The U.S. and Canada skirmish over tariffs

CNBC will be hosting “CONVERGE LIVE,” an inaugural thought leadership event on March 12-13, 2025, in Singapore, where global business leaders, entrepreneurs, investors and key decision-makers will discuss what it means to innovate and grow by collaborating and sharing ideas across industries.

Viewers can watch the live stream of the event and hear from speakers including Singapore’s Deputy Prime Minister Kim Yong Gan, Alibaba Group Chairman Joe Tsai, Bridgewater Associates Founder Ray Dalio, and Salesforce CEO, chair, and co-founder Marc Benioff and others here.

The White House engaged in a heated — but brief — tariff skirmish with Canada, doubling levies on its northern neighbor’s steel and aluminum imports to 50% at one point. That was in response to Ontario Premier Doug Ford saying he would impose a 25% surcharge on electricity exports to the U.S.

But cooler heads prevailed, and the trade war has been suspended temporarily. Despite the resolution, investors were unsettled by the constant ruction over tariffs and sold off stocks, dragging down S&P 500 to correction territory during the trading session.

Markets’ downward slide continues
On Tuesday, the S&P 500 slid 0.76%, and was 10% below its record close at its lows during the trading session. The Dow Jones Industrial Average lost 1.14% and the Nasdaq Composite was down 0.18%. Europe’s Stoxx 600 index fell 1.7%. Shares of Volkswagen dropped 1.1% after the German auto giant reported a 15% year-on-year drop in annual operating profit on Tuesday.

U.S. CPI projections
The U.S. consumer price index for February, out Wednesday, is forecast to show an increase of 0.3% for a broad array of goods and services. That projection holds both for the all-items measure and the core index that excludes volatile food and energy prices. On an annual basis, that would put headline inflation at 2.9% and the core reading at 3.2%, both 0.1 percentage point lower than in January.

Trading barbs
U.S. President Donald Trump retracted plans to raise tariffs on Canadian steel and aluminum imports to 50% on Wednesday, top White House trade advisor Peter Navarro told CNBC on Tuesday. Trump initially doubled tariffs on Canada because Ontario announced a 25% surcharge on electricity exports to the U.S. The province later suspended it after U.S. Commerce Secretary Howard Lutnick agreed to more trade talks.

Ukraine will agree to ceasefire if Russia accepts
Ukraine agreed Tuesday to an immediate 30-day ceasefire negotiated by the U.S. if Russia accepts the plan, officials said. As part of the plan, the U.S. immediately lifted its pause on sharing intelligence and resumed security assistance with Ukraine, which was invaded by Russia more than three years ago. “Ukraine is ready to start talking and stop shooting,” said Secretary of State Marco Rubio in Jeddah, Saudi Arabia. 

[PRO] S&P 500 closes below key level
This week’s sell-off has pushed the S&P 500 below a key technical level, raising concern that a sustained downturn could take hold. Here’s why market technicians think the move could cap further upside in 2025, which will likely be defined by choppy, sideways action after the bull run of the past two calendar years.

Greenland caught in a love triangle between the U.S., Denmark and independence as election takes place

Greenlanders will head to the polls on Tuesday in a pivotal parliamentary election shaped by the perennial debate over independence from overseer Denmark — and by U.S. President Donald Trump’s ambitions to get hold of the island “one way or the other.”

The majority of the Arctic island’s six main political parties support independence, and the most recent voter poll in January suggested the pro-independence Inuit Ataqatigiit party could retain power in the 31-seat parliament, or the Inatsisartut. Inuit Ataqatigiit’s erstwhile coalition partner Siumut is likely to follow in second place.