Trump earlier said Canada and Mexico tariffs would go into effect tomorrow. Later in the press conference he was asked if there was any room for negotiation before the tariffs went on and he said there wasn’t.
“The tariffs, you know, they’re all set. They go into effect tomorrow,” he said.
USD/CAD has jumped to 1.4520, about 90 pips.
USD/CAD 10 mins
The broader market is also rolling over after he said there was no room left for negotiations.
We will see.
Lutnick earlier said cabinet would be talking about Canada and Mexico tariffs ‘this afternoon’ and would make an announcement tomorrow morning.
“He’s going to decide today. We’re going to put it out tomorrow,” Trump’s tariff czar says. He praised improvement on the border but fretted about fentanyl.
There is some talk that the tariffs are to start at midnight but I believe it’s not until midnight tomorrow.
I would also remind readers that Trump last month also said there was no room for negotiation on Mexico/Canada tariffs. Hours later they were delayed.