Canadian FinMin: G7 weighs joint tariffs on low-value Chinese imports
Canada’s Finance Minister François-Philippe Champagne confirmed on Wednesday that Group of Seven (G7) nations are mulling over coordinated efforts to impose levies on low-value Chinese imports.
Key quotes
- G7 members considering addressing the issue of surge in inexpensive Chinese goods, which are often sold through e-commerce platforms at prices that evade traditional tariffs.
- Overcapacity issues and non-market behavior are distorting global trade.
This comes after the United States (US) decided to revoke the so-called de minimis exemption for certain Chinese e-commerce shipments.
Market reaction
The US Dollar Index (DXY) has come under renewed selling pressure following these comments, losing 0.35% on the day to trade near 99.70, as of writing.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.35% | -0.23% | -0.37% | -0.14% | -0.26% | -0.23% | -0.63% | |
| EUR | 0.35% | 0.12% | -0.05% | 0.19% | 0.12% | 0.12% | -0.27% | |
| GBP | 0.23% | -0.12% | -0.15% | 0.09% | 0.01% | 0.02% | -0.41% | |
| JPY | 0.37% | 0.05% | 0.15% | 0.22% | 0.12% | 0.14% | -0.26% | |
| CAD | 0.14% | -0.19% | -0.09% | -0.22% | -0.11% | -0.07% | -0.50% | |
| AUD | 0.26% | -0.12% | -0.01% | -0.12% | 0.11% | 0.02% | -0.39% | |
| NZD | 0.23% | -0.12% | -0.02% | -0.14% | 0.07% | -0.02% | -0.42% | |
| CHF | 0.63% | 0.27% | 0.41% | 0.26% | 0.50% | 0.39% | 0.42% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
