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US Commerce Secretary Howard Lutnick: April 2 is baseline reciprocal tariff data
World FX news
Breaking news
US Commerce Secretary Howard Lutnick: April 2 is baseline reciprocal tariff data
New
2025.02.27 11:07
2025.02.27 11:07
2025.02.27 11:07
US Commerce Secretary Howard Lutnick said late Wednesday that April 3 is baseline reciprocal tariff data. Lutnick further stated that he will not allow chinese vehicles in the US as China is his major worry.
Seperately, US Treasury Secretary Scott Bessent noted he is dedicated to working with Congress in making US President Donald Trump's tax cuts permanent.
Market reaction
At the time of writing, the US Dollar Index (DXY) is trading 0.08% higher on the day to trade at 106.59.
Tariffs FAQs
Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.
Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.
There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.
During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.
Last updated
: 2025.02.27
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FXStreet is a forex information website, delivering market analysis and news articles 24/7.
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FX option expiries for Feb 27 NY cut
FX option expiries for Feb 27 NY cut at 10:00 Eastern Time via DTCC can be found below.
New
2025.02.27 14:56USD/CHF attracts some buyers above 0.8950 as traders await US Q4 GDP release
The USD/CHF pair trades in positive territory for the second consecutive day around 0.8970 during the early European session on Thursday.
New
2025.02.27 14:51AUD/JPY drops to its lowest level since September, further below 94.00 mark
The AUD/JPY cross attracts fresh sellers following an Asian session uptick to the 94.20 area and turns lower for the third straight day on Thursday.
New
2025.02.27 14:32EUR/GBP falls to near 0.8250 as Trump threatens 25% tariffs on the European Union
EUR/GBP extends its losses for the second consecutive day, trading around 0.8270 during Asian hours on Thursday.
New
2025.02.27 14:32EUR/USD drifts lower to near 1.0450 on Trump's tariff threats
The EUR/USD pair loses ground to around 1.0465 during the Asian trading hours on Thursday.
New
2025.02.27 13:45Gold price trades with modest losses; holds above $2,900 amid rising trade tensions
Gold price (XAU/USD) attracts fresh sellers during the Asian session on Thursday, though it manages to hold above the $2,900 round-figure mark.
New
2025.02.27 13:45India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Thursday, according to data compiled by FXStreet.
New
2025.02.27 13:36USD/CAD Price Forecast: Rises above 1.4350 amid strengthening bullish bias
The USD/CAD pair continues its winning streak for the fifth successive day, trading around 1.4360 during the Asian hours on Thursday.
New
2025.02.27 13:30PBOC's Lu: Central bank must issue special treasury bonds to help major state-owned banks
The People's Bank of China (PBOC) Deputy Governor Lu Lei suggested on Thursday that the Bank should actively facilitate fundraising, including the issuance of special treasury bonds, to help major state-owned banks replenish their Common Equity Tier 1 (CET1) capital.
New
2025.02.27 13:00GBP/USD holds losses near 1.2650 as risk aversion intensifies, US Treasury yields climb
GBP/USD depreciates after two consecutive sessions of gains, trading around 1.2660 during Asian hours on Thursday.
New
2025.02.27 12:42Disclaimer:
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