USTR files notice suspending Dec. 15 tariffs on Chinese goods

WASHINGTON (Reuters) – The U.S. Trade Representative’s office on Friday filed a Federal Register notice suspending the 15% U.S. tariffs slated to go into effect on Sunday on Chinese goods worth about $ 160 billion after reaching a “phase one” trade deal with Beijing.

The notice said that the Dec. 15 tariffs were “suspended indefinitely.” The move provides formal notice of the decision on Friday not to proceed with the tariffs.

“The U.S. Trade Representative will continue to consider the actions being taken in this investigation. In the event that further modifications are appropriate, the U.S. Trade Representative intends to take into account the extensive comments and testimony previously provided,” the agency said in the notice.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Economy News

Trump likely to meet with top trade advisers on Thursday to discuss Dec. 15 tariffs on China

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

Forex: Dollar Creeps Lower on Cooling Hopes of Delay to Tariffs on China

© Reuters.  © Reuters.

Invesing.com – The U.S. dollar edged lower on Tuesday, as uncertainty over whether the U.S. would delay planned tariffs on imporrts from China continued to weigh on sentiment.

The , which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.17% to 97.48.

Larry Kudlow, President Donald Trump’s top economic advisor, reportedly said he could not confirm the further tariffs on China would be delayed.

That offset positive news on trade amid a Wall Street Journal report suggesting that the U.S. was mulling a delay to imposing tariffs on China.

Without a deal nor a delay to tariffs before the Dec. 15 deadline, the U.S. is slated to impose tariffs on another $ 156 billion on Chinese goods.

These would include cellphones, laptops and tablets made in China, along with toys, office and schools supplies, some clothing, and even frozen Alaskan pollock fillets.

The dollar was also hurt by a rise in both the euro and the pound.

rose 0.22% to $ 1.1086 as economic data, including a in Germany, was not as bad as feared.

With just two days until U.K. voters head to the booths, the continued to rack up gains against the greenback amid expectations that the ruling Conservative party will secure a parliamentary majority.

Firmer also underpinned a bid in sterling.

rose 0.32% to 1.3184.

As a conservative victory is almost fully priced-in, “even a landslide victory might hardly see the pound rise,” said Oliver Allen at Capital Economics.

rose 0.19% to Y108.75 and was flat at C$ 1.3237.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Wall Street falls after U.S. tariffs on metal imports, soft PMI data

By Arjun Panchadar

(Reuters) – Wall Street fell on Monday after President Donald Trump said he would restore tariffs on metal imports from Brazil and Argentina, while weak domestic manufacturing data fanned worries of a slowing economy in the wake of the U.S.-China trade war.

The U.S. economy’s manufacturing sector contracted for a fourth straight month in November, as new order volumes slid back to around their lowest level since 2012. Construction spending also unexpectedly fell in October.

The figures were in sharp contrast to recent economic indicators that had reassured investors of a resilient domestic economy. Global markets had also cheered an unexpected rebound in Chinese manufacturing earlier in the day. [MKTS/GLOB]

However, Trump’s tweet about restoring tariffs on U.S. steel and aluminum imports from Brazil and Argentina dampened the mood and prompted officials in the two South American countries to seek explanations.

“The concern here is what kind of retaliatory response those countries might have, let alone sort of a re-escalation of these tariff wars in the midst of trying to resolve one,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The news sent shares of U.S. steel makers including U.S. Steel Corp (N:) and AK Steel Holding Corp (N:) up 3% and 7%, respectively.

The gains were an exception in a wider selloff, with 10 of the 11 major S&P 500 sectors trading lower. The technology sector () was off 1.3% and was the biggest drag on the benchmark index.

Hopes of an imminent “phase one” trade U.S.-China trade deal and upbeat U.S. economic data sent Wall Street to record highs early last week.

Retail stocks including Target Corp (N:) and Walmart Inc (N:) were in focus, with Cyber Monday sales expected to hit a record following $ 11.6 billion in online sales on Thanksgiving and Black Friday.

At 10:27 a.m. ET the Dow Jones Industrial Average () was down 161.38 points, or 0.58%, at 27,890.03, the S&P 500 () was down 22.50 points, or 0.72%, at 3,118.48 and the Nasdaq Composite () was down 99.57 points, or 1.15%, at 8,565.90.

Among other stocks, Roku Inc (O:) dropped 16.6% as Morgan Stanley (NYSE:) downgraded the video streaming device maker’s shares to “underweight”.

Declining issues outnumbered advancers for a 2.13-to-1 ratio on the NYSE and a 2.34-to-1 ratio on the Nasdaq. The S&P index recorded 16 new 52-week highs and two new lows, while the Nasdaq recorded 50 new highs and 18 new lows.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Stock Market News

Wilbur Ross to Fox: Pres. Trump will increase tariffs if there is no China deal

US stocks continue to be under pressure

The weak data pushed US stocks lower . Now Wilbur Ross is telling Fox that Pres. Trump will increase tariffs if there is no China deal.

The S&P index is currently down -23 points at 3118. The low reached 3111.93

The NASDAQ index is down -110 points at 8555. The low reached 8542.66

Spot gold is trading near unchanged levels at $ 1463.  The low price for the day was down at $ 1453.95. The high has extended to $ 1465.77

ForexLive

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

Dollar rises as U.S.-China relations worsen over Hong Kong and tariffs

By Elizabeth Howcroft

(Reuters) – The dollar rose on Wednesday and trade-exposed currencies fell after the U.S. president threatened a trade war escalation and China condemned a U.S. senate measure backing pro-democracy protesters in Hong Kong.

China’s yuan slipped to a new two-week low in overnight trading after U.S. President Donald Trump threatened to raise new tariffs on Chinese imports if ongoing trade negotiations fail.

China condemned the U.S. legislation aimed at protecting human rights in Hong Kong, saying that the U.S. should stop interfering.

After four days of falling, the dollar was up 0.1% against both the euro () and a basket of currencies. ()

“Today the main focus is the trade talks between China and the U.S. and we are seeing risk aversion,” said Piotr Matys, currency strategist at Rabobank.

Matys said that the U.S. senate’s bill in support of Hong Kong could complicate progress towards a preliminary trade deal.

Markets had hoped that a partial trade deal to end the 16-month U.S.-China trade war could be signed at a summit in Chile, which was scheduled for mid-November. The summit was cancelled, leaving the outlook for a deal unclear.

Adam Cole, chief currency strategist at RBC Capital Markets said that a preliminary “phase one” trade deal could be reached by the end of the year.

“The prospect of a broader more all-encompassing deal will drag on well into next year,” he added.

“The market is worrying (about) this sort of exogenous shock to the process by the build-up of tension in Hong Kong – I ultimately doubt that either side will allow that to delay the process,” Cole said.

The Canadian dollar fell against the U.S. dollar to its lowest since Oct. 11 after a speech by the Bank of Canada’s senior deputy governor boosted the perceived likelihood of a rate cut.

Trade-exposed currencies took a hit from the worsening U.S.-China relations. The Australian and New Zealand dollars were both down 0.4% versus the U.S. dollar , .

The Norwegian crown was down 0.9% versus the dollar and 0.7% versus the euro ().

The Swedish crown tracked these losses, but to a lesser extent, down 0.4% versus the dollar and 0.7% versus the euro ().

Demand for safe-have currencies was relatively unchanged, with the Japanese yen up around 0.1% against the dollar and the Swiss franc flat around 0.9905 .

Minutes from the U.S. federal reserve’s FOMC meeting in October are due at 19.00 GMT. Analysts expect little impact.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Why is risk tone mixed this am after rollback tariffs agreed?

Risk is in the balance…again

Risk is in the balance...again

Ok, so we have had news from China and the US that rollback tariffs will be in play? So everything should be hunky dory, right?

wrong.

There are reports of fierce internal opposition from the US regarding tariff rollbacks. This is an uneasy agreement, hence the jitters.

The US-China ‘trade war’ is taking on similar proportions to the US-Russia ‘Cold War’. Any talks of ‘Phase 1’ deals are truce’s and not resolution. Who knows which way risk will flip today – just keep your eyes and ears alert. 

ForexLive

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

China will not accept Phase One trade deal if US does not suspend tariffs – report

Global Times report

The US must cancel some of its current tariffs before China agrees to a Phase One trade deal, according to a former Chinese trade official cited in the Global Times.

The US is “very anxious’ to reach a trade deal with China but Beijing won’t agree if the US does not cancel some tariffs, Wei Jianguo, former vice minister of commerce, told the Global Times.

Tariffs under consideration are 15% duties that went into effect on Sept 1 on $ 125B of goods and a 25% tariff on about $ 250B worth of machinery and semiconductors.

They report also cites ‘sources’ who say there won’t be a deal if the US doesn’t suspend tariffs.

China will not accept a phase one deal if the US only suspends new tariffs that it has threatened to impose on Chinese goods, sources also told the Global Times on Tuesday.

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

China wants 15% tariffs imposed on Sept 1 removed in trade deal

Politico report

China is in a ‘full court press’ to get the 15% tariff imposed by Trump on $ 112B of goods removed before it signs the Phase One trade deal, according to Politico.

U.S. officials are currently struggling over how to make sure China lives up to its side of the deal. The main enforcement mechanism being considered is that all the tariffs could be re-imposed, one of the people said.

They cited a White House official who said the deal is almost there but there are still hangups on forced technology transfers and IP protections.

China hasn’t decided yet on signing the deal in the US or a neutral location.

ForexLive

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

US Treasury to consider delay of further tariffs on Chinese imports

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect’s individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed