Gold Prices Steady as Markets Await Key U.S. Inflation Data 
Oil Prices Steady but Head for Weekly Loss as Supply Glut Concerns Weigh 
Asian Currencies Slip as Dollar Stabilizes Ahead of U.S. CPI Data 
Yen Pulls Back After Rally as Fed Rate Cut Bets Support Dollar Stability 
New Zealand House Prices Dip in January Amid Seasonal Slowdown and Severe Weather 
Gold Prices Steady Above $5,000 as Markets Eye Fed Minutes and PCE Inflation Data 
U.S. Stock Futures Edge Higher Ahead of Holiday as Investors Await Key Economic Data 
Asian Stock Markets Trade in Narrow Range as Japan GDP Misses Forecasts, Hang Seng Gains 
Gold and Silver Prices Slip After Strong U.S. Jobs Data, Fed Rate Cut Bets Fade 
BOJ Governor Ueda Meets PM Takaichi as Markets Eye Possible Rate Hike 
Asian Markets Slip as Tech Stocks Tumble Ahead of Key U.S. Inflation Data 
MOEX Russia Index Closes Flat as Gold Surges and Ruble Strengthens 
Asian Markets Consolidate Gains as Japan GDP Disappoints and Fed Rate Cut Bets Rise 
Japan, U.S. Speed Up Talks on $550 Billion Investment Deal Amid Tariff Pressure 
Oil Prices Steady as Iran-U.S. Nuclear Talks and OPEC+ Output Plans Shape Market Outlook 
U.S. Stocks End Mixed as January CPI Cools, Treasury Yields Slide 
ECB Expands Euro Liquidity Backstop to Strengthen Global Role of the Euro 
Mexico (EWW) and Canada (EWC) received a temporary boost after the White House confirmed that goods shipped under the United States-Mexico-Canada Agreement (USMCA) will be largely exempt from the newly implemented 10% global tariff. The announcement follows a landmark U.S. Supreme Court ruling that struck down President Donald Trump’s use of emergency powers to impose significantly higher tariffs on key trading partners.
Under the previous tariff structure, non-USMCA-compliant goods faced steep duties of 25% for Mexico and 35% for Canada. With the shift to a 10% global tariff and broad USMCA exemptions, economists at Desjardins and Grupo Financiero Base estimate that the effective tariff rate will decline slightly to around 3.7% for Canada and 4.4% for Mexico. This adjustment lowers immediate trade tensions and reduces the “tax wall” facing North American exporters.
The exemption is particularly important for the automotive and energy sectors, including ETFs such as CARZ and XLE. By preventing heavy tariffs on oil, auto parts, and critical manufacturing components, the decision helps stabilize cross-border supply chains and limits price volatility for businesses and consumers.
Despite the short-term relief, trade uncertainty remains elevated. While the Supreme Court ruling removed one of Trump’s preferred tools for imposing broad tariffs, the administration retains alternative mechanisms such as Section 301 investigations and Section 232 national security probes. Trade experts warn these targeted measures could be used to pursue country-specific actions, keeping markets on edge.
The 2026 USMCA review represents the most significant long-term risk for the Mexican peso (MXN) and Canadian dollar (CAD). Reports suggest Trump has questioned the agreement’s future, raising concerns about potential renegotiation or stricter enforcement. Although the current exemption eases pressure on North American trade, investors should expect a persistent “USMCA risk premium” as policy uncertainty continues to shape currency markets, equities, and cross-border investment flows.
