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US Eyes More China Tariffs | Eurozone Growth Rate Slumps
Published October 30, 2018
Growth in the euro zone economy slowed in the third quarter, according to a preliminary estimate released on Tuesday, adding to fears that the bloc’s economy is losing momentum. Eurostat said the euro area economy grew by just 0.2% in the third quarter.
The US is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war.
The Chinese yuan touched the weakest level since May 2008. The central bank cut its daily fixing and there are signs that a trade war with the US may escalate. The currency declined to 6.9711, its weakest level since the global financial crisis.
UK Chancellor Philip Hammond has announced that Britain’s “era of austerity is finally coming to an end”, provided the government secures a Brexit deal with the EU. Unveiling the government’s annual budget in the House of Commons, Hammond said he expects a fall in the UK’s expected borrowing needs between now and the mid-2020s.