020 7898 0500Perhaps it was always going to be a bumpy ride, but Trump’s interview with The Sun didn’t exactly get things off on the right foot. His claim that a soft Brexit would ‘kill’ any hopes of a trade deal between the UK and US instantly weakened sterling against the dollar, although his later backtracking helped the pound reverse its position and end the day on a high.
He claimed the interview was fake news and didn’t include his pro-May comments (it did). He refused to grant CNN a question, calling them ‘fake news’ and stated that immigration was changing the culture of Europe. These really are remarkable things for the most powerful man in the world to say and he was roundly condemned.
The University of Michigan consumer sentiment reading dropped to its lowest mark for six months as there are increased concerns over the impact of the trade war on the domestic economy. It just goes to show that trade wars are not all that easy to win and we can expect some greater impacts on the global economy in the coming weeks and months.
The week starts off with retail sales figures for June, with industrial and manufacturing production figures due out tomorrow.
