Trump escalates trade war with more China tariffs

US President Donald Trump has said he will impose a fresh 10% tariff on another $300bn (£247bn) of Chinese goods, in a sharp escalation of a trade war between the two countries. It came after the latest round of bilateral talks showed little sign of a breakthrough. The new tariffs, due to take effect on 1 September, effectively tax all Chinese imports to the US. The duty is likely target a wide range of goods, from smartphones to clothing. Mr Trump announced the tariff plan on Twitter, while criticising China for not honouring promises to buy more US agricultural products at this week’s negotiations in Shanghai. Read more @ https://www.bbc.com/news/business-49199559

TECHNICAL CHART OF GBPUSD

KEY POINTS

  • Observe the Price action @ Bollinger Band
  • Observe the Trend Line – Higher Highs are being formed
  • Ichi Moku is still down but Finwaze Traders waits for the Price to Break the Ichi Moku resistance
  • Take note – tonight at 8.30pm there will be major news and we are expecting massive volatility in favor of the GBP.

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