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Analysts at Danske Bank note that US Trade Representative Robert Lighthizer has now officially stated that the Trump administration is considering increasing the tariffs from 10% to 25% on UDS200bn worth of imported goods from China.

Key Quotes

“The hearing period has been extended from 30 August to 5 September.”

“The hope is probably to force China back to the negotiation table but China has said that blackmail would not work and that the Chinese leadership is ready to retaliate against any protectionist measures taken against the country.”

“We still think it is difficult to see the two countries reaching a deal this side of the US mid-term elections in November.”