020 7898 0500After a couple of extensions to the period of exemption, at midnight, the US imposed tariffs on steel and aluminium imports from the EU, Canada and Mexico. All three responded by saying they would impose retaliatory measures, although the specific details are currently unknown.
Both initial jobless claims and consumer spending in the US came in better than expected. Weekly jobless claims fell by more than expected, with a 13,000 drop to 221,000. Analysts had forecast a fall to 228,000 and the current jobless rate of 3.9% is almost at a seventeen-and-a-half-year low. Consumer spending climbed by 0.6% against an expectation of 0.4%, and is the biggest jump for five months.
Today we will see non-farm payrolls for May, as well as manufacturing PMI for the same month. But what will Trump Tweet over the weekend once the EU, Canada and Mexico announce their retaliatory measures?
