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US Announces New Tariffs on China | NAFTA Deadline Looms

Published September 18, 2018
  • The US slapped tariffs of another $200 billion on Chinese imports, ratcheting up ongoing trade tensions between the world’s two largest economic powers. Trump said that if China retaliates, the US will immediately pursue phase three: tariffs on approximately $267 billion of additional imports. The dollar index against a basket of six major currencies popped up to 94.60 levels, but quickly gave up its gains and fell to 94.32 levels.
  • High level meetings are set to resume in Washington to bring Canada into a revised North American Free Trade Agreement. The renewed effort comes as the opposition conservatives criticized Prime Minister Justin Trudeau for the tactics his government has been using to get a NAFTA deal done.
  • Turkish lira slipped against the dollar after President Tayyip Erdogan escalated his dispute with Turkey’s banking sector by calling for an investigation into links with members of the opposition. Lira dropped to 6.4639 levels.