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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.
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Great Britain will publish the Inflation Rate on October 20, at 09:00 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
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