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Donald Trump said Sunday the Federal Reserve was right to keep interest rates unchanged, a new comment that comes as Fed watchers gauge the effect the president's new tariff plans will have on monetary policy.

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Stock markets around the world saw sharp declines in response to President Trump’s imposition of tariffs and retaliatory actions by Canada and Mexico. The post Stock markets around the globe tumble in response to Trump tariffs appeared first on FreightWaves.

Financial markets that had bet trade wars could be avoided are reassessing the risks of a sharp global slowdown, resurgent inflation and a pause to Federal Reserve rate cuts following Donald Trump's tariffs on top U.S. trading partners. The U.S. President's weekend orders for additional levies of 25% on imports from Mexico and most goods from Canada, as well as 10% on goods from China, jolted markets that had assumed Trump was mostly bluff and bluster. Trump said he would speak on Monday with the Canadian and Mexican leaders, who have announced retaliatory measures, but downplayed expectations they would change his mind.

Wall Street opened lower on Monday following a worldwide selloff driven by concern that U.S. President Donald Trump's tariffs on Canada, Mexico and China are just the opening salvo in a global trade war that would curb economic growth. The Russell 2000 index of small cap stocks - viewed as major beneficiaries of Trump's policies - fell almost 1%. Britain's FTSE 100 fell 1.4%, while the pound dropped 0.3% after Trump told reporters on Sunday that while the country was "out of line" when it came to trade, it may be able to avoid tariffs.