The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, weakened again on Tuesday (04/03) after US President Donald Trump confirmed that tariffs on Canada, Mexico and China would not be postponed. Markets remained skeptical on Monday whether President Trump would allow an extension before the deadline. However, it is not surprising that the US has imposed tariffs that have been set previously.
Meanwhile, Canada and China have rejected unilateral US tariffs. On Monday night, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on US goods. "Canada will start with a 25% tariff on US imports worth C$30 billion starting Tuesday," the statement said, while tariffs on other products worth C$125 billion will take effect in 21 days.
On Tuesday morning, China announced its own tariffs on US agricultural goods. China's Ministry of Commerce said it would impose additional tariffs of up to 15% on imports of key agricultural products, including chicken, pork, soybeans and beef from the US. The ministry said the tariffs will come into effect on March 10.(Newsmaker23)
Source: FXstreet
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