Created
: 2025.05.23
- 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 Treasury Sec. Bessent :US is far along in trade talks with India, Asian countries
World FX news
Breaking news
US Treasury Sec. Bessent :US is far along in trade talks with India, Asian countries
New
2025.05.23 23:24
2025.05.23 23:24
2025.05.23 23:24
In an interview with Fox News on Friday, United States (US) Treasury Secretary Scott Bessent said that US President Donald Trump believes that the European Union's proposals have not been of good quality, per Reuters.
Key takeaways
"Trump move is in response to EU's pace on tariffs."
"Hope this lights a fire under EU."
"EU has collective action problem."
"Would like to have apple help US to make semiconductor supply chain better."
"Trump trying to bring back precision manufacturing to US."
"US is far along in trade talks with India, Asian countries."
"Most countries negotiating in good faith except EU."
"These deals are moving quickly."
"Will see more deals announced within 90-day period."
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
: 2025.05.23
Related articles
US yields slide as Trump tariff threats rattle markets, fuel 'Sell America' trend
21 minutes agoCanadian Dollar soars as markets pull away from Greenback on Friday
46 minutes agoNZD/USD surges toward 0.6000 amid resilient Retail Sales figures and USD weakness
58 minutes agoEUR/USD rebounds back above 1.1300 after Trump tariffs shock sparks volatility
2025.05.24 04:36US Dollar Index dives to two-week low on Trump's tariff threats and fiscal jitters
2025.05.24 04:28President Trump adds Samsung to his wishlist of tariffs targeting individual companies
2025.05.24 04:05
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
US yields slide as Trump tariff threats rattle markets, fuel 'Sell America' trend
US Treasury yields fall across the whole curve following Trump's threats to impose tariffs on Apple's iPhones not manufactured in the US and duties on European imports. At the time of writing, the US 10-year Treasury note yield is down two basis points at 4.509%.
New
2025.05.24 05:22Canadian Dollar soars as markets pull away from Greenback on Friday
The Canadian Dollar (CAD) caught a huge boost from market-wide Greenback weakness on Friday. The Loonie climbed over a full percent against the waffling US Dollar (USD) following a fresh batch of eerily-familiar-looking tariff threats from United States (US) President Donald Trump.
New
2025.05.24 04:56NZD/USD surges toward 0.6000 amid resilient Retail Sales figures and USD weakness
The New Zealand Dollar (NZD) has strengthened against the US Dollar (USD) on Friday, buoyed by positive Retail Sales data and a weaker Greenback.
New
2025.05.24 04:44EUR/USD rebounds back above 1.1300 after Trump tariffs shock sparks volatility
EUR/USD recovered during the mid-North American session on Friday after diving below 1.1300 after US President Donald Trump rattled the markets by threatening to impose 50% tariffs on the European Union (EU). At the time of writing, the pair recovered and climbed to around 1.1350
New
2025.05.24 04:36US Dollar Index dives to two-week low on Trump's tariff threats and fiscal jitters
The US Dollar Index (DXY), which tracks the value of the US Dollar (USD) against a basket of six major currencies, slumps sharply on Friday, down over 1.8% for the week after posting a modest gain on Thursday to trade around 99.10 near a two-week low, ahead of the weekend.
New
2025.05.24 04:28President Trump adds Samsung to his wishlist of tariffs targeting individual companies
During statements made to the press during his weekly Executive Order signing, United States (US) President Donald Trump added further tariff commentary, though not necessarily clarity, to his social media posts earlier on Friday.
New
2025.05.24 04:05WTI Crude Oil trades above $61.00 with prices consolidating in a tight range
Crude oil prices have rebounded on Friday, allowing prices to erase Thursday's losses.
New
2025.05.24 03:42Dow Jones Industrial Average declines on Friday as fresh tariff threats emerge
The Dow Jones Industrial Average (DJIA) saw stiff losses during the Friday market session The major equity index declined 780 points top-to-bottom and tapped 41,200 before a slow crawl back to the 41,750 region.
New
2025.05.24 03:40GBP/USD surges past 1.3500 to a three-year high on strong UK Retail Sales, weak US Dollar
The British Pound (GBP) rises sharply against the US Dollar (USD) to its highest level in three years on Friday.
New
2025.05.24 03:12Fed's Cook: Bond markets were 'orderly' in April, but seeing rising stress in households
Federal Reserve (Fed) Board of Governors member Dr.
New
2025.05.24 01:55Disclaimer:
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
