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US President Donald Trump prepares tariff exemptions in bid to lower food prices
World FX news
Breaking news
US President Donald Trump prepares tariff exemptions in bid to lower food prices
New
2025.11.14 08:58
2025.11.14 08:58
2025.11.14 08:58
The Trump administration is preparing broad exemptions to certain tariffs in an effort to lower elevated food prices that have raised concerns for American consumers, the New York Times reported on Friday.
The exemptions are expected to include beef and citrus products, although the people cautioned that Trump had not made a final decision.
Market reaction
At the time of writing, the US Dollar Index (DXY) is down 0.23% on the day at 99.25.
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
: 2025.11.14
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PBOC sets USD/CNY reference rate at 7.0825 vs. 7.0865 previous
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Friday at 7.0825 compared to the previous day's fix of 7.0865 and 7.0964 Reuters estimate.
New
2025.11.14 10:15Japan's Takaichi: Hard to set numerical target for minimum wage now
Japan's Prime Minister Sanae Takaichi said on Friday that the government is not in a position to set a new numerical target for the nationwide minimum wage, arguing that instead that its role is to create conditions that enable businesses to raise pay faster than inflation.
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2025.11.14 10:13Japan's Kiuchi: Weak Yen may increase CPI through import costs
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Gold price (XAU/USD) trades in positive territory near $4,185 during the early Asian session on Friday. The precious metal drifts higher as traders anticipate that the reopening of the US government will restore the flow of economic data and reinforce bets of further US interest rate cuts.
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2025.11.14 09:55When are the China Retail Sales, Industrial Production and how could they affect AUD/USD?
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New
2025.11.14 09:00GBP/USD bulls struggle as UK tax plans and weak data weigh
GBP/USD caught a brief bullish slant to Thursday's trading window, with Cable traders brushing off a worse-than-expected Gross Domestic Product (GDP) growth print from the third quarter.
New
2025.11.14 08:58US President Donald Trump prepares tariff exemptions in bid to lower food prices
The Trump administration is preparing broad exemptions to certain tariffs in an effort to lower elevated food prices that have raised concerns for American consumers, the New York Times reported on Friday.
New
2025.11.14 08:57UK PM Starmer and Finance Minister Reeves drop plan to hike income tax rates -- FT
UK Prime Minister Keir Starmer and Finance Minister Rachel Reeves have dropped the plan to raise income tax rates, in a dramatic turn ahead of the budget on November 26, the Financial Times reported on Thursday.
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2025.11.14 08:19USD/JPY declines to near 154.50 amid Fed rate cut doubts
The USD/JPY pair declines to near 154.50 during the early Asian session on Friday. The US Dollar (USD) softens against the Japanese Yen (JPY) as bets on a Federal Reserve (Fed) rate cut in December remain pretty divided. The Fed's Lorie Logan and Raphael Bostic are due to speak later in the day.
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2025.11.14 08:10GBP/JPY Price Forecast: nears 204.00 as uptrend stalls amid intervention threats
The GBP/JPY prolongs its gains on Thursday up a modest 0.22%, distancing from the 20-day Simple Moving Average (SMA) at 202.48, seen as the first support area for the cross-pair. At the time of writing, the cross trade at 203.82 shy of reclaiming the 204.00 milestone.
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2025.11.14 05:56Disclaimer:
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