US Treasury Secretary Bessent said today (interview on Fox) that Trump’s announcement on his next round of tariffs will be on Wednesday, April 2, at 3 pm US Eastern time (1900 GMT). Ahead of this Trump spoke with media Monday evening dropping a few hints on what to expect. In brief:
Trump said he has settled on a tariff planis going to be "very kind""The word reciprocal is very important"we are going to be nice very comparison to other countriesin some cases maybe substantially lowerThis all doesn’t sound like some sort of 20% blanket tariff will be applied, but we await Trump’s decision.
The Bank of Japan released its quarterly ‘Tankan’ report. The results were reasonable, not spectacular, showing the 17th quarter in a row of positive. The inflation expectations part of the survey showed a slight rise, which will be some encouragement for the BoJ rate hike path ahead.
China's private manufacturing PMI showed expansion at its fastest rate in four months in March. Stronger demand and robust export orders cited, although escalating US tariffs do not bode well ahead.
On the geopolitical front, China launched a major military exercise around Taiwan today. State media says the exercises are a 'warning' to separatist forces:
"to approach Taiwan Island from multiple directions around the island"; and "seizing comprehensive control, sea and land strikes, and blocking key areas and roads."Yet to come is the Reserve Bank of Australia policy decision (0330 GMT/2330 US Eastern time) followed by Bullock’s press conference (an hour later).
Major FX has traded in subdued ranges only. AUD and NZD had a slight dip on news that China’s Commerce Ministry held a hearing on imported beef safeguard measures
Gold rallied further, another record high hit, as the squeeze continued.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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