Get ready for El Trumpo.
President-elect Donald Trump said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada, citing the levies as necessary to clamp down on migrants and illegal drugs flowing across US borders.
In posts to his Truth Social network that jolted financial markets on Monday, Trump claimed China had failed to follow through on promises to institute the death penalty for traffickers of fentanyl, writing that “drugs are pouring into our Country, mostly through Mexico, at levels never seen before.”
“Until such time as they stop, we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America,” Trump said.
The AUD was murdered to new lows.
Oddly, North Asia is holding.
When CNY starts to respond to the tariff threats and reality, all hell is going to break loose in forex.
A lot of it will be aimed at AUD.
