Trump administration expanded its trademark steel and aluminium tariffs – Bloomberg

Anil Panchal FXStreet

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.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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