Global markets are bracing for volatility following President Donald Trump's announcement of tariffs on all steel and aluminum imports. The Australian, New Zealand, and Canadian dollars, along with the euro, experienced declines in early trading. Equity futures in Australia, Japan, and Hong Kong are also pointing downwards. However, contracts in mainland China and a gauge of US-listed Chinese shares rose on Friday after Trump confirmed the continuation of duty-free exceptions for low-value packages from China.
Meanwhile, German Chancellor Olaf Scholz has stated that Europe is prepared to respond “within an hour” if the United States levies tariffs against the European Union. This statement came during a pre-election debate with his conservative challenger Friedrich Merz. Scholz emphasized the EU's ability to retaliate swiftly, highlighting the bloc's unified stance on trade policy. The upcoming election in Germany is scheduled for February 23.