This week's financial news was dominated by Donald Trump's presidency, with his threat of tariffs on the EU and the launch of cryptocurrencies by him and his wife making headlines. Bitcoin surged to an all-time high, while Trump's own cryptocurrency experienced volatility. The pound strengthened after the inauguration, while the dollar weakened. Trade economists remain uncertain about the impact of Trump's tariffs. Meanwhile, UK retailers continue to announce job cuts as they struggle with rising costs and tax changes.
New US President Donald Trump dominated headlines this week, but for those in the financial world, his threats of tariffs on the European Union and the launch of cryptocurrencies by him and his wife were the most significant developments. Before taking office, Bitcoin soared to an all-time high of $109,000 (£89,000). Many analysts believe a Trump presidency will be beneficial for cryptocurrencies. Trump's own cryptocurrency, however, didn't fare as well.
One TRUMP Token was initially valued at around £5 before surging to highs of £62 and then plummeting by approximately 45%. Following the president's inauguration, the pound experienced a positive day. The absence of an executive order imposing tariffs on imported goods propelled the currency to its highest level in 10 days. Conversely, this negatively impacted the dollar, which weakened due to the news (or lack thereof). As the president began threatening tariffs on countries like China and the EU, trade economists found themselves facing a more uncertain situation.Our economics and data editor, Ed Conway, explains why Trump's inauguration invigorated the FTSE 100, which surprisingly reached an all-time high earlier in the week. However, as the week progressed, markets continued to fluctuate in response to the unpredictable president's actions. At the World Economic Forum in Davos, delegates were made aware of the impending disruptions. Our business and economics correspondent, Paul Kelso, was present at the forum and provided insights into the reactions to Trump's speech. Meanwhile, in the UK, retailers continued to announce job cuts as they struggled to manage rising costs and upcoming tax changes. Sainsbury's announced the elimination of 3,000 jobs and the closure of all remaining in-store cafes as part of an effort to save £1 billion over the next three years. A day later, Morrisons confirmed the reduction of 201 roles as part of a major cost-cutting initiative. The retailer's CEO, Rami Baitieh, has previously expressed concern about the 'avalanche of costs' faced by his business following the government's budget.
DONALD TRUMP CRYPTOCURRENCY TARIFFS FTSE 100 RETAILERS JOBS
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