US President Donald Trump reiterates March 4 tariffs, still seeking Ukraine deal

Joshua Gibson FXStreet

United States (US) President Donald Trump hit social media on Thursday, taking to the streets of X (nee Twitter) to inform global markets that his planned 25% tariff package aimed at Mexico and Canada will now be coming into effect on March 4, rather than the April 2 date he reaffirmed just hours earlier. President Trump also informed markets that he plans to impose an additional 10% tariff on Chinese goods on that date.

At the same time, White House officials primed the pump on additional "reciprocal tariff" packages that are also in the pipeline aimed at a wide swath of countries, which will likely expand to include the UK and the European Union in general. More statements from President Trump are expected throughout the day.

Donald Trump followed up with a pivot to focusing on the Russia-Ukraine conflict. President Trump is keen to rush to the table and secure a "rare earths" deal with Ukraine in order to secure some form of securitized peace in the region, especially after Donald Trump went out of his way to refer to Ukrainian President Volodymyr Zelenskyy as a "dictator". President Trump is also likely in a rush to finalize a deal with Ukraine after it was revealed this week that the European Union has its own offer for a rare earths deal with the Ukraine on the table.

Key highlights

Trump: Mexico and Canada tariffs on March 4. China to also be charged an additional 10% tariff on that date.

April 2 reciprocal tariff date remains in full force.

Trump admin official: trade to be part of Trump-Starmer discussions; the US wants reciprocal, equal trade with the UK.

I'm not seeing progress on drug flows.

April 2nd is reciprocal tariff date.

Canada should be stopping much more fentanyl.

China tariffs would be additional 10%.

Trump criticizes EU VAT taxes.

We don't like the way the EU is treating our businesses.

We will have reciprocal tariffs on the EU.

EU is tough with the US with trade.

Asked if there will be sanctions on the UK: I will have to take a look.

We are going to have a deal done with UK on trade rather quickly.

Tariffs are not about inflation but about fairness.

More Trump:

Will discuss Russia and Ukraine with UK's PM Starmer.

Zelenskiy is coming on Friday morning.

Having the rare earth deal will be a backstop for Ukraine.

We're very well advanced on the deal, deal not done yet.

I have had very good talks with Russia and Ukraine.

Russia has been acting very well, we are well advanced on a peace deal.

I don't think Putin would invade again if there is a peace deal with Ukraine.

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.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.