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MNI POLITICAL RISK - Trump Imposes Tariffs On Regional Allies

Daily round-up of news from the US.
StoryPolitical Risk

Executive summary:

  • President Donald Trump invoked the IEEPA to impose sweeping tariffs on goods imported from Mexico, Canada, and China. Trump threatened tariffs on the EU and additional tariffs on strategic sectors like metals and semiconductors. 
  • The move, which effectively torpedoes the USMCA, marks the first time the IEEPA has been used to impose tariffs and is likely to face litigation from Democrats.
  • Canadian Prime Minister Justin Trudeau announced retaliatory 25% tariffs on more than USD$100 billion of US imports. Canada’s likely future prime minister, Pierre Poilievre – an erstwhile ally of Trump - said Canada should, "retaliate with dollar-for-dollar tariffs” and “never back down.”
  • Mexican President Claudia Sheinbaum instructed her Secretary of the Economy “to implement Plan B" and is expected to give a press conference at 10:00 ET 15:00 GMT.
  • Leaders from the European Union’s 27 member states will meet in Brussels today, with the bloc promising to “respond firmly” to US trade measures.
  • Lawmakers offered a muted response but Republicans in agricultural and manufacturing states are likely concerned about blowback to their states' economies.
  • Rohit Chopra has been removed as director of the CFPB.
  • The Gaza ceasefire deal may hinge on a meeting between Trump and Netanyahu tomorrow.
  • Trump’s hardline rhetoric appears to have drawn concessions from Panama and Venezuela.
  • Trump will meet with Japanese Prime Minister Shigeru Ishiba on Friday.  
  • Poll of the Day: Republicans are optimistic about the economy. 

Please find the full article attached below: US DAILY BRIEF

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Executive summary:

  • President Donald Trump invoked the IEEPA to impose sweeping tariffs on goods imported from Mexico, Canada, and China. Trump threatened tariffs on the EU and additional tariffs on strategic sectors like metals and semiconductors. 
  • The move, which effectively torpedoes the USMCA, marks the first time the IEEPA has been used to impose tariffs and is likely to face litigation from Democrats.
  • Canadian Prime Minister Justin Trudeau announced retaliatory 25% tariffs on more than USD$100 billion of US imports. Canada’s likely future prime minister, Pierre Poilievre – an erstwhile ally of Trump - said Canada should, "retaliate with dollar-for-dollar tariffs” and “never back down.”
  • Mexican President Claudia Sheinbaum instructed her Secretary of the Economy “to implement Plan B" and is expected to give a press conference at 10:00 ET 15:00 GMT.
  • Leaders from the European Union’s 27 member states will meet in Brussels today, with the bloc promising to “respond firmly” to US trade measures.
  • Lawmakers offered a muted response but Republicans in agricultural and manufacturing states are likely concerned about blowback to their states' economies.
  • Rohit Chopra has been removed as director of the CFPB.
  • The Gaza ceasefire deal may hinge on a meeting between Trump and Netanyahu tomorrow.
  • Trump’s hardline rhetoric appears to have drawn concessions from Panama and Venezuela.
  • Trump will meet with Japanese Prime Minister Shigeru Ishiba on Friday.  
  • Poll of the Day: Republicans are optimistic about the economy. 

Please find the full article attached below: US DAILY BRIEF