Breaking News: USD, JPY rise as China asks WTO authorization to impose trade sanctions on the US

China has asked the World Trade Organization (WTO) for authorization to impose trade sanctions on the US. The authorities in the world's second-largest economy cite a US non-compliance in 2017 trade dispute ruling as an argument in the case. 

The market mood which was upbeat early in the morning has soured. S&P futures are lower, the US Dollar is strengthening across the board with the exception of the safe-haven yen.

The US has prepared new tariffs on $200 billion worth of Chinese goods. The Administration has not announced the implementation and the time that passed by allowed markets some breathing space. The WTO move by China brings the topic back to the forefront. In other trade fronts, progress has been reported in EU-US talks while Mexico signaled it will go for a bilateral deal with the US if Canada does not join in.

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