Tariffs will go in effect next week.
Trump is announcing that he will impose a 25% tarriff on steel and 10% on aluminum.
Earlier it was reported he would not announce tarriffs today but instead have a meeting to discuss the issue. That meeting was to take place at 11 AM ET.
Well apparently, the discussion is now leading to action.
Trump earlier in the day showed his hand when he tweeted the following:
Stocks have moved lower. The S&P is down about -14 points. The Nasdaq is lower by -38 points. The Dow is down -163 points.
But steel stocks are higher.
- US Steel is up 7.45%
- Nucor is up 3.15%
- AK Steel Holding is up 9.11%
- Steel Dynamics is up 3.65%
- Alcoa is up 2.29%
The steel and aluminum executive are on wire saying, they "want a level playing field".
Trump:
- We'll rebuild our steel, aluminum industries
- Other countries dumping products in the US
- People in the US don't understand the level of dumping going on in the steel and aluminum industry.
- We haven't been treated fairly by other countries
- New tariffs to be instituted next week
- US has not been treated fairly
- Tarriffs to be for an unlimited time period
The AUDUSD has reversed on the move after correcting toward the 100 day MA at 0.7769. The high reached 0.77635. The price is currently at 0.7736.
