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1.Market Observations, 2.Economic forecasts, 8.Was Sticky

7 July 2018 (AFR) – Trade wars: are investors worried enough?

(7 July 2018, AFR, p29, by Patrick Commins)

Impact of large scale tariff increases (by country)

Impact of large scale tariff increases (by country)

‘Anybody claiming President Donald Trump was all talk on trade would have been forced to doff their rose-tinted glasses the moment Trump’s tariffs on $US34 billion of Chinese imports came into effect on Friday afternoon. Markets have been pricing in the ramping risks. Copper – the global bellwether commodity for industrial activity – has dropped 12 per cent over the past month. The Aussie is off around 2.5 per cent in recent weeks and is trading around 12-month lows as the US dollar pushes higher. The renminbi over June had its worst month on record against the greenback, dropping 4 per cent including the first couple of days in July. China’s equity market has plunged into bear market territory.’

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

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