Trump kills the European Union (EU) and Mexico with 30% tariffs, starting on 1 August, and if they retaliate.
- Trump announced a new round of tariffs on his true social media app
- 30% blanket levy on all imports from both European Union (EU) and Mexico, effective 1 August
- Following the breakdown of months-long trade negotiations, Trump failed to secure a comprehensive trade agreement with any party.
- The European Union had expected to attack a zero-tariff deal on industrial goods, but the conversation stumbled
- 30% tariff of Trump is particularly stable compared to the first proposed 20% during the “liberation day” comments in April.
- In his letter to the European Union, Trump also warned of strict measures if the block takes vengeance
- In a separate message for the President of Mexico, Trump linked Tariff with immigration policy, saying that Mexico’s efforts were not “not enough” to help secure the US border, despite recent cooperation,
The wholesale FX markets open here in Asia on Monday, which will be American time on Sunday afternoon. Expect a small difference for USD. The way this tariff mess has played so far is Trump back down, which expands the date until the tariff is not kicking, thus gives more time for talks. This earned him Nick Naam ‘Taco’ for ‘Trump always chickens’. Let’s see if he does this this time. For traders, the reception is the development market movement and the instability of all this. For the real world, Main Street, business is very difficult to deal with all uncertainty, capex and employment decisions often hold, if not reversed.
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