In an interview with Maria Bartiromo Wednesday morning, President Trump commented on the state of Us-Chinese trade, stating that he is “very happy with where we are now. We’re taking in a fortune," and that it's "not a very good thing for China, but it is a good thing for us.”
The US currently imposes 25% tariffs on $250 billion of Chinese goods. The remaining $350 billion is not subject to any tariffs--yet. Trump signaled some flexibility in negotiations with the Chinese, stating the he would be happy with a 10% tariff on the remainder. “I view tariffs differently than a lot of other people,” noting that since the US imposed the last round of tariffs, "our market has gone through the roof."
June saw a rush to safe havens on concerns over US-China trade negotiations and their impact on global equities. Gold matched annual highs a week into the month, then retraced slightly, and over the past week, prices rocketed up to six-year highs, peaking at $1,423 Tuesday.
Gold futures were down Wednesday to $1,408 after less dovish comments by the Fed on Tuesday, and anticipation of a US-China trade agreement.
Bitcoin moved sharply higher Wednesday, up 14% to over $12,900. The move marks the cryptocurrency's highest level since early 2018, and marking a weekly pop of 30%. Questions remain over the asset's volatility following its 74% decline of early 2018.
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