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US to Impose Additional Tariffs on China | Threat of ‘No-Deal’ Brexit Looms

Published August 8, 2018
  • The US has stated it will begin imposing 25% tariffs on an additional $16 billion of Chinese goods from Aug 23. The list of casualties includes motorcycles, steam turbines and railway cars. There is little sign yet of the trade war taking a toll on China, with data showing that their exports rose faster than expected in July.
  • The Canadian dollar has continued to weaken against the greenback this morning, with the currency pulling back from a nearly eight-week high as the diplomatic dispute worsened between Canada and Saudi Arabia. The Saudi government has stated that it would no longer buy Canadian wheat and barley.
  • NAFTA negotiators from the US and Mexico meet for a third straight week in a push to complete a deal on autos. They’re also preparing for the inevitable confrontation over a clause sought by the Trump Administration that could end the agreement, specifically the accord on content and salaries for auto manufacturing.
  • The pound continues to struggle against USD, trading at 1.2936 at the time of writing. Analysts argue that a ‘no-deal’ Brexit could trigger a further 10% depreciation in the value of the British pound. The bearish forecasts are based on negative comments from the secretary for international trade.