- President Trump will announce new auto import tariffs today, though it’s unclear if they target European vehicles.
- Markets are reacting ahead of his planned April 2 “Liberation Day,” when broader reciprocal tariffs are expected.
President Trump will announce new tariffs on auto imports during a press conference in the Oval Office at 4 p.m. ET, according to White House press secretary Karoline Leavitt.
The headlines have weighed heavily on EUR/USD, pushing the pair to multi-week lows (now below 1.0750). However, it is hard to find sources that indicate that the tariffs announced today will apply to autos coming from Europe.
Regardless of today’s announcement, Trump has promoted next week’s April 2 as D-Day for imposing reciprocal tariffs on all countries that maintain import duties on U.S. goods. So, the market might just be getting ahead of next week’s possible volatility.
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