US-China Trade War Continues | US Annual PPI Drops
Published June 11, 2019
US President Donald Trump has threatened to slap more tariffs on at least $300bn worth of Chinese exports if US and China are unable to come to a trade deal later this month at the Group of 20 Summit in Japan.
The US producer price index advanced a seasonally adjusted 0.1 percent in May from a month earlier, wherein annual PPI dropped to 1.8 percent vs 2.0 percent expectation. The US Dollar Index was trading flat on the day at 96.81 levels.
WTI oil prices stabilized around $54 a barrel on Tuesday as firmer equities coupled with expectations that OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.
Mexican President Andres Manuel Lopez Obrador reiterated that they are optimistic to deal with the immigration issue. Obrador said that Mexico will continue with the policy of non-confrontation, of pursuing negotiation, and maintaining good relations with the US.