US President Donald Trump signed another Executive Order on Tuesday evening (2/25), signaling the US Commerce Department to launch a formal "investigation" into the Copper market. President Trump, citing "national security concerns," ordered an investigation into the futures and delivery markets of Copper. US law provides an ambiguous backdoor for the president to issue Executive Orders that allow the White House to bypass normal congressional channels to start a trade war, and has been the basis for hundreds of Trump administration Executive Orders since Trump took office in January.
President Trump took the opportunity to hint at the possibility of further tariff action, reiterating his intention to impose a digital services tax on other countries as a form of quasi-tariff on US goods. President Trump also reiterated his insistence that the US does not "need" Canadian Crude Oil or lumber products, a statement that runs counter to decades of trade history. (Newsmaker23)
Source: FXstreet
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