Trade war: US offered massive tariff cuts – WSJ

Yohay Elam FXStreet

The US has offered China a 50% reduction in tariffs on $360 billion worth of imported goods, according to sources that spoke with the Wall Street Journal. Moreover, Washington has reportedly suggested refraining from slapping levies on December 15.

The news adds to the positive mood in markets that followed President Donald Trump's tweet, saying that the world's largest economies are getting close to a "big deal."

USD/JPY has extended its gains above 109 and other currency pairs are also on the move. However, markets are waiting for a confirmation from Beijing regarding any development.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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