020 7898 05004 July is Independence Day in the US, so it was quiet for economic data releases. However, we did learn that the trade dispute between the US and China continues to build, as Beijing is preparing to impose 25% tariffs on more than $30 billion of US imports. The move comes in response to Trump’s decision to impose similar tariffs on Chinese imports from this Friday, although it is interesting to note that Chinese officials will implement the tariffs from midnight on 6 July, which is 12pm today in Washington.
Today is very busy in the US, with initial jobless claims, employment change figures, composite, services and non-manufacturing PMI, and the FOMC meeting minutes. The question really, is whether Trump will have anything to Tweet once the Chinese tariffs come into effect and what US companies will do, if anything, in response.
Tomorrow we have non-farm payrolls and the balance of trade figures for May. So, all in all, an extremely busy end to the week for the US.
