Commerce Secretary told Fox News in an interview today that President Trump will increase tariffs on China on Dec 15th if there is no deal signed by that time with Beijing. This development comes on the heels of Trump increasing tariffs on Brazil and Argentina for alleged currency manipulation at the expense of the American economy.
Markets sold off about 1% on the news.
"Well you have a logical deadline Dec. 15,” Ross told FOX Business' Stuart Varney. "If nothing happens between now and then, the president has made quite clear he’ll put the tariffs in – the increased tariffs."
Per economic indicators, U.S. manufacturing was mixed in November.
Markit Manufacturing PMI (Nov) came in at 52.6 vs 52.2 consensus estimate.
ISM Manufacturing PMI (Nov) came in at 48.1 vs 49.2 consensus estimate.
ISM Prices Paid (Nov) was reported at 46.7 vs 47 estimate.
Construction Spending MoM (Oct) was reported at -0.8% vs 0.4%.
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