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27 Feb 2025

US Commerce Secretary Howard Lutnick: April 2 is baseline reciprocal tariff data

US Commerce Secretary Howard Lutnick said late Wednesday that April 3 is baseline reciprocal tariff data. Lutnick further stated that he will not allow chinese vehicles in the US as China is his major worry. 

Seperately, US Treasury Secretary Scott Bessent noted he is dedicated to working with Congress in making US President Donald Trump's tax cuts permanent. 

Market reaction 

At the time of writing, the US Dollar Index (DXY) is trading 0.08% higher on the day to trade at 106.59.

Tariffs FAQs

Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.

Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.

There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.

During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

 

Feb 27, 2025

RBA’s Hauser: Tightness in Australia’s labor market is a challenge to inflation

Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser commented on the outlook on inflation and employment in his speech earlier on Thursday in the Asian session.
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Feb 27, 2025

Japanese Yen weakens amid sliding JGB yields; USD/JPY moves closer to mid-149.00s

The Japanese Yen (JPY) is ticking lower against its American counterpart during the Asian session on Thursday, though it remains close to the highest level since October 2024 touched earlier this week.
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