USD Steady Amid Tariff Uncertainty as Trump Calls Xi ‘Tough’ – Scotiabank

USD Steady Amid Tariff Uncertainty as Trump Calls Xi ‘Tough’ – Scotiabank

USD Holds Firm Despite Quiet Markets and New Tariff Rollout

The US Dollar remained mostly unchanged in subdued trading conditions as global equities advanced and bond markets saw little movement. Despite a slight uptick yesterday, the dollar faces persistent bearish fundamental and technical pressures limiting sustained gains.

Impact of New US Steel and Aluminum Tariffs

President Trump’s new tariffs on steel and aluminum came into effect today, though their broader impact remains uncertain. Studies from earlier tariffs showed modest increases in domestic steel jobs but also higher input costs and weaker manufacturing employment growth.

Trade Negotiations Under Pressure

Trade negotiations face challenges as the White House requests trade partners submit their ‘best’ tariff and investment proposals. China, however, shows little sign of compromise, with Trump describing President Xi as ‘tough’ to negotiate with on social media. No significant offers from other countries have emerged yet.

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