Trump tariffs to take effect in 15 days, Canada and Mexico exempted indefinitely — report

AP report

That’s a good headline for the Canadian dollar. Reports yesterday said Canada and Mexico would only get a 30-day waiver.

More from AP:

  • All countries are being invited to negotiate exclusions from new US trade penalties on imported steel, aluminum

The broader market likes this as well. It looks like Trump followed the Art of the Deal playbook of starting out with a punch to the mouth, only to backtrack.

USD/CAD quickly down 35 pips on the headlines. Trump is set to make the formal announcement at the bottom of the hour but headline risk is extremely high beforehand as details leak out.

More from AP here:

The people briefed on the plans say all countries affected by the tariffs are being invited to negotiate for exemptions, if they can address the threat their exports pose to the U.S.

Those briefed on the plans say the exclusion for Canada and Mexico could be ended, if talks stall to renegotiate the North American Free Trade Agreement.

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