A summary of the measures announced by Trump:
a new 25% tariff on all cars and light trucks not manufactured in the United States
will be on top of any existing tariffs
the tariffs will remain in place throughout his 4-year term
auto tariffs are set to take effect on April 2nd
tariff collections begin April 3rd
the administration is seeking approval for a tax deduction on interest payments for car loans—if the vehicle is made in America
parts made in America but assembled into foreign-made cars will not be subject to tariffs
There are more fine details, but those above cover the main points.
The market response was to send the US dollar a little higher after the news hit. Soon after Globex reopened for trade and US equity index futures traded a little lower.
Japanese auto exporters are, of course, going to be hit hard by the new tariffs. Auto firms on the Tokyo exchange fell heavily.
EUR/USD traded to lows around 1.0734 but soon recovered strongly. As I post we’ve bounced to circa 1.0780. Yen recovered also, USD/JPY hitting highs around 150.60 before dropping back to lows arpound 150.10 and its not too far above there as I update.
GBP, CAD, AUD and NZD have all risen smartly against the USD too.
Gold have been a performer too, its back above US$3030 as I post.
Apart from the tariff announcement news and data flow have been light.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( ForexLive Asia-Pacific FX news wrap: Trump announces 25% tariffs on imported autos )
Also on site :
- 5 Surprising Signs of an Empath and Narcissist Relationship, According to a Psychologist
- Martial Arts Star Johnny Tri Nguyen To Headline Vietnamese Historical Epic ‘The Last Secret Of The First Emperor’
- US judge dismisses case against migrants caught in new military zone