03.02.2025 15:12
U.S. President Donald Trump officially announced a global economic war with the announcement of additional tariffs on China, Mexico, and Canada. Following this move, which caused unease in global markets, the Turkish stock market experienced a 2% decline. In the banking sector, the drop reached 4%.
The tensions in global trade have negatively affected Borsa Istanbul as well. The BIST 100 index tested 9,760 points with a decline of over 2%. While the volatility in bank stocks drew attention, the banking index lost more than 4% in value.
TRADE WARS HAVE OFFICIALLY BEGUN
The U.S. has imposed a 25% tariff on Canada and Mexico, and an additional 10% tariff on China. This regulation will come into effect on February 4. U.S. President Donald Trump announced that tariffs would also be applied to other countries. Trump stated that the U.S. would definitely impose additional tariffs on the European Union (EU). Canada and Mexico retaliated against the U.S. The EU announced that a strong response would be given, while China announced that it would file a complaint with the World Trade Organization.
INFLATION CAME IN ABOVE EXPECTATIONS
Meanwhile, the Turkish Statistical Institute announced the inflation data for January. Inflation in January came in slightly above expectations at 5.03% on a monthly basis. The annual inflation rate decreased to 42.12%.
NOTE: The content in this news article is not investment advice.