Home Breaking: China announces new tariffs on $75 billion worth of US goods, USD/JPY drops sharply
FXStreet News

Breaking: China announces new tariffs on $75 billion worth of US goods, USD/JPY drops sharply

Confirming Global Times’ earlier reports, China has recently announced that it is planning to raise import tariffs on some US imports, per Reuters.

“New tariff rates will apply to about $75 billion worth of US  goods,” China stated. “New tariff rates imposed on some US  goods will be ranging from 5% to 10% and will take effect on September 1 and December 15.”

With the initial reaction to this announcement, the USD/JPY erased its daily gains and was last seen trading at 106.42. Meanwhile, the US Dollar Index is still up 0.13% on the day at 98.33.

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.