"We're in a new phase of trade war uncertainty, after the supreme court blocked Donald Trump's sweeping global tariffs last Friday. With the president hitting back over the weekend, announcing a new temporary global tariff of 10%, then 15%, its clear that the White House is persisting with its policy of using trade levies to gain leverage over other countries."
"The market reaction has been to sell the US dollar it has fallen by 0.4% against a basket of other currencies today, adding to losses on Friday after the supreme court declared tariffs imposed under the International Emergency Economic Powers Act to be illegal. US stock market futures are lower too, indicating we'll see losses on Wall Street, while bitcoin has also weakened."
"Last night, US Trade Representative Jamieson Greer insisted that deals made with other countries are still intact, and should be honoured. Greer told CBS's Face the Nation: We want them to understand these deals are going to be good deals. We're going to stand by them. We expect our partners to stand by them. Greer also pledged that the new 15% global tariff was distinct from the bilateral agreements struck in the last nine months with about 20 countries."
The supreme court blocked Donald Trump's sweeping global tariffs, prompting the president to announce a temporary global tariff initially at 10% and then raised to 15%. The White House is persisting with trade levies to gain leverage over other countries, increasing trade-war uncertainty and raising the risk of escalation. Markets reacted by selling the US dollar, which fell 0.4% against a currency basket, while US stock futures and bitcoin weakened. US Trade Representative Jamieson Greer said existing bilateral deals remain intact and urged partners to honour them. UK ministers acknowledged uncertainty for businesses. German IFO investor confidence is due at 9am GMT.
Read at www.theguardian.com
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