Get used to US-China trade war, Australian PM warns - Australian Associated Press

Omkar Godbole FXStreet Contributor

Australian Prime Minister Scott Morrison believes Australia and the rest of the world will need to get used to the trade war between the US and China and look for opportunities in the trade tiff.

Morrison told the Seven Network on Tuesday:

"I think we're going to have to get used to this for a while, this level of tension," Mr Morrison told the Seven Network on Tuesday.

We've just got to accommodate that, we've got to absorb it, we've got to see the opportunities in it, of which there are many.

It is worth noting that one of Australia's biggest agricultural competitors in China is America. So, the ongoing trade war between the US and China could be a blessing in disguise for the Australian farmers.

"The US-China trade war could deliver Australian farmers a one-off $1 billion boost and generate an extra 3900 jobs just in time to offset the crippling cost of drought," according to a report by Shane Wright, a senior economics correspondent for The Sydney Morning Herald.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Ethereum Price Forecast: BitMine's holdings reach 4.42 million ETH as Fundstrat predicts 87% win-ratio

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped up 51,162 ETH last week, marking its largest purchase since December.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.