Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Mexico’s ready to impose a 20% tariff on pork from the USA
Mexico is on the verge of imposing a 20% tariff on imports of pork from the United States. That’s what two officials in the industry who were already familiar with the Mexican government’s plans informed. The given decision should be regarded as a response to Donald Trump’s intention to impose import tariffs on aluminum and steel.
The previous week Mexico told the retaliatory measures are going to impact pig ham as well as shoulders from American suppliers that account for approximately 90% of the annual import value of nearly $1.07 billion.
After debates Eriberto Hernández, the president of the Mexican Pork Producers Association told that they mean exactly 20% (tariffs) for (pork) hams as well as scapula, frozen and fresh, with bones and boneless.
The Mexican government couldn’t instantly respond to the request for comments on the tariffs and the gathering.
Hernandez told that he actually underpins the decision of his country and he isn’t assured that it’s going to provoke higher prices for pork in Mexico, because this country has a lot of alternatives to American suppliers.
The measures taken turned out to be a pure response to the Trump administration's decision the previous week to impose import tariffs on aluminum and steel explaining it by the fact that competition from other nations, including Mexico, directly threatens the national security of the United States.
The US intention to move forward on the issue of tariffs definitely complicated the talks with Canada and Mexico on the revision of the North American Free Trade Agreement.
The previous year, Mexico imported approximately 650,000 tons of pig ham and chicken legs worth nearly $1.07 billion, according to the government data.
The overall volume of pork imports to this country last year accounted for 840,000 tons.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.