President Trump Fires Another Shot at China, Says to Increase Tariffs While Asian Markets Take a Plunge
Login

President Trump Fires Another Shot at China, Says to Increase Tariffs While Asian Markets Take a Plunge

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
The trade war between two macro economies, U.S and China which had lasted for 16 months in which both countries slapped tariffs on their respective goods seemed to make a headway last few weeks when reports came through that the two countries were nearing a preliminary phase of the trade deal and the tariffs on the goods will be reversed.

However, in a twist, an air of uncertainty hovered above the deal as many speculated that the U.S unwillingness to remove some certain tariffs which many seemed to draw that premise from U.S. white house spoke woman’s interview with a major news channel, which was later corroborated by President Trump himself.

Investors were taken aback as uncertainty rose as to when the preliminary deal will be signed. In recent news, U.S. President as quoted declared that the preliminary deal will happen soon while revealing that he may slap more tariffs on Chinese goods if the deal doesn’t pull through.

Asian Market Takes a Plunge
In the wake of this news, the Asian market took a plunge. The Shanghai Composite Index SHCOMP now stands at 0.31% to 2,908.63, Nikkei 225 NIK, standing now at -1.75% to 23,303.13 while Hang Seng HSI, previously -1.82% slipped by 1.9% to 26,549.
Kospi 180721,standing previously at -0.86% fell by 0.8% to 2,124.68 and Sydney’s S&P-ASX 200 XJO, standing previously at 0.81% took a retreat by 0.6% to 6,715.70. Taiwan Y9999 now stands at -0.46%, Singapore STI before -0.83% took a plunge.

Nissan 7201, standing previously at -0.50% retreated while yet to recover from last year 70% incomes and revenue drop. Fast Retailing 9983 and Inpex 1605, standing in negatives previously also fell. As well as LG Electronics and Foxconn.

Hong Kong’s real estate stocks like New World Development 17, Wharf Real Estate 199 and Sino Land Co. 83, were dealt a blow given the increased unrest in Hongkong.

On the other end, the news had a little impact on the U.S. markets as the USD paired with the Japanese yen which previously had a market gain of 0.09% held steady at 109.06 yen, a slight increase from Tuesday’s 109.01 yen.

In the last five weeks, the bulls tested the U.S. markets as the benchmark S&P 500 index of the Wall street SPX having a previous gain 0.16% topped a 3,100 level high but had a slight drop to end at 3,091.84.DJIA held steady at 27,691.49 while The Nasdaq COMP recorded a gain of 0.3% to stand at 8,486.09. The stocks took a bullish trend likewise. However Benchmark US Crude took a bearish turn likewise NewZealand NZ50GR.

Later this week, the U.S. will release October inflation figures while analysts predict a rise in retail sales for October. In view also is Powell’s testimony to U.S. Congress on Wednesday while hopes are held that Federal reserve will hold steady on its interest rates reduction.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News