Canadian FinMin: G7 weighs joint tariffs on low-value Chinese imports

Source Fxstreet

Canada’s Finance Minister François-Philippe Champagne confirmed on Wednesday that Group of Seven (G7) nations are mulling over coordinated efforts to impose levies on low-value Chinese imports.

Key quotes

  • G7 members considering addressing the issue of surge in inexpensive Chinese goods, which are often sold through e-commerce platforms at prices that evade traditional tariffs. 
  • Overcapacity issues and non-market behavior are distorting global trade.

This comes after the United States (US) decided to revoke the so-called de minimis exemption for certain Chinese e-commerce shipments.

Market reaction

The US Dollar Index (DXY) has come under renewed selling pressure following these comments, losing 0.35% on the day to trade near 99.70, as of writing.

US Dollar PRICE Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the weakest against the Swiss Franc.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.35% -0.23% -0.37% -0.14% -0.26% -0.23% -0.63%
EUR 0.35% 0.12% -0.05% 0.19% 0.12% 0.12% -0.27%
GBP 0.23% -0.12% -0.15% 0.09% 0.01% 0.02% -0.41%
JPY 0.37% 0.05% 0.15% 0.22% 0.12% 0.14% -0.26%
CAD 0.14% -0.19% -0.09% -0.22% -0.11% -0.07% -0.50%
AUD 0.26% -0.12% -0.01% -0.12% 0.11% 0.02% -0.39%
NZD 0.23% -0.12% -0.02% -0.14% 0.07% -0.02% -0.42%
CHF 0.63% 0.27% 0.41% 0.26% 0.50% 0.39% 0.42%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
US Dollar Index holds position near 98.50 ahead of Fed policy decisionThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent gains and trading around 98.70 during the Asian hours on Wednesday.
Author  FXStreet
Jun 18, Wed
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is retracing its recent gains and trading around 98.70 during the Asian hours on Wednesday.
placeholder
Gold price bulls seem reluctant amid hawkish Fed-inspired USD strengthGold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
Author  FXStreet
Yesterday 03: 59
Gold price (XAU/USD) attracts some dip-buying during the Asian session on Thursday and recovers a part of the previous day's losses to the $3,363-3,362 area, or the weekly trough.
placeholder
Bitcoin Price Forecast: BTC on the verge of a breakdown amid possible US strike on IranBitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
Author  FXStreet
Yesterday 09: 39
Bitcoin (BTC) price edges slightly higher, trading near $104,700 at the time of writing on Thursday, after stabilizing above a key level, the 50-day Exponential Moving Average (EMA) at $103,100.
Related Instrument
goTop
quote