Market News
Dollar gains, others slip on tariff threats - REUTERS
Summary
- Tariff talk hits Canadian dollar, yen
- Powell likely to emphasize patience in upcoming testimony
- CPI this week's main US economic focus
NEW YORK, Feb 10 (Reuters) - The U.S. dollar gained on Monday after President Donald Trump pledged 25% tariffs on all imports of steel and aluminium, while the Canadian dollar, Japanese yen, euro and sterling all weakened on concerns about the impact of any new trade levies.
Canada is a major exporter of steel and aluminium to the U.S., along with Brazil, Mexico, South Korea and Vietnam, according to government and American Iron and Steel Institute data.
The yen also dipped on concerns that Japan could also face tariffs.
There is “a little bit of catch-up and also this idea that maybe Japan was going to escape the worst of it and now could be hit with the steel and aluminium tariffs,” said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
Japanese Prime Minister Shigeru Ishiba expressed optimism on Sunday that his country could avoid higher U.S. tariffs, saying Trump had "recognised" Japan's huge investment in the U.S. and the American jobs that it creates.
