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Trump plans to upgrade trade war
After US stocks closed on Friday, US President Trump announced that he is considering increasing tariffs on China, involving a total amount of 100 billion U.S. dollars. When the news came out, USD/JPY fell sharply, and the price of gold quickly climbed and broke the $1,330/oz mark.
In a statement issued by the White House, Trump stated: “In view of China’s unjust retaliation, I have instructed U.S. trade representatives to consider the appropriate amount of additional U.S. $100 billion in accordance with clause 301. If so, it is determined that tariffs should be imposed. List of products."
After the news was released, the USD/JPY fell sharply and fell 0.3% to 107.07, while the lowest hit 107.04.
Spot gold rose rapidly and broke through $1,330/oz, reaching a maximum of $1330.99/oz.
The high-risk currency, the Australian dollar, also declined, falling 0.2% against the US dollar to 0.7668.
US stock futures dipped sharply. S&P 500 E-mini futures fell 1.1%; Dow Jones E-mini futures fell 1.5%; Nasdaq E-mini futures lost 1.4%.