President Trump Delays Tariff Penalties | Carney Highlights Risks for UK Financial Industry
Published February 25, 2019
US President Trump has stated he will delay the March 1st increase in trade tariffs on the purchasing of goods partially made in China. Equity markets reacted positively in Asia on the news, while the S&P 500 still remains below the levels it was at when the trade dispute first began.
UK Prime Minister May is set to postpone the vote on exiting the EU to March 12th. Despite this, it is determined that Parliament will still vote on Wednesday in the motion to delay the exit if the government’s deal is not agreed. EU leaders are suggesting a delayed exit should target 2021.
The Bank of England Governor Mark Carney stated early this morning that the possibility of Britain leaving the European Union next month without a transition deal ranked as the most substantial risk for the stability of the financial services industry in the UK.
Oil prices have edged lower amid political uncertainty on several producers but could face pressure from record US exports. President Trump has once again vocalized his discontent for higher oil prices, specifically calling on OPEC to regulate such alterations. OPEC members and non-OPEC producers such as Russia are leading efforts to re-balance the market and support oil prices.