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President Trump has imposed new tariffs against Mexico, markets sell off

By MoneyWay | May 31, 2019

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

                                                                                                Prior                      Actual

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

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