DXY is back.
AUD is not.
Lead boots is also back.
There’s no denying gold’s new drivers now.
Commod prices are differentiating around tariffs.
Miners dead cat bounced.
Wanna be Deepsuckered by EM?
Junk hope.
Yields not convinced.
Europe turning red hot.
There are the beginnings of a rotation away from US exceptionalism plays but not yet in forex, and can it last?
Given this.
White House Press Secretary Karoline Leavitt says 25% tariffs on Canada and Mexico are still coming February 1. pic.twitter.com/F9t8SjoSlS
— 𝕊𝔸𝕃𝕋𝕐 𝔾𝕀ℝ𝕃 (@SaltyGirl09) January 30, 2025
It’s still very unclear.
But Trump’s slower-than-expected rollout stems from unresolved questions within the new administration, according to people briefed on the internal deliberations.
The Trump team is still debating the fundamentals of tariff policy — like whether the taxes should be imposed across the board or targeted at specific countries and industries, and whether they should be reciprocal.
Along with a lack of consensus among the administration’s economic team, they’re also short key staff.
Most nominees are still awaiting Senate confirmation. Howard Lutnick, Trump’s pick to be Commerce secretary, and Jamieson Greer, the nominee to be trade representative, may not be confirmed for several weeks, and there are few political appointees at either agency. Treasury Secretary Scott Bessent has told allies that his number one priority in 2025 is passing a sweeping tax package.
All of this means that tariff discussions are currently taking place among a small circle of advisers already at the White House, including Deputy Chief of Staff Stephen Miller, trade adviser Peter Navarro and National Economic Council Director Kevin Hassett, the people said.
On the universal tariffs and the ones slated for China, the Trump team is not close at all to making a decision, according to people briefed on the discussions.
