House Speaker Ryan urging White House to not advance with trade tariffs - ANZ

Analysts at ANZ explained that trade tensions continued to simmer overnight, with Trump ruling out Mexican and Canadian breaks from recently announced steel tariffs unless a renegotiated NAFTA is “fair” to the US. 

Key Quotes:

"Both the MXD and CAD slumped on the news, with the tariffs perceived by some as a real sticking-point on current NAFTA negotiations.

But as a sign that this increased tension is not just with the US and its trade partners, House Speaker Ryan – through a spokesperson – stated that “We are extremely worried about the consequences of a trade war and are urging the White House to not advance with this plan. The new tax reform law has boosted the economy and we certainly don’t want to jeopardize those gains”. This internal push back was seen by some as the reason US stocks bounced overnight."