March 12, 2018 -- Precious metals were flat to up slightly in last week’s trading. The U.S. dollar edged higher as did the yield on 10-year Treasuries. Most of the action was in stock markets when Friday’s key jobs report showed surprising strength. The S&P 500 index rose nearly 2%.

The good news overwhelmed concerns over tariffs and the prospect of trade wars. President Donald Trump mostly made good on his word Friday when he imposed a 25% tariff on imported steel and a 10% levy on aluminum shipped into the country.

Imports from Canada and Mexico will be exempt, and other countries are still pushing for their own carve-outs from what was originally to be a no-exemption policy.

This week markets grapple with responses from nations who export to the U.S. Few expect the European Union, China and other major producers to accept the tariffs without responding. So far, however, it isn’t clear exactly what measures will be taken.

Investors will also be getting a look at reports including CPI, retail sales and industrial production. The FOMC meets next Wednesday and most expect another rate hike. Markets will have plenty to digest in the days ahead.



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