Risk appetite appears to be weighed down mildly by US President Donald Trump’s decision to restore steel and aluminum tariffs on Brazil and Argentina. In a series of tweets, he complained that “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers.” Therefore, “effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries.”
He also defended that US markets are “up as much as 21%” since tariffs were announced in 2018. And US is “taking in massive amounts of money (and giving some to our farmers, who have been targeted by China)!
Bedsides, he urged Fed to “act so that countries, of which there are many, no longer take advantage of our strong dollar by further devaluing their currencies.. And Fed should “Lower Rates & Loosen”.
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