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: 2025.04.01
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US President Donald Trump says reciprocal tariffs will start with all countries
World FX news
Breaking news
US President Donald Trump says reciprocal tariffs will start with all countries
New
2025.04.01 08:21
2025.04.01 08:21
2025.04.01 08:21
US President Donald Trump said late Monday that his reciprocal tariffs plan will target all other countries when they are unveiled Wednesday, adding more uncertainty to the much-anticipated trade policy just days before its implementation.
Trump pushed back on the possibility that the fresh tariffs will target just the top 10 or 15 trade partners that have their own import duties on US goods.
Market reaction
At the time of press, the US Dollar Index was up 0.01% on the day at 104.19.
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
: 2025.04.01
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GBP off early session low - Scotiabank
Pound Sterling (GBP) is also quiet and extending is recent consolidation around 1.29 ahead of Wednesday's US tariff announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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2025.04.02 22:05EUR extends tight consolidation around 1.08 - Scotiabank
Euro (EUR) is extending its tight consolidation around 1.08 ahead of Wednesday's US tariff announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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2025.04.02 22:03CAD is trading steady to slightly lower - Scotiabank
The Canadian Dollar (CAD) is little changed--and a relative, if minor, underperformer versus many of its peers, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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2025.04.02 22:01USD edges lower ahead of tariff news - Scotiabank
Welcome to Liberation Day. Tariffs are front and center for markets ahead of this afternoon's announcement from the White House, due around 4pm from the Rose Garden, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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2025.04.02 19:55S&P 500: Next downward objectives are at 5400/5390pts and 5300pts - Societe Generale
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2025.04.02 19:52USD/JPY: Likely to trade in a range between 149.05 and 150.20 - UOB Group
US Dollar (USD) is likely to trade in a range between 149.05 and 150.20 vs Japanese Yen (JPY). In the longer run, USD appears to have moved into a 148.40/151.00 consolidation range, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
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2025.04.02 19:43Disclaimer:
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