Donald Trump Continues His Trade War Rhetoric in Britain
As my colleague Arslan pointed out a while ago, the US President Donald Trump is in the UK today and this is a strange time to be in the UK as the British Prime Minister is on the way out and Brexit still has no solution. On the other hand, the US is in the middle of a trade war with China which is precipitating and more fronts are about to open in this war.
In fact, Trump just tweeted about the trade war and he seems content with what’s going on. On the other side, China is standing its ground. Here is the tweet:
“China is subsidizing its product in order that it can continue to be sold in the USA. Many firms are leaving China for other countries, including the United States, in order to avoid paying the Tariffs. No visible increase in costs or inflation, but U.S. is taking Billions!”
Nonetheless, the USD is weaker today. At the same time, safe havens are much stronger with USD/JPY down to 108.30, while Gold has surged above $1,310 today.
Trump’s tweet implies that the US is on the winning side with this trade war. But there are only losers in a war, as we know. He has to fight this war which we hope ends soon, because it has made trading pretty difficult.
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