According to Elliot Clarke, Research Analyst at Westpac, global trade frictions continue to rumble on and the effect on confidence has been most obvious in foreign exchange markets with, for example, the Australian dollar trading down through the USD0.74 figure this week. Key Quotes “The state of play between the US and China is as follows. The US will impose tariffs on $34bn of specified imports from China come 6 July, and an additional $16bn of trade once the products are confirmed.” “China will respond with tariffs on $34bn of US imports, again from 6 July, and a further $16bn of imports if the US proceeds with the tariffs still under negotiation. What created the market shock was arguably President Trump’s subsequent request to the United States Trade Representative to find a further $200bn of Chinese imports to the US to levy tariffs on if China goes ahead with its stated response, as well as an additional $200bn if they go further.” “It is however important to remember that the strategic initiatives underway in Asia, Belt and Road in China as an example, still offer enduring hope of greater and fairer trade for the world.” 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. View All Post By FX Street FXStreet News share Read Next AUD/USD knocking on 0.74 with US PMIs in the barrel for Friday FX Street 5 years According to Elliot Clarke, Research Analyst at Westpac, global trade frictions continue to rumble on and the effect on confidence has been most obvious in foreign exchange markets with, for example, the Australian dollar trading down through the USD0.74 figure this week. Key Quotes "The state of play between the US and China is as follows. The US will impose tariffs on $34bn of specified imports from China come 6 July, and an additional $16bn of trade once the products are confirmed." "China will respond with tariffs on $34bn of US imports, again from 6 July, and a further $16bn… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.