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3 Apr 2025

Canadian PM Carney throws down the gauntlet on US tariffs

Newly-minted Canadian Prime Minister Mark Carney struck back against US President Donald Trump's sweeping tariff package on Thursday, detailing Canadian retaliation measures that will serve as a thermometer to see how well the US has been complying with its own USMCA (nee NAFTA) deal restrictions.

Key quotes

  • Canada will develop a framework for auto producers to avoid our counter tariffs, as long as they maintain their production and investment in Canada.
  • Canada tariffs will not affect auto parts and will not affect vehicle content from Mexico.
  • Canada will impose 25% tariffs on all vehicles imported from the US that are not compliant with the USMCA trade deal.
  • Every single dollar raised, about CAD 8B before remission, from these tariffs will go directly to our auto workers and the companies affected by these tariffs.
  • The previously announced retaliatory tariffs will remain in effect.
  • Until the pain caused by tariffs becomes impossible for the Trump administration to ignore, I do not believe they will change direction.
  • I am not at this time planning to coordinate Canada's response with other nations.
  • We need to reset our overall relationship with the United States.
  • I told Trump last week that I would retaliate on autos.
Apr 3, 2025

EUR/USD Price Analysis: Bulls extend control as EUR/USD breaks above 1.1100

EUR/USD saw a sharp rally on Thursday, climbing strongly and settling near the 1.1100 area after the European session.
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Apr 3, 2025

Fed's Jefferson warns Fed is not in a rush to change rates

Federal Reserve (Fed) Board of Governors Vice Chair Philip Jefferson had the dubious honor of being the first high-profile Fed speaker out of the gate after the Trump administration's tariff announcements this week.
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