On March 24, 2025, U.S. President Donald Trump interacted with audience members following the signing of a proclamation during a Greek Independence Day celebration at the White House in Washington, DC.
Win McNamee | Getty Images
President Donald Trump’s tariffs have primarily been structured to target specific countries with reciprocal measures focused on various sectors, based on their trade relationship.
He has also shown “flexibility” in their implementation — as he noted on Friday about the potential for adjustments — allowing last-minute exceptions and potential delays for certain goods under existing trade agreements, along with across-the-board tariffs.
On Monday, markets responded positively to Trump’s suggestion that some countries might receive a “break” from these tariffs. However, a stable upward trend is doubtful, considering the erratic nature and unpredictable application of Trump’s tariffs.
Analysts have historically relied on technical stock movement trends, such as the 200-day moving average, to predict future movements. In the current political landscape, it may be more beneficial to focus analysis on Trump, whose statements have the power to cause significant market fluctuations.
Today’s Key Highlights
New Tariffs from Trump
During a Cabinet meeting on Monday, President Trump indicated that he would soon announce tariffs targeting industries such as automobiles and pharmaceuticals. Later that day at a White House event, he added the lumber and semiconductor industries to his list. Furthermore, he stated that the U.S. will impose 25% tariffs on nations purchasing oil and gas from Venezuela.
Potential ‘Breaks’ on Tariffs
While announcing new tariffs, Trump mentioned during a White House event that he might “grant a lot of countries breaks” regarding reciprocal tariffs, which are set to take effect on April 2. Initially, when asked if sector-specific tariffs would also begin on that date, he answered, “Yeah, it’s going to be everything,” but then clarified, “not all tariffs are included that day.”
U.S. Stocks Surge
U.S. stock prices surged on Monday due to relief that Trump’s tariff measures may not be as harsh as feared. The S&P 500 rose by 1.76%, the Dow Jones Industrial Average increased by 1.42%, and the Nasdaq Composite jumped by 2.27%. Shares of Tesla soared by 11.9%, marking its best performance since November 6, 2024, the day after Trump was elected. Conversely, Europe’s regional Stoxx 600 index dipped by 0.13%. Swedish defense firm Saab rose by 4.5% following an upgrade from UBS from neutral to buy.
Hyundai’s $21 Billion Investment in the U.S.
On Monday, South Korean giant Hyundai announced its plans for a significant $21 billion investment in U.S. onshoring, which includes a $5.8 billion steel plant in Louisiana. This initiative, as stated by Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry, is expected to create over 1,400 jobs and produce steel for Hyundai’s two U.S. plants focused on electric vehicle manufacturing.
[PRO] Resurgence of the Magnificent Seven?
Reports suggest that the performance of the “Magnificent Seven” stocks may indicate investor sentiment towards the U.S. market. Their recent rally on Monday after a lengthy downturn has instilled a sense of optimism for a potential reversal, though one equity strategist cautioned that investors should temper their expectations.
In Conclusion…
Protesters clashed with Turkish riot police using tear gas and water cannons during a demonstration after the arrest of Istanbul’s mayor, occurring in Ankara on March 21, 2025.
Adem Altan | Afp | Getty Images
Political and Economic Turmoil in Turkey Threatening Stabilization Efforts
More than 1,100 individuals have been arrested amid Turkey’s nationwide protests, which began on March 19, following the arrest of Istanbul Mayor Ekrem Imamoglu, according to Turkish officials on Monday. This political and economic turmoil raises concerns over the country’s economic stabilization plans.
Analysts anticipate ongoing volatility for the Turkish lira and the foreign reserves that will be necessary to maintain stability. The Central Bank reportedly spent $12 billion in foreign reserves last week to support the lira, which hit a record low of over 40 to the dollar, as reported by the Financial Times on March 21. Following the mayor’s arrest, markets initially declined, prompting Turkey to implement a ban on short selling and relax buyback regulations to stabilize its stocks.
