Highlights
Despite many rumors and some “reports” Friday to the contrary, the White House confirmed in a press briefing tariffs they will go into effect today. The Press Secretary Karoline Leavitt stated, "The President will be implementing tomorrow, 25% tariffs on Mexico, 25% tariffs on Canada, and a 10% tariff on China for the illegal fentanyl that they sourced and allowed to distribute into our country which has killed tens of millions of Americans."
President Donald Trump said that these tariffs will be additional to existing levies. He noted, however, that tariffs on Canadian oil imports will “probably” be set at 10%, rather than 25%.
The markets were jerked around yesterday by a mixture of reports about pending tariffs. It was the last trading days of the week and month, and the last trading day before tariff announcements. There was profit taking, hedging, repositioning of spec positions, and some traders hitting the sidelines to wait out the storm.