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China is about to uncover a list of retaliatory duties on American exports to China with the aim countering an expected announcement from America of proposed new duties on China’s imports, as the Global Times informed on Wednesday.
The Chinese list is going to target a huge number of major American imports to this Asian country, as the English-language editorial disclosed.
Trade clashes between the two nations sparked the previous week after Donald Trump imposed duties on aluminum and steel imports and also revealed plans for duties on $60 billion of China’s goods.
Alarm over a probable trade conflict between the world's two leading economies has cooled financial markets. It’s due to the fact market participants anticipated negative consequences if trade barriers are lifted because of Trump's bid to diminish the American deficit with China.
Financial markets are currently awaiting the United States to have a list of Chinese products unveiled, which could be targeted with extra duties after an American inquiry accusing China of unfair trade and intellectual property theft.
Compared to China's list, the American one hurts itself more than this Asian country. It’s obvious that the tougher the move, the greater the impact on the United States, as the Global Times revealed in its editorial.
The tabloid outlet stressed that it’s going to deliver a tough blow to the United States wielding the stick of trade conflict in the hawkish way. It will make the United States pay a price for its irrational trade policy toward the world’s number two economy.
Besides this, the Global Times told that the United States turned to be naive to think it could urge China to agree to their fierce demands because China's economy is steady and firm. What’s more – China has successfully endured such hits from previous US presidential administrations.
Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.
Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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