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US-China trade worries hit global markets

14-Jun-2018

Asian equity markets trade lower today amid concerns about US-China trade war, disappointing Chinese economic data and Fed’s hawkish tone.

As per reports, the White House has said it’s proceeding with plans to impose duties on $50 billion of Chinese goods, after weeks of high level-discussions between the U.S. and China yielded little progress over a trade deal.

US President Trump has convened a meeting at the White House on Thursday to talk with his trade team about whether to move forward with tariffs on Chinese goods.

Trump said his administration plans to announce on Friday a final list of tariff targets, which will be imposed shortly thereafter.

In its preliminary list, the U.S. said it would levy an additional 25% duty on everything from TV components to dishwashers and snowblowers.

The US central bank raised interest rate by 0.25% yesterday to 1.75-2% and has forecasted further two rate hikes this year. ECB is also expected to take a decision on its monthly bond purchase program of 30 billion euros.

China’s industrial production rose 6.8% in May as against forecast of 7% growth. Retail sales rose 8.5% as against expectations of 9.6% growth.

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