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The escalation of the trade war, with the US administration moving forward with imposing tariffs of 10% on an additional $200bn of Chinese goods, should not come as a major surprise, according to analysts at TD Securities.

Key Quotes

“President Trump had asked the US Trade Representative’s office to draw up a list last month and according to US officials the lack of negotiation from China has led this action.”

“The tariffs are scheduled to take effect after the end of public consultations on Aug 30. This is separate from tariffs on the $34bn already imposed and the further $16bn potentially to be imposed after a public hearing later this month.”

“All together Trump has threatened tariffs on almost all ($500 out of $506bn) of China’s exports to the US.”