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The Beijing administration hit back by announcing tariff hikes on roughly $60 billion worth of goods imports from the United States. In response to the U.S. tariff hikes following the breakdown in trade talks, China has raised the tariffs from 5%-10% to 25%. This will be effective from June 1st.
The news sent the equity markets plunging as investors sought the safety of safe haven assets. The US said that it would raise the tariffs on the remaining $325 billion worth of imports from China.
Euro Muted, Waits for Industrial Production Data
The common currency was muted to the trade war tensions as it fell 0.08% on the day. Lack of fundamentals kept the euro currency confined to its recent range. The economic docket today will see the release of the final inflation figures for Germany and the ZEW economic sentiment index. This is later followed by the Eurozone’s industrial production data.
Will the Euro Brea...
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