US Commerce Sec. Ross: Trump administration has not ruled out imposing tariffs on imported autos
|While speaking to Reuters in an interview, the United States (US) Commerce Secretary Wilbur Ross renewed fears of auto tariffs from the Trump administration during early Asian morning on Wednesday.
Key quotes
Trump administration has not ruled out imposing tariffs on imported autos, after letting a review period end in November with no action.
Agreeing on a China-US deal by this December or next December 'is much less important than getting a proper deal.'
China's Huawei is urging its suppliers to move overseas to avoid US sanctions in volation of US law.
Several things still needed to close trade deal with China, including details on products and quantities to be purchased by China.
The European Union (EU) threat to retaliate is nothing new.
We’ve been having negotiations with the individual companies. We’ve had some very good benefits from that.
It may or may not turn out that there is any need for the tariff.
Auto experts have said the U.S. administration may have to find other means if Trump wants to tax European or Japanese car imports, a key part of Trump’s pledge to make America’s trade relationships fairer.
FX implications
Amid the gloomy days of trade war risk, headlines like this add burden to riskier assets like equities and drag down the treasury yields. With Wall Street already closed for Tuesday on the red side and the US 10-year treasury yields trimming more than 12 basis points to 1.72%, the news has a little market reaction amid early Asian session.
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.