Breaking News: US to impose $200 billion in tariffs on China from September 24th

FXStreet Team FXStreet

The United States is set to impose another raft of tariffs on China, targeting roughly $200 billion USD in imported goods from China as US President Trump tail-chases his way into an even deeper trade war with the Asian superpower.

Key highlights (via Reuters)

Trump administration to impose tariffs on approximately $200 billion USD worth of imports from China effective Sept. 24.

Tariff rate on $200 bln list will start at 10%, go up to 25% at end of year.

Smart watches, bluetooth devices removed from tariff list; bicycle helmets, baby car seats, safety gear also excluded.

Chinese chemical inputs for manufacturing and textiles and agriculture eliminated from tariff list.

Trump administration remains open to negotiations with China, but no details on talks available.

Trump administration is seeking systemic changes from China which Beijing has failed to do.

Trump administration does not want to constrain China's growth, development.

USTR has removed about 300 product categories from tariff list and has cut some subsets of products, but total value still "approximately $200 billion".

USTR will keep many internet router products from 85176200 tariff code on China tariff list, will eliminate some consumer products.

Trump will "immediately" pursue another $267 billion in tariffs if China retaliates.

Author

FXStreet Team

FXStreet

EUR/USD stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold adds to intraday losses as risk-on mood offsets dovish Fed and subdued USD demand

Gold attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday. The commodity, however, quickly recovers to the $4,900 mark as traders opt to await more cues about the US Federal Reserve's (Fed) rate-cut path before placing fresh directional bets.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.