Trump To Slap China With Tens Of Billions In Tariffs, Trying To Eliminate Debt?

by Thinker

While trading desks are scrambling to goalseek the Fed’s clearly hawkish statement into a dovish speech by Powell, in order to keep the Koolaid flowing at least a bit longer and stem today’s bloodletting, one potential catalyst that could send the dollar even higher is a confirmation from the WSJ of what Politico and we reported earlier today, namely that the Trump administration, deepening its global trade offensive, is set to levy tariffs on tens of billions of dollars of Chinese goods in the coming week, perhaps as early as Friday—a move that is likely to spark heavy retaliation from Beijing.

What the WSJ adds to what we already knew, is that Trump’s mind was already made up last week:

Senior trade officials in the White House, Commerce and Treasury departments, and the U.S. Trade Representative’s office met on the issue before President Donald Trump went to a summit of the Group of Seven industrialized nations in Canada on Friday, and agreed that the U.S. should move ahead with tariffs, said U.S. officials and others briefed on the talks.

While the odds are minimal, there is a chance that Trump will nix an escalation in the trade war: as the WSJ notes, “Trump still hasn’t given his final approval and could have second-thoughts about applying heavy pressure on China”, perhaps because:
www.zerohedge.com/news/2018-06-1…rly-friday

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