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China to Impose Additional Tariffs on US | Canada Retail Sales Shine

Published August 23, 2019

  • The Chinese government announced on Friday that they would impose an additional tariff of 10 percent (up from 5 percent) on 5,078 US products worth about US$75 billion, in response to the US announcement to impose additional duties on Chinese imports.
  • Canada retail sales rose 0.0 percent in June, beating the forecast of -0.3 percent on month to month basis. Excluding volatile car sales, the Canadian retail sales index jumped to 0.9 percent, well above the expectation of 0.0 percent. The Canadian dollar was trading flat at 1.3311 after the release.
  • WTI oil prices fell around 3 percent this morning after China said it will slap an additional tariff on US crude oil imports starting next month. WTI oil was trading lower, at $53.67/barrel on the day.
  • This morning, the US Dollar Index was trading at 98.33 levels. All eyes will be on Federal Reserve Chairman Jerome Powell today, who is scheduled to speak at 10 am EST about the challenges of monetary policy. Investors are hoping for assurance of further interest rate cuts and more clarity on economic growth.