In recent trade, risk-off flows have piled up on the announcement that the U.S. will impose up to 25% tariffs on ALL Mexican imports until Mexico does something about the illegal flow of immigrants into the United States.
USD/MXN has shot up a high of 19.5942 from 19.1749 before the announcements.
Key notes:
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Developing story: Trump says the US to impose 5% tariff on all goods from Mexico
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Forex today: Nevermind the U.S. session, Trump announces tariffs on Mexico in early Asia
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USD/MXN surged to 12-week high on US Pres. Trump’s fresh tariff announcement
Mexican Deputy Foreign Minister:
- If president trump’s threat to impose tariffs is carried out it would be disastrous.
- Says Trump move is extreme.
White House Chief of staff Mulvaney:
- All Mexican products will be subject to tariffs.
- White House Chief of staff Mulvaney: Imagration tariff is separate from trade agreement, hope we don’t need to move to 25% tariffs.
This is a developing story…
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