Trump signals more tariffs and confirms talks with China

Source Fxstreet

The US President, Donald Trump, held a press conference in the Oval Office in Washington. He discussed trade deals with China, tariffs, and the acquisition of US Steel by Nippon Steel.

Key highlights:

Nippon Steel could be part of trade talks with Japan.
We want US Steel to remain in US hands.
We don't want foreign businesses buying US Steel.
Nippon Steel could be part of trade talks with Japan.
I doubt Nippon Steel deal will be a part of Japan tariffs.
Nippon can invest or be a partner.
We set a number, people pay that number or go elsewhere.
We're going to do it without Nippon.
We're talking to China.
China has reached out since 145% tariff.
I don't want to say We're talking to Xi directly.
It's pretty obvious Xi has reached out directly.
At a certain point people won't buy.
We have a deal for TikTok but subject to China.
China would like to see us do the deal we have.
I think we will make a deal with China.
I think we have a lot of time.
If we don't make a deal, we set a target.
Deals over the next three to four weeks.
Reiterates computer and chips tariff threat.
Reiterates tariffs on cars, steel and aluminum.
We have some other things that we're going to be adding in the not too distant future.

Tariffs FAQs

Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas.

Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers.

There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs.

During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Has Gold Hit Bottom? Barclays, Citi Both Bullish on Gold, Gold Price Will Return to $5,000 Next Year.Since 2026, gold has erased almost all of its gains and has fallen more than 20% from its record high of $5,595 set at the end of January. Has gold bottomed out? Is now the time to add to
Author  TradingKey
13 hours ago
Since 2026, gold has erased almost all of its gains and has fallen more than 20% from its record high of $5,595 set at the end of January. Has gold bottomed out? Is now the time to add to
placeholder
WTI hovers around $80.00 as traders await developments on US-Iran peace talksWest Texas Intermediate (WTI) oil price inches higher after registering 3.7% losses in the previous day, trading around $80.10 per barrel during the Asian hours on Tuesday.
Author  FXStreet
22 hours ago
West Texas Intermediate (WTI) oil price inches higher after registering 3.7% losses in the previous day, trading around $80.10 per barrel during the Asian hours on Tuesday.
placeholder
Bitcoin Strongly Breaks $65,000, How This Week’s FOMC Decision Will Influence the Outlook? Bitcoin prices surge past $65,000 as U.S. and Iran reach a new agreement, with the $70,000 mark in sight this week.On June 15, Bitcoin ( BTC) continued its rebound, decisively breaking th
Author  TradingKey
Yesterday 08: 54
Bitcoin prices surge past $65,000 as U.S. and Iran reach a new agreement, with the $70,000 mark in sight this week.On June 15, Bitcoin ( BTC) continued its rebound, decisively breaking th
placeholder
Gold Rallies for Third Straight Day. Trump Says US-Iran Deal Will Be Reached, Can Gold Prices Return Above $4,500? As of the Asian session today (June 15), driven by significant progress in US-Iran negotiations, gold prices today ( XAUUSD) gapped higher at the open, with intraday gains exceeding 2%; m
Author  TradingKey
Yesterday 08: 35
As of the Asian session today (June 15), driven by significant progress in US-Iran negotiations, gold prices today ( XAUUSD) gapped higher at the open, with intraday gains exceeding 2%; m
placeholder
Gold rises to weekly high as US, Iran reach peace dealGold price (XAU/USD) rises to a weekly high during the Asian trading hours on Monday. The precious metal rebounds after the United States (US) and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.
Author  FXStreet
Yesterday 01: 32
Gold price (XAU/USD) rises to a weekly high during the Asian trading hours on Monday. The precious metal rebounds after the United States (US) and Iran had reached a deal to end their conflict, easing concerns about inflation and higher interest rates.
goTop
quote