It looks set to be an interesting period ahead if recent history, and the chart below, is anything to go by.
From Westpac Bank, it shows a timeline of where things currently stand in the implementation of tariffs on Chinese imports entering the US.
With $US34 billion already in place, another $US16 billion could arrive by the end of July, with another $US200 billion potentially arriving at the start of September.
While there were signs this week that Donald Trump may be softening his position on trade, holding a meeting with European Union Commission President Jean-Claude Juncker where they decided to “work together toward zero tariffs”, Robert Rennie, Head of Financial Market Strategy at Westpac, isn’t convinced that olive branch will be extended to China.
“So does that mean that tariffs have gone from ‘hero to zero’ in Trump’s mind? We think not,” Rennie says.
“While we might be reading too much into the ‘art of the trade deal’, our sense is the US administration may be emboldened and actually double-down on the China tariff strategy to try to force ‘fair trade’ agreements there.”
For those keen for more information, we sat down with Rennie earlier this month to discuss the mechanics of the trade dispute.
You can listen to the Podcast here. The section devoted to tariffs runs from the start of the episode.
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