Trump talks more tariffs: Says there’s nothing Mexico China and Canada can do

January 31, 2025 at 11:00PM
It’s never a dull moment with Trump.

Nothing can be done by China, Mexico and Canada right now to forestall tariffs

We have big deficits and tariffs are something we’re doing

We may increase tariffs

Canada has treated the US very unfairly

Not looking for concessions

Will put tariffs on chips, oil and gas

Oil and gas tariffs by Feb 18

Will put tariffs on Steel, aluminum and copper

Says he wants to bring pharmaceuticals back to America with tariffs

We are going to take back the Panama canal

Bringing tomorrow’s tariffs down to 10% on Canadian oil and gas

Tariff costs are sometimes passed onto consumers

Tariffs may cause short-term disruption

Not concerned about market reaction to tariffs

We’ll be doing something very substantial on tariffs with European Union

“The way you bring [manufacturing] back to the country is by putting up a wall – and the wall is a tariff wall,” he said.

Alright, enough talk, let’s see what comes on the weekend. Oil rallied late on these comments and the euro ticked modestly lower. The Canadian dollar was little changed.

Separately, a report says Trump and Nvidia’s CEO discussed AI chip export controls and DeepSeek.

This article was written by Adam Button at www.forexlive.com.