Articles

Trump:

• Greenland is needed from point of security
  Expects China’s xi to visit
  Looking at 25% tariff for
  lumber and forest products
  Going to resurrect critical mineral
  deal with Ukraine
  We can make a deal with Russia
  Says
  speaking to china on Tiktok
• Would not consider buying a plane from Airbus

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

This on tariffs:

• US Commerce Secretary Lutnick says Trump’s goal is to abolish the Internal Revenue Service

Trump wants tariffs to replace internal tax revenue. That this is not feasible is not stopping some buying of the USD. Spot traders aren’t here to mull the intricacies of policy possibilities, they are here to generate $ for the desk.

USD/JPY is sitting on its session lows but EUR/USD, AUD/USD, NZD/USD, GBP/USD are all reversing their earlier gains. And USD/CAD is turning around higher.

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

US Commerce Secretary Lutnick:

• his goal is simple: to abolish the internal revenue service and let all the outsiders pay

“Ousiders pay” is related to tariffs.

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

USD/JPY is hitting 2-month lows below 150.90:

• its not just yen strength, thought that is notable. ‘EUR, GBP, AUD, NZD, CAD, CHF are all up against the dollar on the session here.
• but yen is the outperformer
• Japanese equities are lower, not liking the stronger yen

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

U.S. plans a significant reduction of its diplomatic mission in China

• affecting embassies and consulates in Beijing, Hong Kong, and other cities
• move is part of Trump’s broader initiative to cut government spending
• potential layoffs could occur by Friday

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

The latest Labour Force report from the Australian Bureau of Statistics.

Employment +44K, another blockbuster!

• expected +20k, prior +56.3k

Unemployment Rate 4.1%, its risen but the jump in the participation rate accounts for this

• expected 4.1%, prior 4.0%

Participation Rate 67.3%, its highest ever, female workforce participation rising

• expected 67.1%, prior 67.1%

Full Time Employment +54.1k (part time -10.1k (prior +80k )

• prior -23.7k

***

This is another strong Aussie jobs report. A big jump in jbs added again, and this time all full time.

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

Apart from what has been posted there is no fresh news nor data.

USD/JPY sliding further after its overnight move:

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

Trump:

• “I’m going to be announcing tariffs on cars, and semiconductors, and chips, and pharmaceuticals, drugs and pharmaceuticals, and lumber, probably, and some other things over the next month, or sooner, and it’s going to have a big impact on America.”

Adds that car firms are calling him to say they want to make their cars in the US.

And:

• “If they don’t make their product in America, then they, very simply, they have to pay a tariff”

***

I posted on this yesterday:

• More on Trump’s proposed 25% tariff on automobiles, pharmaceuticals & semiconductor chips

I’ve seen so much bad information on what Trump said. He did not announce the tariffs. He did not announce an April 2 start date. He still hasn’t made a decision on the tariffs yet. Be careful what you read folks.

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

Japan’s Trade Minister, Yoji Muto, is planning a trip to the United States in March to request that the Trump administration exempt Japan from upcoming tariffs on steel and automobiles, according to a report by the Asahi newspaper on Thursday.

Muto is reportedly arranging meetings with newly appointed U.S. Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright, and other senior officials. Discussions will also cover Japan’s plans to increase purchases of American natural gas and the stalled acquisition of U.S. Steel by Nippon Steel.

He aims to visit before March 12, when the 25% tariffs on U.S. imports of steel and aluminum are set to take effect. However, the exact timing of the trip remains uncertain and will depend on Japan’s parliamentary budget deliberations, Asahi cited multiple unnamed government sources as saying.

Japan Inc. will be right behind him!

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

Trump says will fill up the US SPR ‘fast’.

He is adding more:

• we will dramatically cut taxes
• No tax on tips
• Hopefully no taxes on social security
• We will cut taxes on domestic producers of oil and gas

I don’t know why he is just repeating campaign promises. He is the boss now. Time to talk has finished, get the promises done.

Earlier:

• Trump plans a cash splash with DOGE savings

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

Trump says he is considering

• giving 20% of savings from DOGE cuts as payouts to Americans
• another 20% of savings could go toward paying down the federal debt

Trump speaking at the FII Priority Summit in Miami

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

POLITICO has the report, here.

In summary:

• The EU is open to reducing its 10% tariff on cars as part of broader negotiations with the U.S.
• EU Trade Commissioner Maroš Šefčovič signaled willingness to discuss a larger trade deal, including tech regulations and defense spending.
• President Trump has criticized the EU’s car tariffs and threatened “reciprocal tariffs” on various sectors, including autos, semiconductors, and pharmaceuticals.
• Šefčovič countered Trump’s complaints, arguing that the EU’s average industrial tariffs are comparable to the U.S. and highlighting the U.S. 25% tariff on pickup trucks.
• The U.S. trade deficit with the EU in goods was $235.6 billion in 2024, but including services, the deficit drops to around $50 billion.
• Šefčovič warned of retaliation if Trump imposes sweeping tariffs but emphasized hopes for a diplomatic resolution.
• Meetings planned with senior U.S. officials, including Commerce Secretary Howard Lutnick, Trade Representative-nominee Jamieson Greer, and senators from both parties.

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