Spreadex Market Update
Trump probes Chinese steel trade but Asian stocks stay firm
Yesterday saw Donald Trump launch a trade probe against Chinese steel exporters who are shipping cheap steel into the states. This move raises the possibility of new tariffs on imported steel and has consequently sent some home-grown steel makers up over 8%.
Trump noted concerns over national security as being a key factor in the investigation, making the announcement at a White House ceremony with some of the US’ most influential executives in the steel industry. A notable attendee was Commerce Secretary Wilbur Ross who has made a chunk of his billion dollar fortune investing in the industry.
Jobless claims have now been below the 300,000 mark, the threshold associated with a healthy workforce, for 111 consecutive weeks making this the longest streak since 1970. This all means that the labour market is at near full employment, indeed the unemployment rate is now just 4.5%; a near 10-year low.
In other news, world finance leaders are gathering today to try to push President Trump away from his protectionist policies and nudge him towards a more global approach to trade. The International Monetary Fund (IMF) and the World Bank’s meetings will clash head-on with Trump’s “America first” agenda for the first time since the latter took office.
"These meetings will all be about Trump and the implications of his policies for the international agenda," said Domenico Lombardi, a former IMF board official. Lombardi went on to suggest that the IMF would attempt to “socialise” the new administration to its way of thinking and perhaps even influence its choice of policies.
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