Wall Street shrugs off Trump after he vows Mexico and Canada tariffs

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Financial markets largely shrugged after Donald Trump outlined plans to impose punitive tariffs on Mexico and Canada as soon as next month while signing scores of executive orders on his first day in office,The US president told reporters in the White House Oval Office he was thinking about introducing 25% US tariffs on imports from Mexico and Canada as soon as 1 February,Wall Street was largely unmoved as it opened for trading for the first time after the inauguration, with the benchmark S&P 500 opening flat before rising 0,9% on Tuesday,The technology-focused Nasdaq Composite also opened flat, before rising 0.

6%.The US dollar, which had initially fallen in the hours after Trump took office, reversed course after the comments to hit five-year highs against the Canadian dollar, and rose by 1% against the Mexican peso.But stock markets, which rallied in the aftermath of Trump’s election victory in November, were largely calm in reaction to his return to the White House.US markets were closed for Martin Luther King Day on Monday, so Asian markets were the first to respond.Japan’s Nikkei index swung between losses and gains and ended the day 0.

3% higher,Other Asian markets also made modest gains, with Hong Kong’s Hang Seng climbing by nearly 1% and China’s Shenzhen market rising by 0,5%, while the Shanghai and South Korean exchanges were slightly in the red and the Indian market lost nearly 0,6%,In Europe, the UK’s FTSE 100 index edged just four points higher to 8,524 by mid-morning.

Germany’s Dax and Italy’s FTSE MIB slipped slightly, while France’s CAC rose by 0.25%.The pound and the euro lost about 0.6% against the dollar.Sterling had risen by 1.

3% on Monday, its biggest daily jump since November 2023,US stock futures pointed to modest gains on Wall Street when markets open for trading at 2,30pm GMT,Oil prices tumbled, with Brent crude losing more than $1 a barrel to fall to $79,10 a barrel, while West Texas Intermediate fell by $1.

73 a barrel to $76.15 a barrel.Gold – seen as a safe haven asset – was back in favour, hitting a two-month high amid uncertainty over US tariffs.“Once again, Trump appears to care little for who are perceived to be allies or foes, with Canadian and Mexican currencies hit hard … So much for the plan to raise tariffs by 2% a month,” said Joshua Mahony, an analyst at Scope Markets.“However, the Chinese markets clearly felt more optimistic, with Trump’s decision to reinstate TikTok followed up by a lack of any mention around tariffs on Chinese imports.

For now, anyway.”Investors are also keeping an eye on the World Economic Forum in the Swiss ski resort of Davos, where the world’s political and business leaders are gathered for their annual meeting.They include Ding Xuexiang, the vice-premier of China, where there may be relief that Trump has not fleshed out his plans for taxing Chinese imports.On Monday, Trump said he wanted to reverse the US trade deficit with the EU through tariffs or more US energy exports.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionEuropean natural gas prices fluctuated, after he lifted a moratorium on new export licences, easing uncertainty over longer-term global supply.

Dutch month-ahead futures, Europe’s gas benchmark, traded 0.3% higher at €48 a megawatt-hour in Amsterdam.The US president also repeated a call for the EU to buy more American oil and gas if the bloc wants to avoid tariffs.The US is already Europe’s biggest supplier of liquefied natural gas.“More oil production, no indication of crypto mining, punitive tariffs against Mexico and Canada: these are the three key points for investors from Trump’s inaugural address,” said Jochen Stanzl, the chief market analyst at CMC Markets.

Brent crude futures were flat at $80,1 a barrel,“We can only hope that Trump will spare the EU and Germany from punitive tariffs until after the German parliamentary elections, as the outgoing government will hardly be in a position to react to changes in trade relations with the US,However, this reprieve should not be taken as permanent,Sooner or later, Trump will also target Germany.

”Bitcoin, which rose by 4% on Monday to reach a fresh record high above $109,000 on hopes of a crypto-friendly administration, has retreated since then.Stanzl said: “There were probably one or two investors who had hoped for more.It seems that Trump is prioritising issues other than supporting the crypto industry.But one thing is clear: a positive word from Trump and bitcoin could rise significantly again.Investors are just waiting for it.

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Rachel Roddy’s recipe for apple, pear and persimmon crumble | A kitchen in Rome

Every couple of weeks, I catch the number 8 bus (standing in, yet again, for the number 8 tram) to meet my friend Alice and go to a market in Monteverde. Slower than the tram, the bus isn’t a bad ride, curving up the ring road lined with 20th-century apartment blocks in edible colours: lemon, toffee, olive, custard, salmon, milk chocolate, cream, Smurf ice-cream blue … Conveniently, the bus stops right next to the market, which is known by the name of the square it fills: San Giovanni di Dio. There are big plans to redesign it completely, but for now this busy market remains a Tetris-like arrangement of iron boxes – a scheme rolled out in the late 1950s as part of Rome’s preparation for the 1960 Olympics, in which previously open markets were tidied up and vendors allocated boxes with rolling shutters that provided both storage and a stall.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

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Wines of the week: Zingy, bright whites for lifting the UK’s winter mood

In these cold dark days we need wines to give our spirits a boostThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Willi Schaefer Graacher Riesling Feinherb, Mosel, Germany 2022 (£24, tanners-wines.co

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The Blue Stoops, London: ‘It’s all about the details’ – restaurant review

Kensington’s Blue Stoops looks like a pub and thinks like a pub – so it must be a pubThe Blue Stoops, 127-129 Kensington Church Street, London W8 7LP. Bar snacks £4-£12, starters £6-£15, mains £19-£26, desserts £10-£12, wines from £38There are many who believe a true pork scratching should be a challenging affair; that you should stumble across the odd one so rich in bristles you don’t know whether to eat it or comb it. There should be others that present an invitation to suckle. The pork scratchings at the Blue Stoops in Kensington are, like the street it occupies, rather more refined. No deep-fried nipples here

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How gen Z helped drink Guinness dry – and its stout rivals cashed in

Ireland’s best-selling brew has found new favour among women, the young, and celebrity drinkers. Now a shortage of supply in UK pubs has opened the door to competitorsAt the Lamb, a pub on London’s Holloway Road, Hamish Goodwin is nursing a pint of Murphy’s.A Guinness drinker, Goodwin recently fell in love with the lesser-known stout, which he calls “slightly richer”. Though generally less common, Murphy’s has been “creeping up” in pubs and bars in the capital recently, he’s noticed.Another Guinness drinker at the Lamb, Chris Wold, says he opts for an alternative stout wherever possible

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Honey and Co’s recipe for meat-free chilli no carne

This is what a winter party is all about: a big pot you can place at the table with a stack of bowls and a ladle; something that’s not expensive, that’s easy to prepare, and that can be made well in advance. Most importantly, though, this pot is exploding with deeply satisfying flavour, and will accommodate almost everyone: there’s no gluten or nuts, your vegan and vegetarian friends can dig in, and carnivores won’t feel cheated, either. Every palate is catered for, everyone is welcome.The chunky avocado salsa is non-negotiable, as is something carby such as rice and/or tortillas, and we like to have lots of colourful extras around, too: coriander leaves and lime wedges; hot sauce for those who want it hotter; and soured cream or yoghurt for those who want it tamed.Prep 20 min Cook 1 hr 10 min Serves 6-8570g jar queen black beans (500g drained weight)1 tbsp ground cumin 1 tbsp paprika 1 tbsp dried oregano 3-4 plum tomatoes, diced (about 500g) 4 chipotle peppers in adobo sauce, chopped (about 40g), or 4 dried chipotle peppers, soaked and rehydratedFor the sofrito3 tbsp vegetable oil1 large onion, peeled and diced (about 150g)3-4 celery sticks, washed and diced (about 150g)2 carrots, peeled and diced (about 150g)5 garlic cloves, peeled and sliced2 red peppers, deseeded and diced (about 150g)1 tbsp flaky sea saltFor the avocado salsa2 large ripe avocadosFinely grated zest and juice of 1 lemonFinely grated zest and juice of 1 lime1 banana shallot, or 1 small red onion, peeled and very finely diced 1-2 red chillies, depending on how spicy they are, very finely diced2 large plum tomatoes1 small bunch coriander (about 20g)1 tsp flaky sea salt1 tbsp vegetable oilPut all the ingredients for the sofrito in a large saucepan and saute slowly on a medium-low heat, stirring occasionally, for about 30 minutes, until they are fully cooked down and start sticking to the pan

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Scotland’s largest haggis maker creating new recipe to meet US rules

Scotland’s largest haggis maker is creating a “compliant” recipe of the nation’s most famous dish to circumvent strict American food regulations after more than 50 years in exile.The decision by Macsween of Edinburgh comes after traditional haggis was banned by the US authorities in 1971, taking issue with the sheep’s-lung component of the recipe, which was then prohibited for use as human food by federal regulation.Traditional haggis contains about 15% sheep lung. The 1971 law made it illegal in effect to import or sell traditional haggis, making it difficult for Scottish-Americans to access Scotland’s most famous dish.Over the years, petitions to end the decades-old ban have been made by former environment secretaries and there have been stories of smuggled, bootleg and blackmarket haggis