The latest tariff deadline is set to come into force tomorrow. Countries around the world are scrambling for last-minute trade deals, or in China’s case, a deal to delay the incoming tariffs. The president of Switzerland announced that she would fly to Washington D.C. in an attempt to avert 39% tariffs on Swiss goods. India meanwhile is facing renewed pressure after president Trump threatened to increase tariffs beyond the previously agreed 25% figure. Tensions between the two nations have flared up in recent days because of the secondary sanctions imposed on Russia, which burden Russia’s trading partners with additional tariffs. This is particularly tricky for India, which now sources roughly 40% of all its crude imports from Russia. As the deadline approaches by the hour, it becomes increasingly unlikely that any more significant deals will emerge.
Last Friday’s NFP-inspired selloff did not last and by Monday evening US stocks had largely recovered. The Dollar meanwhile has been remarkably boring with major pairs barely moving all week. Gold has been similarly muted, content to hover around $3,380 per ounce since Monday. Unsure on their next course of action, many markets have collectively decided to do nothing at all. Bond markets on the other hand are seeing more activity this week as traders anticipate a pivot in monetary policy. The latest NFP drop has all but convinced markets that a rate cut is coming in September and many traders are repositioning accordingly.
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