Trump sent FX (and other) markets into a spin late on Thursday afternoon New York time with his remarks on tariffs:
Trump announced that his 25% tariffs on Canada and Mexico will take effect on Saturday, though he has yet to decide whether to include oil imports from those countries in the policy.
“We may or may not,” Trump told reporters in the Oval Office on Thursday when asked about imposing tariffs on Canadian and Mexican oil. “We’re going to make that determination probably tonight.”
He stated that his decision would depend on whether the two countries are offering oil at a fair price, despite the tariffs being primarily aimed at curbing illegal immigration and the smuggling of chemicals used in fentanyl production.
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The USD surged higher, USD/CAD was particularly notable, jumping nearly to a 5-year high: