News

The consensus? Tariffs are mostly bad news.

NEW YORK (Reuters) -Chocolate maker Hershey Co said the ICE New York cocoa futures market is currently disconnected from the reality of the global physical market due to exchange actions that have reduced liquidity and increased volatility. Tricia Brannigan, Hershey's vice president for procurement, told Reuters on Tuesday that high margin calls on ICE's cocoa futures market drove commercial players away, reducing open interest and causing sharp price swings. ICE cocoa futures prices in New York and London have fluctuated wildly in recent months after hitting record highs in both markets late last year due to production problems in Africa.

Concern about U.S. import duties “is clearly influencing how people are thinking about inflation this year,” New York Federal Reserve Bank President John Williams said.

Bitcoin plunged below $82,000 as Trump’s new tariffs rattled markets, triggering $1 billion in liquidations.

Trump’s proposal for a five-coin reserve dilutes the value proposition of bitcoin and smacks of self-interest, says Nic Carter.

Bitcoin’s notoriously volatile again, shedding $10,000 in a single day as its price tumbled from $93,000 to $83,000. This is all because of President Donald Trump’s proposal to establish a strategic cryptocurrency reserve — a pivot from his earlier stance of exclusively stockpiling Bitcoin.

Best Buy warned that new tariffs and inflation will negatively impact its business Tuesday, and shares plunged nearly 15% to lead S&P 500 decliners.