China, Trump and tariffs
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"It's an all-round blockade against China," said Yuan Yuwei, hedge fund manager at Water Wisdom Asset Management, who said he was bullish on gold and shorting China and Hong Kong stocks as a result.
From Reuters
President Trump announced yesterday that new tariffs would go into effect on imports from about 185 countries, including the U.S.’s largest trading partners, by April 9.
From Yahoo
Sweeping tariffs imposed by U.S. President Donald Trump on Wednesday are set to increase prices of cannabis products in the country, as many firms rely on Asia for manufacturing.
From Reuters
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U.S. National Economic Council Director Kevin Hassett on Thursday dismissed the possibility of China retaliating to tariffs imposed this week by cutting off U.S. pharmaceutical supplies.
China has come out badly from Mr Trump’s Rose Garden rant. Counting the new levy of 34%, plus existing duties, the total rises to 65%—and slightly higher if you include the disruptive removal of a tariff exemption for small packages.
January and February data out of China hae beat expectations and real GDP growth is tracking slightly over 5%, according to Goldman Sachs.
Four of China’s largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry, after Beijing pledged to help them support the economy.
Asian equities rebounded on light volumes following yesterday’s steep sell-off. One media outlet called yesterday “Black Monday” after the US’ 1929 market crash. Meanwhile, Taiwan and South Korea were both up nearly +3%,
Donald Trump’s decision to boost tariffs on almost every country will deal a blow to China’s economy. But it’s also handing Xi Jinping a rare opening to deepen relationships across the board, including with key US allies in Asia and beyond.
Fitch Ratings cut China's credit rating, citing "rapidly rising public debt" in the world's second-biggest economy. Fitch said this week's increase in U.S. tariffs wasn't the trigger, but cited "uncertainty about their impact.
Donald Trump’s latest tariff attack on China could imperil any possible “grand bargain” between Washington and Beijing and drive a hard decoupling between the world’s two largest economies, analysts said.