Then in addition to that, on autos, on steel, on aluminum, we’re going to have some additional tariffs.”

The futures for the S&P 500 and the Dow Junes Industrial Average slipped 0.5%.

Germany's DAX edged 0.1% higher, to 23,001.81 and the CAC 40 in Paris also gained 0.1%, to 8,032.48. Britain's FTSE 100 added 0.1% to 8,639.97.

Chinese markets rose after the government reported stronger than expected factory data. Later Monday, officials briefed reporters about Beijing's efforts to get consumers to spend more, seen as key to getting the economy out of its doldrums. Most economists have advocated broad and fundamental reforms to foster greater confidence and build consumer purchasing power.

Hong Kong's Hang Seng rose 0.8% to 21,144.86, and the Shanghai Composite index was up 0.2% at 3,426.13.

China's industrial output rose nearly 6% in the first two months of the year from a year earlier and retail sales were up 4%, the government reported Monday. But officials reported continued weakness in the property market, with home prices falling and investment in real estate down nearly 10% from a year earlier.

In Tokyo, the Nikkei 225 index jumped 0.9% to 37,396.52, while the Kospi in Seoul leaped 1.7% to 2,610.69.

Australia's S&P/ASX 200 gained 0.8% to 7,854.10 and the Taiex in Taiwan was up 0.7%. Bangkok's SET gained less than 0.1%.

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Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, March 17, 2025. (AP Photo/Ahn Young-joon)

On Friday, Wall Street’s roller coaster shot back upward, but not enough to keep the U.S. market from a fourth straight losing week, its longest such streak since August.

U.S. households and businesses have already reported drops in confidence because of all the uncertainties created by Trump’s barrage of on -again, off -again tariff announcements and other policies. That’s raised fears about a pullback in spending that could sap energy from the economy.

The S&P 500 jumped 2.1% a day after closing more than 10% below its record for its first “ correction ” since 2023.

The Dow Jones Industrial Average climbed 1.7% while the Nasdaq composite jumped 2.6%.

The U.S. stock market has been tumbling quickly since setting a record less than a month ago. The last time the index shot up that much was the day after President Donald Trump’s election, when Wall Street was focusing on the upsides of Trump’s return to the White House.

In other dealings early Monday, U.S. benchmark crude oil gained 48 cents to $67.66 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, added 49 cents to $71.07 per barrel.

The U.S. dollar rose to 148.93 Japanese yen from 148.81 yen. The euro slipped to $1.0880 from $1.0882.

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Chris Megerian in Washington contributed to this report.

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