Trump adds More Tariffs, plus Predictions
[Headlines from DRJ]
Trump heaps another 5% tariff on Chinese goods in latest tit-for-tat escalation:
U.S. President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.
Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods, prompting the president earlier in the day to demand U.S. companies move their operations out of China.
It must be hard for American businesses to keep count of where things stand, which is not good for business. I predict the stock market will fall more next week since this happened after the close.
UK PM Johnson to tell Trump to de-escalate trade tensions:
British Prime Minister Boris Johnson said he would be telling President Donald Trump at this weekend’s G7 summit to pull back from a trade war which is already destabilising economic growth around the world.
Asked if he would be telling Trump he should not escalate the trade war with China, Johnson said “you bet”.
Johnson said his priorities for the summit “are clearly the state of global trade. I am very worried about the way it’s going, the growth of protectionism, of tariffs that we’re seeing.”
I also predict Trump won’t be saying nice things about Boris on Twitter.