The biggest if for our negative USD tilt is whether Trump will use the report from the Commerce Department to hike auto tariffs. Higher tariffs risk fuelling further setbacks, in a time when climate change may already be weighing on consumption. Auto tariffs are looming as the brand new report on the matter from the Commerce Department calls car imports a security threat according to several sources. This leaves Donald Trump with a three-month window to call an executive order that imposes a 25% tariff on car imports. The risk of auto tariffs was part of fuelling the setback in EUR/USD and European auto-stoxx roughly ... (full story)