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1.Market Observations, 8.Was Sticky

3 July 2018 (AFR) -Donald Trump stands firm on trade, even as foreign tariffs begin kicking in

(3 July 2018, AFR, p11, by Heather Long)

‘President Donald Trump has defiantly stood by his tariffs as Canada hit back hard, Mexico elected a new leader who seems prepared to confront him, and the European Union issued a scathing condemnation of his policy as “in effect, a tax on the American people”. Instead of backing down, Trump on Monday (AEST) brushed off the mounting pressure from businesses and world leaders to scale back the taxes before they cause additional job losses and slower economic growth. This week will be a critical test of Trump’s resolve as Canada on Sunday imposed tariffs on $US12.6 billion of US products and China is set to levy high tariffs on $34 billion worth of American goods, including soybeans, on Friday, the same day that Trump plans to tax an additional $34 billion worth of Chinese items.’

Read more at AFR.com (might need AFR login access, or try: AFR.com /trial)

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