US President Trump: Will impose tariffs on products not made in the US
US President Donald Trump is addressing a joint session of Congress at the Capitol Building, in Washington DC, on Wednesday.
It’s his first Congressional address after returning to power.
Key quotes
To my fellow citizens, America is back.
Our country is on the verge of a comeback the likes of which the world has never witnessed, and perhaps will never witness again.
Reiterate call to drill more oil in the US.
Federal spending reductions will aid in reducing debt.
Will balance the federal budget.
Urge to lower mortgage rates.
Urge Congress to pass tax cut.
Urge Congress to implement tax reductions.
To seek permanent income tax cuts across the board.
Reiterates call for no tax on gratuities and social security.
Any bureaucrat that resist our change will be removed.
Want to make interest payments on car loans tax deductible, only if cars are made in us.
He talked to the top three automakers on Tuesday.
To impose tariffs on products not made in the US.
Will start utilizing tariffs.
To stop subsidizing Mexico, Canada.
Chips Act is a horrible thing.
We should get rid of the Chips Act.
Reiterates reciprocal tariffs to take effect from April 2.
Adjustment period possible for farmers.
Reiterates 25% tariffs for aluminum, copper, steel.
Tariffs will lead to some disturbance.
Require Mexico, Canada to take additional action.
To send a Congress detailed plan on border security.
Reiterates call for Panama Canal.
National security requires Greenland.
We will obtain Greenland one way or another.
Reiterates working to end Ukraine-Russia war.
Zelenskiy ready to join negotiating table.
Ukraine prepared to sign minerals deal at anytime.
Russia provides strong indications it is prepared for peace.
Received strong signals that Russia is ready for peace.
Market reaction
The US Dollar Index (DXY) is picking up fresh bids on US President Trump’s comments, adding 0.21% on the day at 105.77 as of writing.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | 0.12% | 0.43% | -0.18% | 0.26% | 0.19% | 0.27% | |
| EUR | -0.06% | 0.06% | 0.38% | -0.23% | 0.20% | 0.14% | 0.22% | |
| GBP | -0.12% | -0.06% | 0.27% | -0.29% | 0.13% | 0.07% | 0.15% | |
| JPY | -0.43% | -0.38% | -0.27% | -0.60% | -0.18% | -0.24% | -0.16% | |
| CAD | 0.18% | 0.23% | 0.29% | 0.60% | 0.43% | 0.37% | 0.46% | |
| AUD | -0.26% | -0.20% | -0.13% | 0.18% | -0.43% | -0.06% | 0.02% | |
| NZD | -0.19% | -0.14% | -0.07% | 0.24% | -0.37% | 0.06% | 0.09% | |
| CHF | -0.27% | -0.22% | -0.15% | 0.16% | -0.46% | -0.02% | -0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
