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Trump Trade Advisor Navarro: We will set a reciprocal tariff for digital services tax

Joshua Gibson FXStreet

Trump Trade Advisor Peter Navarro hinted at the possibility of yet more tariff exemptions during an interview on CNBC on Tuesday. Trade Advisor Navarro's comments, while welcome by markets, contradict statements from other Trump administration policymakers who have already earmarked planned tariffs as a potential funding source to plug the upcoming holes in team Trump's budget goals.

Key highlights

On Canada, Mexico tariffs: Negotiations are ongoing.

If we don't get progress, Trump will do tariffs.

We will set a reciprocal tariff for digital services tax.

Digital services taxes are not about helping Amazon or Meta, the digital services taxes are about fairness.

I question whether Germany is an ally because of taxes.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD drops to two-week low, further below 0.7000 after RBA's less hawkish rate hike

AUD/USD drifts lower for the second straight day on Tuesday, hitting a fresh two-week low during the Asian session after the Reserve Bank of Australia's (RBA) widely expected 25 bps rate hike. The decision was far from unanimous, with three members preferring to hold rates at 4.60%. This tempers expectations of further tightening, which, along with modest US Dollar strength, weighs on the currency pair.

USD/JPY fails near 159.00 amid weak USD, intervention risks

USD/JPY edges lower during Tuesday’s Asian session, reversing part of the previous day's gains to 158.00 as the US Dollar remains depressed amid hopes for Iran diplomacy and ahead of US midterm elections. Meanwhile, intervention risks support the Japanese Yen, though the uncertainty over the timing of the next BoJ rate hike caps gains. This keeps the pair confined within a familiar range and warrants caution before placing directional bets.

Gold holds Monday’s gains near $3,950 on US-Iran deal hopes

Gold clings to previous day’s recovery around $3,945 in the Asian trade on Tuesday, as hopes of a deal between the United States and Iran have kept oil prices under pressure. Still, the Gold price is close to its yearly low of $3,870.23 posted on Friday.

XRP and XLM slide as bearish signal grows

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The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.

Trump Trade Advisor Navarro: We will set a reciprocal tariff for digital services tax

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AUD/USD drops to two-week low, further below 0.7000 after RBA's less hawkish rate hike

USD/JPY fails near 159.00 amid weak USD, intervention risks

Gold holds Monday’s gains near $3,950 on US-Iran deal hopes

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The 2% inflation target came from a throwaway remark. It now moves trillions

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