US stock futures retreated and gold extended its winning streak as the arrival of US tariffs loomed over markets. Investors continued to snap up haven assets, sending gold to a new record high and knocking 10-year Treasury yields about three basis points lower. Traders got further details on when Trump will announce his reciprocal tariff plan — 3pm on Wednesday at an event in the White House Rose Garden — but the extent of his levies remain unclear. Trump has already placed levies on Canada, Mexico and China — the US’s three largest trading partners — as well as automobiles, steel and aluminum. Import taxes on copper could come within several weeks. Trump has also threatened duties on pharmaceutical, semiconductor and lumber imports. In Europe, Marine Le Pen’s election ban risks a surge in anti-establishment sentiment in France that could undermine efforts to stabilize the nation’s creaky public finances. The court decision to bar the far-right leader from the 2027 presidential race jeopardizes the delicate peace that has allowed President Emmanuel Macron’s government to pass a budget for 2025. It makes a no-confidence motion in parliament more likely and potentially hands control of Le Pen’s National Rally to a largely untested 29-year-old.
Today’s guests: Hugh Gimber, JP Morgan Asset Management; Marta Lorimer, Cardiff University; Lloyd Dorfman, Travelex, Founder
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"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:01:21 – Trump’s tariffs set to make history
00:02:57 – Hugh Gimber, JP Morgan Asset Management
00:11:42 – Hugh Gimber, JP Morgan Asset Management
00:15:27 – France’s Le Pen blasts court ruling
00:18:49 – Marta Lorimer, Cardiff University
00:24:04 – Headlines
00:25:03 – Lloyd Dorfman, Travelex Founder
00:36:33 – US chips grants in limbo as Lutnick pushes bigger investments
00:41:21 – ECB weighs future interest rate cut
00:44:36 – UniCredit’s Orcel was best paid bank CEO in 2024
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