{"id":127146,"date":"2024-11-18T05:19:47","date_gmt":"2024-11-17T22:19:47","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=127146"},"modified":"2024-11-18T05:19:47","modified_gmt":"2024-11-17T22:19:47","slug":"trump-tariffs-wall-street-may-need-to-take-him-literally","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=127146","title":{"rendered":"Trump tariffs: Wall Street may need to take him literally"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<p>The euphoric stock market rally that followed Donald Trump\u2019s election victory largely brushed aside his vow to hike tariffs across the board with even higher rates on China.<\/p>\n<div>\n<p>That\u2019s as many on Wall Street assumed his tough talk was <a href=\"https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" data-type=\"link\" data-id=\"https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" rel=\"noopener\">more of negotiating strategy<\/a> to obtain better trade deals. In that vein, a <a href=\"https:\/\/fortune.com\/company\/barclays\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/barclays\/\" rel=\"noopener\">Barclays<\/a> note on Thursday said, \u201cWe think the president-elect should be taken seriously, but not literally.\u201d<\/p>\n<p>But the increasingly public battle over who will be Treasury secretary in the second Trump administration offers a clue on whether that premise will hold true.<\/p>\n<p><a href=\"https:\/\/www.ft.com\/content\/3c98661c-8b8b-4c84-b32a-611c1c59dd1b\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/www.ft.com\/content\/3c98661c-8b8b-4c84-b32a-611c1c59dd1b\" rel=\"noopener\">Sources told the <em>Financial Times<\/em><\/a> on Sunday that Trump\u2019s advisers are seeking assurances from the top candidates that they are committed to his aggressive tariffs.<\/p>\n<p>The report added that pressure has been particularly heavy on hedge fund manager Scott Bessent, who <a href=\"https:\/\/www.ft.com\/content\/fa08cc45-e6d1-4e19-b49b-047c5a23ca39\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/www.ft.com\/content\/fa08cc45-e6d1-4e19-b49b-047c5a23ca39\" rel=\"noopener\">told the <em>FT<\/em> in a prior interview<\/a> that Trump\u2019s tariff plans were \u201cmaximalist\u201d positions that would probably be watered down in negotiations.<\/p>\n<p>\u201cMy general view is that at the end of the day, he\u2019s a free trader,\u201d he said about Trump last month. \u201cIt\u2019s escalate to de-escalate.\u201d<\/p>\n<p>But on Friday, <a href=\"https:\/\/www.foxnews.com\/opinion\/scott-bessent-talk-tariffs-its-time-revitalize-alexander-hamiltons-favorite-tool\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/www.foxnews.com\/opinion\/scott-bessent-talk-tariffs-its-time-revitalize-alexander-hamiltons-favorite-tool\" rel=\"noopener\" data-type=\"link\" data-id=\"https:\/\/www.foxnews.com\/opinion\/scott-bessent-talk-tariffs-its-time-revitalize-alexander-hamiltons-favorite-tool\">Bessent authored an op-ed on Fox News<\/a> that praised tariffs as a revenue-raising tool and a way to protect strategic industries while also saying that optimistic forecasts from free trade advocates haven\u2019t panned out.<\/p>\n<p>The Trump transition team didn\u2019t immediately respond to a request for comment.<\/p>\n<p>Meanwhile, Elon Musk endorsed Howard Lutnick, the CEO of financial services firm Cantor Fitzgerald and co-chair of Trump\u2019s transition team, for the Treasury role on Saturday. <\/p>\n<p>The <a href=\"https:\/\/fortune.com\/company\/tesla\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/tesla\/\" rel=\"noopener\">Tesla<\/a> CEO, who has become increasingly influential in Trump\u2019s circle, <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1857819784865362211\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/twitter.com\/elonmusk\/status\/1857819784865362211\" rel=\"noopener\" data-type=\"link\" data-id=\"https:\/\/twitter.com\/elonmusk\/status\/1857819784865362211\">posted on X<\/a> that \u201cBessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.\u201d<\/p>\n<p>Soon after, Robert F. Kennedy Jr., who is Trump\u2019s pick to lead the Health and Human Services department, also endorsed Lutnick, saying on <a href=\"https:\/\/fortune.com\/company\/twitter\/\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/company\/twitter\/\" rel=\"noopener\">X<\/a> that he will be a strong Bitcoin advocate.<\/p>\n<p>Sources <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-17\/bessent-spoke-with-musk-as-contest-endures-for-treasury-position\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2024-11-17\/bessent-spoke-with-musk-as-contest-endures-for-treasury-position\" rel=\"noopener\">told Bloomberg on Sunday<\/a> that Bessent spoke with Musk after his post on X endorsing Lutnick.<\/p>\n<p>On the <a href=\"https:\/\/kalshi.com\/markets\/kxsectreasury\/next-secretary-of-the-treasury#kxsectreasury-26dec31\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/kalshi.com\/markets\/kxsectreasury\/next-secretary-of-the-treasury#kxsectreasury-26dec31\" rel=\"noopener\">prediction market Kalshi<\/a>, Lutnick\u2019s odds of becoming Trump\u2019s Treasury secretary shot up to 53% on Sunday from 45% on Saturday night and 20% on Friday night. Bessent\u2019s chances plunged to 40% from nearly 79% on Friday. <\/p>\n<p>Higher tariffs would be a significant headwind on stocks. According to UBS, even the low end of Trump\u2019s plan for 10%-20% tariffs across the board could result in a 10% stock selloff as earning for S&amp;P 500 companies decline. <\/p>\n<p>Tariffs were a centerpiece of Trump\u2019s campaign along with a crackdown on immigration. He has said revenue higher tariffs generate can offset what\u2019s lost from expanded tax cuts, even though budget experts are skeptical. <\/p>\n<p>But Wall Street is hopeful that Trump\u2019s fixation on the stock market will also <a href=\"https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" data-type=\"link\" data-id=\"https:\/\/fortune.com\/2024\/11\/17\/trump-stock-market-outlook-policy-pivot-sp500-wall-street-reaction\/\" rel=\"noopener\">help temper his plans for tariffs<\/a>, if they trigger a selloff.<\/p>\n<p>\u201cThreatening tariffs to gain advantage in trade negotiations is one thing, but imposing them is another,\u201d said Mark Malek, chief investment officer at Siebert,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-17\/trump-s-scoreboard-is-s-p-500-and-it-s-wall-street-s-best-hope\" target=\"_blank\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/www.bloomberg.com\/news\/articles\/2024-11-17\/trump-s-scoreboard-is-s-p-500-and-it-s-wall-street-s-best-hope\" rel=\"noopener\">told Bloomberg<\/a>.<\/p>\n<\/div>\n<div data-cy=\"subscriptionPlea\"><b>How many degrees of separation are you from the globe&#8217;s most powerful business leaders? <\/b>Explore who made our brand-new list of the <a href=\"https:\/\/fortune.com\/ranking\/most-powerful-people\/?&amp;itm_source=fortune&amp;itm_medium=article_tout\" target=\"_self\" class=\"sc-93594058-0 fowfrQ  \" aria-label=\"Go to https:\/\/fortune.com\/ranking\/most-powerful-people\/?&amp;itm_source=fortune&amp;itm_medium=article_tout\" rel=\"noopener\">100 Most Powerful People in Business<\/a>. Plus, learn about the metrics we used to make it.<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/fortune.com\/2024\/11\/17\/trump-tariffs-treasury-secretary-scott-bessent-howard-lutnick-elon-musk\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The euphoric stock market rally that followed Donald Trump\u2019s election victory largely brushed aside his vow to hike tariffs across the board with even higher rates on China. That\u2019s as &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=127146\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8629],"tags":[],"class_list":["post-127146","post","type-post","status-publish","format-standard","hentry","category-u-s","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/127146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127146"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/127146\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}