CNBC Daily Open: Trump Puts 'Open' Sign on Hormuz. But Traffic is Barely Trickling
The reality in the Strait of Hormuz looks a bit different. U.S. President Donald Trump has claimed that the critical waterway is open, but no one is buying it.
TL;DR
- Shipping traffic through the Strait of Hormuz has hit a three-month low, despite U.S. President Donald Trump's claim that it is open.
- Oil prices remain elevated, with Brent crude above $91 a barrel and WTI futures rising.
- U.S. Treasury yields have climbed to multi-decade highs, influenced by a rising fiscal deficit and national debt.
- Global bond yields have also increased, with Germany's 10-year bund yield reaching a 15-year high.
- Potential 50% tariffs on Canadian imports are set to take effect, impacting goods like alcohol, dairy, and hockey sticks.
- Allies are considering their defense options as the U.S. nuclear umbrella appears to be fraying, potentially leading to nuclear proliferation.