US moves swiftly to implement Trump’s trade war tariff increase on Chinese goods - SCMP


The South China Morning Post (SCMP), in its latest editorial piece, sheds light on the US’ action to implement the new round of Trump tariffs.

Key Quotes:

“US government official filing notice to increase tariffs will appear on Friday, August 30th in the US Federal Register.

The move is in response to China’s decision to impose retaliatory tariffs of between 5 and 10 per cent on US$75 billion worth of American products.”

A draft note hosted on the US Federal Register read: “In accordance with the specific direction of the president, the US Trade Representative has determined to modify the action being taken in this Section 301 investigation by increasing the rate of additional duty from 10 to 15 per cent for the products of China covered by the US$300 billion tariff action published on August 20, 2019.”

The risk sentiment is seen souring in mid-Asia, with most Asian equities turning south while S&P 500 futures are seen holding steady around 2,870 levels. USD/JPY trades better bid near 105.80 region.

 

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