Created
: 2025.03.14
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
US Commerce Secretary Lutnick says Trump has a plan to balance the budget
World FX news
Breaking news
US Commerce Secretary Lutnick says Trump has a plan to balance the budget
New
2025.03.14 08:52
2025.03.14 08:52
2025.03.14 08:52
US Commerce Secretary Howard Lutnick said late Thursday that the administration will try to balance the budget during the President Donald Trump term.
Key quotes
During President Trump's term, we will try to balance the budget.
We want it to take three years to balance the budget.
When President balances the budget, Trump has suggested he wants to waive taxes for those earning under $150,000. It's aspirational.
No taxes on tips, overtime, or Social Security.
Market reaction
At the time of press, the US Dollar Index was down 0.01% on the day at 103.83.
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
: 2025.03.14
Related articles
NZD/USD: Expected to trade between 0.5675 and 0.5725 - UOB Group
3 minutes agoAUD/USD: Likely to trade in a 0.6260/0.6315 range - UOB Group
41 minutes agoGold rallies to a new all-time high in its sprint toward $3,000
51 minutes agoSEK: Krona remains expensive - ING
51 minutes agoUSD: Focus on consumer confidence - ING
2025.03.14 17:51GBP/USD: Likely to trade in a 1.2900/1.2975 range - UOB Group
2025.03.14 17:36
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
NZD/USD: Expected to trade between 0.5675 and 0.5725 - UOB Group
New Zealand Dollar (NZD) is expected to trade between 0.5675 and 0.5725 vs US Dollar (USD).
New
2025.03.14 18:54Oil: Surplus environment - ING
Oil prices couldn't escape a broader risk-off move amid intense selling of US equities and global growth concerns.
New
2025.03.14 18:46Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Friday, according to FXStreet data.
New
2025.03.14 18:30AUD/USD: Likely to trade in a 0.6260/0.6315 range - UOB Group
Australian Dollar (AUD) is likely to trade in a 0.6260/0.6315 range vs US Dollar (USD).
New
2025.03.14 18:15Palladium price today: Rare metals mixed at the start of the European session
Platinum Group Metals (PGMs) trade mixed at the beginning of Friday, according to FXStreet data.
New
2025.03.14 18:08Gold rallies to a new all-time high in its sprint toward $3,000
Gold's price (XAU/USD) hits a fresh all-time high above the $2,990 level at the time of writing on Friday, registering a weekly gain of over 2.5% for now.
New
2025.03.14 18:06SEK: Krona remains expensive - ING
Our model returns a short-term fair value for EUR/SEK around 11.25-11.30.
New
2025.03.14 18:05Crude Oil price today: WTI price bullish at European opening
West Texas Intermediate (WTI) Oil price advances on Friday, early in the European session.
New
2025.03.14 18:02USD: Focus on consumer confidence - ING
The Dollar Index (DXY) is back above 104 again as European currencies soften a little.
New
2025.03.14 17:51GBP/USD: Likely to trade in a 1.2900/1.2975 range - UOB Group
Pound Sterling (GBP) is likely to trade in a 1.2900/1.2975 range.
New
2025.03.14 17:36Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
