This report is from today’s TNC’s Daily Open, our international markets update. TNC Daily Open keeps investors informed on everything they need to know, no matter where they are.
U.S. President Donald Trump has again turned his attention to Canada and Mexico after a few quiet weeks on the tariff front. He stated that duties halted earlier this month will “go forward” the following week.
On February 1, Trump issued executive orders that imposed 10% taxes on Canadian energy and 25% tariffs on goods from Canada and Mexico.
Separately, when the Office of Personnel Management appeared to downplay Musk’s threat to federal employees, the dispute between Elon Musk’s Department of Government Efficiency and American government employees persisted.
Last Monday, Musk’s DOGE sent an email to all federal employees warning that those who did not provide a list of their recent successes would be forced to “resign.” OPM later informed top government HR professionals that replying to the email “is voluntary.”
However, in a post on X on Monday night, Musk reiterated his threat, stating that “failing to respond a second time will result in termination.”
What To Note Today
Trump claims that tariffs on Mexico and Canada “will go forward”
When a month-long suspension in the introduction of the U.S. tariffs on imports from Canada and Mexico ends next week, President Donald Trump declared Monday that the tariffs “will go forward.” On February 1, Trump issued executive orders that imposed 10% taxes on Canadian energy and 25% tariffs on goods from Canada and Mexico.
Musk doubles on after OPM undercuts his “resignation” threat
Elon Musk’s threat that government employees who do not present a list of their recent accomplishments may be compelled to “resign” was undermined by the federal Office of Personnel Management on Monday. According to an internal email from the human resources chief at the Department of Justice, “OPM also clarified that a non-response to the email does not equate to a resignation.” Musk reiterated his threat to fire federal employees who do not provide the list in a post on X on Monday night.
Jamie Dimon refers to the US government as “inefficient”
“The government needs a lot of work, is inefficient, and is not very competent,” Jamie Dimon, CEO of JPMorgan Chase, said. “It’s results, not just waste and fraud.” After Dimon was questioned on his support for Elon Musk’s advisory group DOGE, he responded. Dimon stated that the Trump administration’s efforts to control spending and examine federal agencies “need to be done,” even though he did not want a “binary” response.
U.S. markets mostly decline
Monday saw a major decline in U.S. markets as investor mood remained negatively impacted by Trump’s tariff threats. Due to pressure on the shares of large tech companies, the Nasdaq Composite declined 1.21%, and the S&P 500 lost 0.5%. The Dow Jones Industrial Average squeezed out a meager 0.08% gain. In response to the outcome of the German federal election, traders in Europe also saw a market decline on Monday, with the pan-European Stoxx 600 index down 0.08%.
JPMorgan warns investors against ignoring Trump’s tariff plans
According to JPMorgan, American investors might mistakenly ignore tariff worries and the high stock market prices. Investors shouldn’t interpret the unexpected strength as a bullish signal, according to Mislav Matejka, equity strategist at JPMorgan, particularly given the White House’s ongoing barrage of tariff pronouncements.Â
Bottom Line
TNC has confirmed that Anthropic is negotiating a $3.5 billion fundraising round, which is significantly more than was initially anticipated.
According to two people familiar with the transaction, the investment would nearly increase the artificial intelligence startup’s valuation to $61.5 billion. According to the sources, General Catalyst and other investors are involved in the funding, which Lightspeed Venture Partners are leading.
