It's a big day.
There were reports last week that the White House would begin informing countries of their tariff rates today, so that could begin to leak out ahead of tomorrow's big Liberation Day tariff announcement.
A report today floated a near-universal 20% rate but hopefully that's a smokescreen ahead of a much lower rate, at least on the US's largest trading partners.
Time will tell but one thing that has me me worried is a resurfaced 2019 article in the NYT that quoted a story from way back in 1988:
Donald J. Trump lost an auction in 1988 for a 58-key piano used in the classic film "Casablanca" to a Japanese trading company representing a collector. While he brushed off being outbid, it was a firsthand reminder of Japan's growing wealth, and the following year, Mr. Trump went on television to call for a 15 percent to 20 percent tax on imports from Japan."I believe very strongly in tariffs," Mr. Trump, at the time a Manhattan real estate developer with fledgling political instincts, told the journalist Diane Sawyer, before criticizing Japan, West Germany, Saudi Arabia and South Korea for their trade practices. "America is being ripped off," he said. "We're a debtor nation, and we have to tax, we have to tariff, we have to protect this country."A guy who has dabbled with tariffs for that long may really believe in them.
As for the economic calendar, it's a busy one with the highlights coming from ISM manufacturing and JOLTS. Any weakness would really ramp up the 'recession' talk.
Also note that it's April Fools day, which means there will be landmines in the news to avoid.
This article was written by Adam Button at www.forexlive.com. Read More Details
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