Trump 35% tariff on Canada
Trump says will send tariff letters informing EU, Canada of the rates by FridayTrump letter 35% tariff on Canada. Trump has hit Canada very nard with a 35% tariff rate.Other:
Futures slipped after U.S. President Donald Trump warned Canada of a new 35% tariff on imports starting August 1, a move separate from existing sector-specific levies. The threat was outlined in a letter to Canadian Prime Minister Carney, with Trump adding that the tariffs could be revised depending on U.S.-Canada cooperation—particularly on efforts to curb fentanyl flows. A U.S. official later clarified that USMCA products would be exempt.
Trump also signalled plans to double the universal baseline tariff to 20% and said a tariff letter for the European Union would follow by Friday.
Markets responded swiftly:
The U.S. dollar gained broadly, with EUR, AUD, GBP, NZD, CHF, and JPY all weakening, and the Canadian dollar particularly hard hit.There have been retracements for all but the yen.
USD/JPY rose above 147.00 and held most of its gains.
Other notable moves on the session:
Bitcoin surged to a record high above $116,750.Iron ore extended gains for a third straight week, its best stretch since January, on hopes for more property-sector stimulus in China.
The Hong Kong Monetary Authority intervened again, buying HKD13.8 billion to support the currency, marking its fourth action in two weeks as the HKD remains pinned to the weak end of its trading band.
In geopolitics, Trump is reportedly planning a major arms sale to NATO allies, with the expectation that the weapons will then be supplied to Ukraine.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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