US President Donald Trump widens scope of tariffs, but pushes back timeline

Joshua Gibson FXStreet

United States (US) President Donald Trump hit markets with fresh tariff headlines on Wednesday, re-reiterating his insistence on 25% tariffs on Canada and Mexico, as well as adding the European Union (EU) to the mixed list of countries from which he will penalize US consumers for importing.

Despite a fresh doubling down on his plans to fund the US deficit spending with import taxes, President Trump has also kicked his own tariff can down the road for a fourth straight time, deciding that tariffs on Canadian and Mexican imports won't go into effect until April.

Key highlights

Not stopping the tariffs.

Tariffs will go on, not all, but a lot of them.

Canada and Mexico tariffs go into effect April 2nd.

We don't need Canada's lumber.

Trump decision on tariffs on EU: 25%

Details on EU tariffs coming soon.

EU can try to retaliate on tariffs.

EU tariffs to be 25% on autos, and other things.

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 trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.