Sir Dave Ramsden says risks to the BoE’s inflation target as two-sided, requiring ‘gradual and careful approach’ to rate cuts
Shares have fallen sharply across Asia-Pacific markets after Donald Trump announced that a new 10% tariff will be imposed on Chinese imports next week.
China’s CSI 300 index has fallen almost 2% today, while Hong Kong’s Hang Seng index has slumped by 3.7%.
It had looked as if a degree of ‘tariff fatigue’ had set in, though clearly participants aren’t prepared to ignore this apparent escalation in Trump’s protectionist stance, with stocks violently and rapidly selling-off as the headlines crossed.
It must be said, though, that this could yet again be a case of Trump ‘crying wolf’, were some kind of concessions to be extracted from Canada or Mexico before next Tuesday.