BEFORE THE BELL: Trump swipes at China once again with new tariff threat
A quiet Friday in the markets is now being ratcheted up by new Trump tariff rhetoric.
An interview with the US President was broadcast this morning where he said the US was ready to go with more tariffs on about half a billion dollars worth of Chinese exports. He also once again commented on how the US is being taken advantage of by China. Experts say the Dow has responded with a major drop in pre-market trading.
This comes as countries like Canada are on the offense as Trump is also considering a 25 per cent tariff on the auto trade industry. Governments and automakers are warning the move would come with dire consequences for the US economy.
Trump’s criticism of his own policymakers is also hurting the heavyweight Greenback. The US dollar was down .1 per cent weighted against other global currencies after Trump said the Federal Reserve’s interest rate hike was likely to hurt the American economy and corporate competitiveness.
The Loonie has taken the opportunity to regain some ground, growing to 75.49 cents US.
Oil is sliding again as US crude drops to 68.09 a barrel.