White House advisor Navarro says there's no basis in fact that US President Trump will walk back steel tariffs, via CNBC

• Trump has no exemption and has no exclusion rules.

Navarro's comments signal a firm stance on steel tariffs by the Trump administration, indicating no intention to reverse these trade measures. This could lead to heightened tensions in trade relations, especially with affected nations and sectors, and may result in a stronger USD if markets perceive the administration as maintaining its protectionist policies. Keep an eye on related equities and commodities, particularly in steel and broader industrial sectors, as they could react to ongoing trade dynamics.