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27 Jan 2020

Trump administration expanded its trademark steel and aluminium tariffs – Bloomberg

Adding to the global risk-off, Bloomberg came out with the news that the Trump administration extended its umbrella of aluminum and steel tariffs to certain imported nails, staples, electrical wires and some downstream parts that go into automobiles and tractors, among other products.

Key quotes

Some imports of derivative aluminum products would be subject to an additional 10% duty, while some derivative steel products would be slapped with a 25% tariff.

Argentina, Australia, Canada and Mexico were exempted from the additional aluminum tariffs.

As for the steel tariffs, exemptions were allowed for Brazil, Argentina, Canada, Australia, Mexico and South Korea.

FX implications

News like this adds to the market’s risk-off that is already in full play amid the fears of China’s coronavirus and attacks on the US embassy in Iraq. While portraying the same, AUD/JPY drops to a fresh 13-day low near 74.20 while writing on early Monday morning in Asia.

Jan 27, 2020

AUD/JPY drops to 13-day low around 74.20 as risk-off continues

AUD/JPY extends the losses to 74.30, with an intra-day low of 74.19, during the early Asian session on Monday. The pair recently dropped to the lowest
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Jan 27, 2020

Saudi Energy Minister: Kingdom and other OPEC+ producers can act to support oil markets if needed

Early Monday morning in Asia, Saudi Arabia’s Energy Minister crossed the wires while reiterating the ability of the Organization of the Petroleum Expo
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