What Happened: Gambles described Trump’s statements on tariffs as “completely and utterly wrong” while appearing at CNBC’s “Streets Signs Asia” on Monday. He emphasized that the U.S. is already extracting significant value from the global economy, and Trump’s proposed tariffs could dismantle this advantage.  Gambles warned that the tariffs, as envisioned by Trump, represent a detrimental move for the U.S. economy.

Why It Matters: The criticism from Gambles comes amid broader concerns about Trump’s tariff plans. Trump’s promise to impose 25% tariffs on goods from Canada, Mexico, and even higher on China has sparked debates among economists, trade experts, and consumers. These tariffs, intended to address issues like illegal immigration and drug trafficking, could lead to higher costs for American households, particularly for essential items such as groceries, housing, and cars.

Goldman Sachs also predicts that Trump’s aggressive tariff proposal could wreak havoc on North America’s economies, with potential GDP contractions for Canada and Mexico by as much as 4%, and a 0.4% contraction for the U.S. GDP. The economists noted that a significant increase in tariffs on North American imports would entail substantial economic costs, especially for Canada and Mexico.

Price Action: As of Monday 3:50 AM, Benzinga Pro data reveals that SPDR S&P 500 ETF Trust (NYSE:SPY) rose 1.51% in the past month post Trump’s victory while Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) rose 2.46% around the same time frame.