US Increases Tariffs on $200B of Chinese Imports | US CPI Data Due
Published May 10, 2019
President Trump went forward with boosting tariffs on $200 billion of Chinese imports to 25% overnight. Many experts on US-China relations have warned that the higher tariffs could cost countless manufacturing jobs while also putting further pressure on American workers. The central government in Beijing has promised there will be retaliatory measures taken.
Core and headline US inflation are expected to have picked up to 2.1% in April as the Federal Reserve looks for evidence suggesting that too-low price growth will prove “transitory”. That data will be published this morning.
The Canadian labour market report is set to be published from Statistics Canada this morning with forecasts indicating that the economy added 44,100 jobs in April. Additionally, the unemployment rate is forecast to remain steady at 5.8%, pointing at a rebound in the labour market.
The UK published GDP figures early this morning with the total trade deficit widening from £8.9 billion to £18.3 billion in the three months leading to March 2019. The trade in goods deficit widened from £6.4 billion to £43.3 billion and the trade in services surplus narrowed £2.5 billion to £25.0 billion.