The US threat of aluminum and steel tariffs and reciprocal tariffs initially shook the markets, but the implementation at some future date gives the impression that the threats are negotiating ploys helped take away the sting. In his first term, Trump converted some of the tariffs to quotas, and that one scenario for the likely outcome now. Still there is great uncertainty of the US intent and strategy. For its part, the greenback finished last week lower against all the G10 currencies but the Japanese yen. It is not coincidental that US rates also fell last week. Despite the upside surprise to US CPI and PPI, many ... (full story)