The world is once again worried about global trade issues. Yesterday, President Donald Trump announced new tariffs on products from China, most notably clothes and cotton. The move is in line with Trump’s current re-election campaign, which once more targeted China as the United States’ biggest rival in terms of economics and competition.
China has refrained from commenting on Trump’s campaign, but has criticized the block on the goods in question, stating that the sanctions will have consequences for the world as a whole.
As for the presidential race, it is heating up. Florida is now shaping up to be one of the most interesting states to watch. Currently, the polls show the state leaning towards Donald Trump, largely thanks to a massive campaign to portray his opponent, Joe Biden, as a socialist. Florida is home to a large number of Hispanic Americans, and many of those families have immigrated to the US to escape socialst regimes back home, so they have a deep distaste for the far left.
Joe Biden does not describe himself as a socialist, nor does his track record as Vice President portray him that way. However, Trump’s attacks in that regard seem fairly successful so far, so Biden will be visiting Florida today in an attempt to fix his image and win over Hispanic voters.
In terms of fundamental reports, today the United Kingdom pleasantly surprised investors with better-than-expected employment data, though the unemployment rate matched the forecast exactly.
In the eurozone, the ZEW economic sentiment reports showed significant increases in Germany and the EU as a whole. Later today we expect industrial production data out of the United States.
Chinese reports showed an all-around great economic performance, with many indices recovering more than investors anticipated. The Chinese economy is quickly returning to its pre-pandemic state, and currently life in China also seems to be back to normal, unlike in other parts of the world.
