The United States will postpone the decision on import tariffs for automobiles

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      The Euro recovered earlier losses against the dollar on Wednesday after U.S. government officials said that President Trump was expected to postpone the decision to impose tariffs on imported cars and parts for up to six months.
Trump is expected to officially announce the decision on Saturday. Trump was scheduled to make a decision on Saturday on the U.S. Department of Commerce's proposal to protect the U.S. automotive industry from imports on national security grounds.
"The assumption is that this will delay any tariff on European cars, which has been a problem hanging over broader trade negotiations." Shaun Osborne, chief foreign exchange strategist at Bank of Canada in Toronto, said.
The dollar benefits from its safe haven status, despite the fact that the United States and China are still in a trade war.
Last week, negotiations aimed at resolving Sino-US trade disputes reached a deadlock. The United States increased its pressure on China by raising tariffs on 200 billion US dollars of Chinese imports from 10% to 25%. In retaliation, China on Monday announced tariff increases on revised US imports worth $60 billion.
Earlier Wednesday, when the euro weakened, Italian Deputy Prime Minister Salvini said Wednesday that the EU's budget rules were "starving the continent" and must be changed. The day before, Salvini's comments that Italy should be ready to break these rules had disrupted financial markets.
"Before next week's general election in Europe, there must be some fears that there may be more anti-EU rhetoric." Erik Nelson, foreign exchange strategist at Wells Fargo in New York, said.
Salvigny's comments overshadowed the impact of strong German data. Data show that the struggling German economy resumed growth in the first quarter of this year, with construction activity rebounding as consumer spending increased, but the government said trade disputes still cast a shadow on the outlook.
Risk-averse currencies, including the yen and the dollar, were also boosted after weak economic data in China raised new concerns about China's economic growth.


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