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04 July 2018, 06:30 | Kelvin Horton
President Trump’s approach to trade has alarmed world leaders and members of the U.S. business community
The president is holding firm on tariffs and efforts to renegotiate trade terms, tweeting Tuesday morning that the US economy is strong, "and that's prior to fixing some of the worst and most unfair Trade Deals ever made by any country". The benchmark Nikkei 225 index lost 0.1 percent to 21,785.54 while South Korea's Kospi added 0.1 percent to 2,272.76. The Office of the U.S. Trade Representative concluded after an investigation that China's tactics range from requiring U.S. and other foreign companies to hand over technology in return for access to the vast Chinese market to outright cyber-theft.
"You saw some of the more tariff-sensitive stocks a little bit weaker on the opening", said JJ Kinahan, chief market strategist for TD Ameritrade.
"We would be much more concerned here in Europe if all the volume which is not anymore able to be shipped into the U.S. is redirected to Europe", he told Sky's business presenter Ian King. There's little sign of a possible compromise and the standoff could spell the end of Merkel's fourth government.
"Overall we expect the RBA to remain upbeat, with "further progress in reducing unemployment and having inflation return to target" continuing to be the central expectation", said ANZ economist, Joanne Masters.
Today's price action suggests bullish traders were not too shaken by the impromptu agreement between President Trump and Saudi Arabia to raise production. The new import tax was announced back in May as part of an effort by the Trump White House to reduce a $337 billion trade deficit with China.
In the letter to United States authorities, the European Commission, which handles trade policy for the bloc's 28 members, painted a stark picture of what the U.S. economy would face if Trump followed through on his threat.
Meanwhile, about 6.2 billion dollars of exports from the state of Washington could be targeted by retaliatory tariffs, with steel, aluminum products and coffee among hardest-hit exports.
In a written statement to the U.S. Department of Commerce, the EU set out clear plans to respond to potential U.S. duties on European cars.
Canada's retaliatory tariffs take effect Sunday against American products including Florida orange juice, ketchup and Kentucky bourbon. The company says it is considering the request, which relates to its operations in the Democratic Republic of Congo, Nigeria and Venezuela. This is higher than the 1 million barrels-a-day increase that OPEC countries have agreed on, sending oil futures on a decline.
SC is not the only state expected to suffer, Iowa pork producers could lose $560 million from a Mexico tariff on the product. Brent crude, used to price worldwide oils, gained 74 cents to $78.04.
CURRENCIES: The dollar ticked up to 110.76 yen from 110.74 yen in late trading Friday. The euro rose to $1.1656 from $1.1639.
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