The Trump administration is considering reducing tariffs—particularly on food imports—in a bid to ease the growing cost-of-living burden on U.S. households. The discussion comes as a record number of Americans tap their 401(k) retirement accounts to cover everyday expenses, underscoring mounting financial strain.
Investor unease over the health of the U.S. economy deepened after Monday’s selloff, with both the S&P 500 and Nasdaq 100 sliding 1.7%, the sharpest declines in a month. Markets now face a heavy slate of economic data in the days ahead, intensifying uncertainty around the outlook.
The risk-off sentiment carried into Asia, where benchmarks in Japan and Hong Kong each fell just under 2%. European stocks opened lower as well, down roughly 1% across the region. U.S. equity futures signal further losses at the open.
In corporate news, Richemont posted stronger-than-expected third-quarter results, buoyed by robust demand in the U.S. and China. Sales at the luxury group’s jewelry division surged 14%, helping lift overall revenue by 10%, ahead of analyst estimates. Richemont shares jumped 7.5% in early trading.
Meanwhile, China’s latest economic indicators showed momentum cooling in October. Industrial production rose 4.9% from a year earlier, missing the median forecast of 5.5% and adding to concerns about the durability of the country’s recovery.
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