US President Donald Trump: 25% tariffs on Canada and Mexico to start Tuesday
United States (US) President Donald Trump hit social media wires on Monday, touching on a wide swath of subjects, but carving time out of his social posting to briefly signal his plans to fundamentally shift how the US agriculture sector works at a foundational level. Donald Trump also reiterated his intent to impose 25% tariffs on Canada and Mexico as soon as Tuesday of this week, but official mechanisms for implementation and execution remain absent.
The US is a net exporter of food products, exporting high-value agriculture and food products for profit and importing low-cost food goods at a discount. According to President Trump, this arrangement is no longer desirable. Donald Trump is likely in a rush to pivot to a new topic for the day after facing blowback from key conservatives and crypto industry professionals after ham-handedly backing a "cryptocurrency reserve" stockpile.
Key highlights
US agricultural products will be sold inside the US.
Tariffs on external agricultural products April 2nd.
Trump on Zelenskiy's comment that the war will go on for a very long time: This is the worst statement that could have been made by Zelenskyy.
TSMC will invest at least $100B in new capital.
The TSMC investment will be in Arizona.
TSMC's total investment in the US will be at least $165 billion, building 5 additional chip factories in the US.
Many companies want to announce investments.
The world's most powerful chips will be made in the US.
I will let you know tomorrow night, I don't think the Ukraine minerals deal is dead.
Will give update on the ukraine minerals deal Tuesday night.
Zelenskiy should be more appreciative.
Zelenskiy better not be right about the Ukraine war going on for a long time.
CNN, citing US Commerce Secretary Lutnick: Trump wants automaker manufacturing jobs back in the US.
Trump on tariffs:
Reciprocal tariffs start April 2nd.
25% tariffs on Canada and Mexico to start Tuesday.
There's no room left for a deal on tariffs on Mexico and Canada.
Trump reiterates plan to double China tariff to 20% from 10%.
I will penalize countries weakening currencies with tariffs.
I don't think China will retaliate too much.
Trump mentions the Yen when talking about tariffs on countries with weak FX.
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.
