China to levy reciprocal tariffs on 106 US products - state media
Reports are emerging on China's retaliatory measures
- Plans 25% tariff on US soybeans
- New tariffs to also impact autos, chemicals
- Effective date for new tariffs to be announced at a later time
- Reciprocal tariffs to amount to $50 billion of US goods
- Also planning reciprocal 25% tariff on US aircrafts also
- Reciprocal tariffs to also include US corn, cotton, some beef products
- Also to include orange juice, wheat, certain plastic products, some tobacco products
There's your bit of headline risk. Yen pairs sent lower, with USD/JPY now at 106.31 to session lows.
The headlines are via China's CCTV. We are still awaiting the briefing later at 0830 GMT by China's government officials - which are more than likely to confirm the above.
China is still keeping some "Trump" cards up their sleeves though. The soybeans tariffs are expected as highlighted here,
but there's still aircrafts that they have yet to touch upon. Probably saving that for the next round.
Okay, scratch that. That sure didn't take long. Aircrafts now in the mix too.