News

What to know about the Trump tariffs upending global trade and markets

These tariffs – which can run as high as 50% -- are meant to punish countries for trade barriers that Trump says unfairly limit U.S. exports and cause it to run huge trade deficits. Even countries with which the U.S. enjoys trade surpluses – meaning it sells to them more than it buys, such as the United Kingdom and Argentina – are being targeted with a minimum tariff of 10%. And the highest tariffs are landing on two tiny territories that trade little with America — the African kingdom of Lesotho and the French possession of Saint Pierre and Miquelon off Canada's Atlantic coast.

Equity long/short hedge funds wipe out year gains in market rout

NEW YORK (Reuters) -Global equity long/short hedge funds erased their gains for the year on Thursday as stocks plunged after the Trump administration announced sweeping tariffs. The funds showed a 1.7% fall on the day, Goldman Sachs said. As of Thursday, long/short hedge funds were down 1.6% for the year.