Trump will announce his steel and aluminium decision at 3:30 pm ET, what to watch for?

Traders are getting set for when Trump will announce his steel and aluminium decision at Thursday afternoon meeting at 3:30 pm ET (20.30GMT) meeting Thursday.

Trump said that he would institute a 25 percent tariff on steel imports and a 10 percent tariff on aluminium earlier this week that sent markets into a tailspin considering what the implications are for consumers in the US already struggling with higher steel prices since the start of this year.

The provocation led to various Republican officials opposing the move concerned for the ramifications in a geopolitical sense as well as to how it could affect the US economy. It even led to the resignation of the chief economic advisor to the White House, Gary Cohn which was the nail in the coffin for stocks. A White House official told CNBC today that the president will sign a "legal paper enacting the president's stated objectives with dates of enactment and implementation included." Earlier Thursday, NBC News reported that if Trump were to sign a proclamation Thursday it would be largely "symbolic."

What to watch for?

In terms of currencies, the MXN and CAD will be impacted heavily as to whether Trump will exempt Mexico and Canada from the tariffs where the White House has said that president Trump was considering such exemptions - (Trump could be considering a 30-day exemption for Canada and Mexico, which would be tied to negotiations on the North American Free Trade Agreement. The president has repeatedly threatened to pull out of the 1994 pact if negotiators do not figure out a way to overhaul it)  - CNBC  reported. The DXY is up to the 90 handle, +0,56% since the ECB meeting and stocks are looking very fragile trad the at the sesison lows in the banchmarks currently. USD/JPY is on the verge of a breakout if it can get above 106.40 or below 105.80. Gold is closely linked to inflation expectations and risk, so a further provocation could lead to a bid if stocks sell-off again. 

Thursday morning, Trump tweeted:

 "Looking forward to 3:30 P.M. meeting today at the White House. We have to protect & build our Steel and Aluminum Industries while at the same time showing great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military." - (Source CNBC).