US Trump to place tariffs on steel from Brazil and Argentina

The US President Donald Trump has said he will place tariffs on steel and aluminium imports from Brazil and Argentina. He commented the trade situation on Monday  before leaving for the Nato meeting to London. According to him, the weak currencies had made it harder for US food exports to compete.

The trade talks with China are also having delays due to the Hong Kong democracy and human rights bill the President Trump signed last week. According to him, the HK law have complicated the talks with China. China has said that the US Navy cannot enter the Hong Kong ports at the moment.

The city of Hong Kong also revealed some retail sales figures, which show the six months demonstrations have caused the city retails sales massive drops. For example the retail sales dropped 24,3 % in October, while the figures were – 18,2 % and -22,9 %  in September and August.

The trade talks with US China are having deadline next week on the 15th December before the new trade tariffs come into force. The US Administration has said that more tariffs will be placed if no deal is reached with China before the deadline.

Business Finance

Trump approves the Hong Kong bills – shares mixed

The US President Donald Trump has approved the bills supporting Hong Kong pro-democracy protesters.

According to him, the signing is a mark for the possibility to settle the differences and build long term peace and prosperity in the area.

The signing also means that the US can have annual reviews of the Hong Kong’s special trade status under the American law.

The US and China have been discussing the trade issues and this signing might increase the possibility of further delays in the agreement. Lately the news have been that the deal is near to unwind the tariffs on 500 billion dollars worth of goods.

The financial markets were mixed in Asia and for example the Hang Seng was down 0,26% to 26883 points in Hong Kong, the Topix was down 0,23 % to 1706 points in Tokyo while the Shanghai Comp was down 0,48% to 2889 points in Shanghai. S&P CNX was up 0,17% to 12,120 points.

Business Finance