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.

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