White House: The report is false. The Feb 1 deadline still holds

The White House says the Reuters report is “false”.

The White House says Trump will implement 25% tariffs on Mexico and Canada plus 10% tariffs on China on Saturday as Trump has said many times.

They said the tariffs “will be up for public consumption on Saturday” and that there is no update on exemptions. Though the White House also said they’re not seeing the start of a trade war with Canada and that Trump will respond to Trudeau’s comments in due time.

In immediate reaction the Canadian dollar has given back its gains.

A few points:

• Welcome to Trump-trading. If you weren’t around for the first go-round, get used to it. Leaks, counter-leaks, threats, denials.
• You better have high conviction if you’re holding anything that can get bounced around on these kinds of headlines
• The signal-to-noise ratio is brutal
• Sources from places like Reuters, Bloomberg, the WSJ and other top media are impeccable. They don’t make things up but the administration may have rival factions and things can be leaked for many purposes

This article was written by Adam Button at www.forexlive.com.