US President Trump seeks additional tariffs on $200 billion of Chinese goods

Joshua Gibson FXStreet

The US President, Donald Trump, has apparently asked a US trade rep to source another raft of tariffs on China, seeking a 10% tariff on $200 billion of Chinese imports.

Trump's initial set of newly-announced tariffs last week drew an immediate response from China, despite the US warning that retaliatory tariffs would see more tariffs applied to Chinese imports. President Trump appears to be making good on that threat as he prepares to move quickly on another set of tariffs against China, who so far remain undaunted by the POTUS' threats.

Donald Trump has also stated that if China responds with yet further tariffs against the US, Trump says that he will respond with yet another cluster of tariffs on another $200 billion of Chinese goods.

Markets are recoiling on the news. The AUD/USD dropped into 0.7393 on reaction, while the AUD/JPY tumbled down to 81.48 before rebounding above the 84.50 level. Risk flows have accelerated on the news, and the USD/JPY is back into 110.15 as traders pile into safe havens.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

GBP/USD recovers to 1.3450 region, looks to post weekly gains

EUR/USD stays below 1.1450 after US data

Gold rebounds from July lows, struggles to reclaim $4,000

CLARITY Act approval odds sink fast ahead of Congressional hearing

The United States (US) House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence (AI) is holding a hearing titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation” on Friday.

Week ahead – Could technology earnings revive equities as geopolitical risks linger?

Oil prices rise, but the dollar posts losses as Middle East tensions persist. US earnings, the ECB and UK newsflow dominate next week’s agenda. US equity markets face a pivotal test as focus shifts to technology earnings.

-0.4%: Why the biggest CPI drop since 2020 couldn't buy back a single cut

The June CPI fell 0.4% on the month, the largest one-month decline since April 2020, dragging the annual rate to 3.5% from May's 4.2% and snapping a three-month acceleration streak. Core prices went nowhere, flat on the month and down to 2.6% YoY, both under consensus.