Analysts at JP Morgan say that Trump’s social media activity has significantly declined in market-moving influence compared to his first term.
JPM cite his 126 posts on trade and economics, saying that only 10% of them triggered notable currency fluctuations. JPM says this is in contrast to the 60 market-moving tweets per week during the 2018-2019 trade wars.
JPM add that while Trump’s overall market impact has faded, his tariff-related tweets remain potentially market-moving. For example, his announcement of 25% tariffs on Mexico and Canada led to a 2% drop in the peso and a 1% decline in the Canadian dollar in late January. The Chinese yuan reacted to trade threats, falling after Trump’s Fentanyl-related tariff comments but recovering following positive remarks about a conversation with President Xi.
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