10 March 2025
This week markets are having to look past short-term news to discern a different long-term picture. The US imposed tariffs on trade with Mexico, Canada and China before swiftly granting an exemption for the US car industry. This was then extended to all goods which meet the terms of the US-Mexico-Canada Agreement on trade. Based on previous experience, it would be no surprise if temporary exemptions become permanent and more industries get a carve out. Markets have been volatile but currency markets, at least, now appear to be looking past short-term distractions.
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