Trump administration expanded its trademark steel and aluminium tariffs – Bloomberg
|Adding to the global risk-off, Bloomberg came out with the news that the Trump administration extended its umbrella of aluminum and steel tariffs to certain imported nails, staples, electrical wires and some downstream parts that go into automobiles and tractors, among other products.
Key quotes
Some imports of derivative aluminum products would be subject to an additional 10% duty, while some derivative steel products would be slapped with a 25% tariff.
Argentina, Australia, Canada and Mexico were exempted from the additional aluminum tariffs.
As for the steel tariffs, exemptions were allowed for Brazil, Argentina, Canada, Australia, Mexico and South Korea.
FX implications
News like this adds to the market’s risk-off that is already in full play amid the fears of China’s coronavirus and attacks on the US embassy in Iraq. While portraying the same, AUD/JPY drops to a fresh 13-day low near 74.20 while writing on early Monday morning in Asia.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.