US dollar rising still in Asia trade – Trump tariff trade war on Colombia hits FX, risk

The USD is solidly higher and equity index futures on globex are lower. The news hit earlier:

• Trump slams Colombia with tariffs after it turns back migrant deportation planes

• Colombian president orders increase of import tariffs on US goods

• USD up, equity indexes down as Trump kicks off trade war with tariffs

• Trump is making an example of Colombia – unnamed White House source

And the WSJ with this on perhaps more to come:

• Trump aides want to hit Canada, Mexico with tariffs as soon as February 1 – before talks

Mix in NVDA/NQ collapsing:

• NVDA stock, NQ futures have both slipped on a steaming pile of DeepSeek

and poor data from China:

• China official PMI data for January 2025: Manufacturing 49.1 (expected 50.1)

This article was written by Eamonn Sheridan at www.forexlive.com.