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Analysts at ANZ explained that the US announced it will go ahead with imposing 25% tariffs on $50bn worth of goods imported from China (effective from mid-June after a final list of targeted imports is released).  

Key Quotes:

“In addition, the US will impose export controls for goods exports to China and restrictions on Chinese investment into the US. China’s commerce ministry released a statement shortly after urging the US to stick to their previous agreement of a meaningful reduction in the trade surplus and noting that China remains confident it can protect the nation’s interest. The White House statement precedes the US Commerce Secretary’s visit to Beijing later this week to firm up numbers for increased Chinese purchases of US exports.”