Last night , the president said the U.S. would put 5% duties on all Mexican imports on June 10 in order to get Mexico to curb illegal immigration. The tariffs will increase to 25% by October if there is no discernable difference on the numbers.
If Trump goes through with the duties, their effects will ripple across the country. America imported $346.5 billion in goods from Mexico last year, 10% more than in the prior year, according to the Office of the U.S. Trade Representative. But several key 2020 electoral states would take a particularly sharp blow from the tariffs.
Canada’s GDP data basically came in as expected, confirming the Bank of Canada’s comments that the Canadian economy is on a bit of an upswing, however Trump’s comments usurped any positives from this news, expect further range trading.
Currently Close Range
USDCAD 1.3516 1.3500 1.3493-1.3565
EURCAD 1.5080 1.5023 1.5022-1.5124
GBPCAD 1.7065 1.7018 1.7016-1.7089
CA: Gross Domestic Product Q1/19 0.1% 0.1%
Y/Y 1.6% 1.2%
Monthly GDP March -0.1% 0.5%
Industrial Product Price Index Apr M/M 1.3% 0.8%
Y/Y 1.5% 1.8%
US: Personal Income April 0.1% 0.5%
Consumer Spending April M/M 1.1% 0.3%
Consumer Sentiment May 102.4 100.00