Equity markets worldwide are reeling this morning after President Trump pledges hefty tariffs on steel and aluminium imports. The response in forex markets is relatively muted so far, but Canada is overly exposed to Trump's plans.

• Trump promises tariffs – risk appetite hits the skids again
• Equities hit hard but FX response is relatively muted
• Canada looks to be the big loser, China not so much
• Equities nosedive on US tariffs
• Crude oil is range-bound; first monthly decline in six months
• Speculation rising that gold has found an interim low