Markets roil, gold surge amid reports that US will move forward with more Chinese tariffs
|Fox News is reporting that the US administration is still on course to slap China with new tariffs on December 15. According to the report, that is the default, unless the world's largest economies strike a deal beforehand.
Earlier, President Donald Trump said that a deal may have to wait for after the 2020 presidential elections and that he is resigned to that option. During recent weeks, markets have been pricing in a deal. He reaffirmed his stance that Beijing wants a deal.
On Monday, White House adviser Kellyanne Conway said that the accord is being written. Other officials have also expressed optimism. Tuesday's comments and reports are a sharp turnaround.
Stock markets are selling off sharply and safe-haven assets such as the Japanese yen and gold are rising. USD/JPY has plunged to around 108.50 and the precious metal is trading at around $1,4780.
XAU/USD four-hour chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.