Pre-Market Update: Trump Hits Pause on Canada Tariffs and All Eyes Turn to the Fed
TLDR
- Trump paused 50% Canadian tariffs for three days, citing a deal in progress with Canada
- US stock futures are mostly flat Wednesday after a losing week on Wall Street
- Asian markets fell sharply overnight, with Japan’s Nikkei down 3% and South Korea’s KOSPI down 5%
- Fed meeting minutes from July’s FOMC meeting are due Wednesday and could move markets
- Chip stocks led Tuesday’s selloff, though Treasury yields dipped slightly to ease some pressure
US stock futures were mostly flat on Wednesday morning as investors digested President Trump’s last-minute pause on Canadian tariffs and waited for key signals from the Federal Reserve.
Futures for the Dow Jones Industrial Average and S&P 500 hovered near the flat line. Nasdaq-100 contracts edged slightly higher after a rough Tuesday session.
Trump posted on Truth Social late Tuesday night that he had paused the 50% Canadian tariffs for three days. He said the pause was based on a deal being finalized between the US and Canada.
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