Global Markets: Trump says he will announce reciprocal tariffs

By Glen Hallick

Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• United States President Donald President Trump stated, “today is the big one” on his Truth Social platform in reference to reciprocal tariffs on Thursday. However, reports said Trump’s formal announcement has been pushed back to later today, but likely before he meets with Indian Prime Minister Narendra Modi who’s in Washington. At this time there are no details as to what the reciprocal tariffs could entail.

• Trump and Russian President Vladimir Putin talked for 90 minutes on Wednesday about how Russia’s invasion of Ukraine could be ended along with other major issues. Trump extolled on his Truth Social platform that the two presidents agreed to start negotiations immediately. Trump also spoke with Ukrainian President Volodymyr Zelenskyy, which the latter called “meaningful.”

• The Canadian Border Services Agency released a report on Thursday that shows the influx of guns and drugs from the U.S. into Canada still outpace those going the other way. The CBSA seized 839 guns coming from the U.S. compared to 93 going south. As for drugs, the CBSA found 8,300 kilograms coming from the U.S. in 2024, down from 11,550 in 2023. Meanwhile, U.S. Customs and Border Protection nabbed 5,260 kg of drugs inbound from Canada last year, a sharp drop from the nearly 25,000 kg in 2023 that largely comprised of cannabis.

• Israel and Hamas avoided the collapse of their ceasefire deal on Thursday, with the latter agreeing to release Israeli hostages on Saturday. The Israeli government threatened to resume its war in Gaza if Hamas didn’t comply.