The main events by the morning: February 3

• Trump signed a law imposing duties on goods from China, Canada and Mexico. They will be taxed at 25% when imported into the United States. The exception will be oil and gas from Canada, which will be subject to a 10% duty. Representatives of the countries stated that they would respond to the United States in the same way – with duties. In general, the global economy may lose 5% due to «trade wars», which is even worse than the covid crisis.

• Canada was the first to respond to the US duties. The country imposes 25% duties on food, alcohol, weapons, motorcycles from the United States from February 4. This was announced by the Canadian government on its website. Earlier, Trudeau threatened retaliatory duties on $155 billion worth of imports from the United States. 

• The cryptocurrency market collapsed sharply after the introduction of US duties. The reason is investors' avoidance of risks after Trump's announcement of import duties from Canada, Mexico and China. Bitcoin fell by 3%, reaching $96,202.42, while the US dollar index rose by almost 1%. The CoinDesk 20 index, reflecting the dynamics of the largest digital assets, decreased by 9%, and ether reached its lowest level since November.

• Oil will remain in demand until 2040. Analysts predict that oil demand will remain stable until 2040, peaking at 110 million barrels per day by the end of the decade, and then declining to 105 million. Population growth, economic growth and urbanization will support consumption, despite the transition to eco-fuels. By 2040, demand will fall by 4.5 million barrels, but petrochemicals will increase it by 6 million. Prices in 2024-2025 are expected to reach $70-80.

• Europe is preparing to take retaliatory measures in the event of the imposition of duties by Trump. The European Union is seriously concerned about Trump's statement on Friday about his absolute confidence in carrying out duties against the EU. The heads of the EU and the European Commission will discuss these risks on Tuesday in order to prepare a «tough» response. The measures planned by Trump in the EU are considered unfair.