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CROSS ASSET: Risk-On Price Action After Lutnick Points To USMCA Delay

CROSS ASSET

Risk-on price action as U.S. Commerce Secretary Lutnick notes that USMCA good-related tariffs likely to be delayed until April 2, with President Trump perhaps making an announcement on the decision later today.

  • Market sees this as more room for Trump and fellow USMCA leaders to cut a deal/moderate any eventually delivered tariffs.
  • Broader USD and bonds offered, stocks bid away from session lows.
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Risk-on price action as U.S. Commerce Secretary Lutnick notes that USMCA good-related tariffs likely to be delayed until April 2, with President Trump perhaps making an announcement on the decision later today.

  • Market sees this as more room for Trump and fellow USMCA leaders to cut a deal/moderate any eventually delivered tariffs.
  • Broader USD and bonds offered, stocks bid away from session lows.