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.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.

GBP/USD News

EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 

EUR/USD News

Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold: Sidelined after biggest daily decline in four weeks

Gold is lacking a clear directional bias in Asia, having registered its biggest single-day decline in four weeks on Friday. China's data may embolden President Trump to take more aggressive measures. 

Gold News

USD/JPY in search of a firm direction, stuck in a range above mid-108.00s

USD/JPY was seen oscillating in a narrow band and consolidated last week’s losses. US-China trade uncertainties continued underpinning the JPY’s safe-haven status. Investors now seemed reluctant ahead of the latest FOMC monetary policy update.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures