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Responding to China’s announcement of tariffs on $75 billion worth of American imports as retaliation, US President Trump said they don’t need China and added that the US would be better off without China. “I will be responding to China’s Tariffs this afternoon. This is a great opportunity for the United States,” Trump tweeted out.

With the initial market reaction, the US Dollar Index dropped below the 98 mark and the 10-year US Treasury bond yield extended its losses. While the 10-year yield is erasing nearly 3%, the risk-off mood weighs on the USD/JPY pair was well, which was last down 0.65% on the day at 105.73.