After going strong for years on end, Turkey’s economy is now collapsing under its own weight, scaring foreign investors and causing a national crisis. So, what exactly happened there?
China’s answer to Trump’s large-scale embargo is here, and it bodes nothing good for the citizens of the US. In the words of China’s Ministry of Commerce, import taxes on select US goods are expected to range in rates between 5% to 25%.
European shares bravely flew into the Great Trade War hurricane and perplexed analysts by coming out unscathed, trading high in early trading last Thursday.
Last Monday, US president Donald Trump and Russian president Vladimir Putin held a meeting in Helsinki, Finland. The meeting went great as far as Trump’s personal interests were concerned. For the people of the United States, it was a disaster.
Last Thursday, the Trump administration introduced a list of 10 percent tariffs on $200 billion in Chinese goods. It was also last Thursday, however, when Fed’s Powell gave a reassuring interview, stating that the US economy is still standing tall despite the inhospitable political climate. Here is what he had to say on the matter.
Last Friday marked the day when Trump’s administration imposed 25% tariffs on $34 million worth of Chinese exports to the US. Outraged by this decision, the country was quick to retaliate by dubbing Trump’s move as “the largest trade war in economic history” and promised reciprocal trade restrictions on US goods in the very near future.
On Thursday, the Commerce Department announced that they have adjusted their estimations of Q1 GDP growth from 2.2% for the previous month down to 2%, citing the weakest consumer spending performance in the US for the last 5 years.
Fear and trepidation dominate the market as a possible trade war between U.S. and China is looming on the horizon.
The euro spiraled down on Thursday after the ECB’s announcement to keep interest rates at unprecedented lows well into the summer of 2019.
US’ GDP flies high on the wings of consumer spending, unlike the UK. The US released GDP data on Wednesday and it showed that the economy has expanded 2.9% in the last quarter of 2017, surprisingly exceeding the 2.7% forecasts.