FameEX Morning Crypto News Recap | February 4, 2025

Trump’s AI and Cryptocurrency Appointee to Reveal Digital Asset Strategy

David Sacks, appointed by President Trump as the 'tsar' of AI and cryptocurrency, will hold a press conference on February 4 at 2:30 PM ET to unveil U.S. government's plans for leadership in the digital asset sector.

U.S. Delays Tariffs for 30 Days as Canada Deploys 10,000 Troops to Bolster Border Security

Canadian Prime Minister Justin Trudeau announced that U.S. tariffs will be delayed for 30 days following discussions with President Trump. Both leaders expressed optimism during the call. Trudeau also revealed the deployment of nearly 10,000 soldiers to enhance border security and combat fentanyl trafficking.

EU Leaders React to Trump's Tariff Plan on EU Goods

On February 2, President Trump announced plans to impose tariffs on EU goods. In response, EU leaders gathered at the Brussels summit on February 3. French President Macron urged unity in the face of tariffs, while Danish PM Frederiksen called for a collective response. German Chancellor Scholz emphasized the need for cooperation, stating tariffs benefit neither side.

U.S. Manufacturing Confidence Rises with New President’s Inauguration

Chris Williamson, chief business economist at Standard & Poor's, stated that the new president's inauguration has boosted optimism in the U.S. manufacturing sector. Business confidence has surged, reaching its highest level in nearly three years.

Goldman Sachs Strategist Warns Trump’s Tariffs Could Trigger a 5% Drop in U.S. Stocks

Goldman Sachs strategists warned on February 3 that Trump’s new tariffs could lead to a 5% drop in U.S. stocks. David Kostin, a strategist at Goldman Sachs, noted that investors were surprised by the announcement, as they believed the tariffs would only be imposed if trade talks failed.

U.S. Tariffs May Extend Pause in Fed Rate Cuts

Michael Brown, senior strategist at Pepperstone, stated that U.S. tariffs raise inflation risks, increasing the likelihood that the Federal Reserve will extend its pause on interest rate cuts. This could result in the FOMC delaying rate cuts until late in the first half of the year.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.