President Trump says it’s a matter of “fairness.”
Transcript:
Conway Gittens: The S&P 500 rose to a record closing high above 6,100 on Thursday. Netflix also hit a lifetime high. The streaming media giant continues to have a very good week. Just days after announcing its biggest single quarterly subscriber gain ever – Netflix received 18 Oscar nominations. 13 of those were for its flick Emilia Pérez, which now holds the record for the most Oscar-nominated foreign-language film in history.
Looking ahead to Friday, investors will get key quarterly results from American Express and Verizon.
In other business headlines, President Trump’s tariff plans are front and center at this year’s World Economic Forum. Trump addressed the annual gathering of executives, politicians, and thought-leaders – telling them they will face higher tariffs if they don’t make products inside the United States. “One thing we’re going to be demanding is we’re going to be demanding respect from other nations.”
Trump took direct aim at Canada, one of America’s closest trading partners. “We have a tremendous deficit with Canada. We’re not going to have that anywhere.” Trump is pushing through with a threat to slap 25 percent tariffs on Canada and Mexico as soon as February 1st. He’s also threatening an additional 10 percent tariff on Chinese goods.
The European Union did not come out unscathed. Trump told global leaders EU tariffs make it hard for American companies to sell within the Eurozone. Some company executives within the EU hope cooler heads can prevail and a trade war can be avoided, while others are bracing themselves for a tit-for-tat trade war. EU leaders are gearing up for the latter, saying publicly that if Trump wants a trade war, he’s going to get one.
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