US-Mexico tariffs – US President Donald Trump has said he will place tariffs on all imported goods from Mexico, until Mexico acts to stop illegal immigrants entering the US. In a tweet on Thursday, President Trump vowed to impose 5% tariffs on Mexican imports from the 10th June, which will gradually increase until “the illegal immigration problem is remedied”. The tariffs will rise to 10% from the 1st July, and finally rise to 25% by October.
US-China trade war – With US-China trade talks simmering, China ramped up its rhetoric. Speaking in Beijing this week, Chinese Vice Foreign Minister Zhang Hanhui stated that China is “not afraid of a trade war”, but provoking trade disputes is “economic terrorism”. Mr Hanhui added that the trade war will have a “serious negative effect on global economic development and recovery” which led to a negative market reaction, with global equities and bond yields falling.
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