China will cut tariffs on US goods

Analisi Giornaliera - 06/02/2020

Tariffs on US goods will be cut from 10% to 5%


On Thursday China published a statement that the country will cut taxes on a number of U.S. goods worth approximately $75 billion. According to a report from China’s Ministry of Finance tariffs on some US goods will be lowered from 10% to 5% and the changes will start on Feb. 14. The cuts refer to approximately $75 billion value of imports from the United States that was struck with taxes on 1 September, 2019. Following the reduction, tariffs on US crude will be lowered to 2.5%. China also announced that the next settlement will depend on how the trade talks will proceed.

US Stocks on the move

On Thursday morning the US stock index futures surged with economic data and corporate earnings outweighing concerns over the coronavirus. Dow futures moved up 150 points and registered an expected positive start of more than 160 points, while Nasdaq and futures on the S&P 500 went higher. US stocks are looking forward to registering a fourth straight day of earnings following the Dow’s surge of 480 points yesterday.


Gold eases

On Thursday Gold fell while strong US economic numbers increased risk desire. That while traders remained worried about the virus outbreak as deaths surged past 500. The US gold futures dropped to $1,556.79. Spot gold fell 0.2% to $1,553.10 per ounce. Gold has been falling in the past 5 days on China’s stimulus steps, hitting a more than 14-day low of $1,546.89 yesterday.


Oil extends its gains

On Thursday Oil advanced for a second day due to investor confidence covering unconfirmed statements about potential progress in fighting the coronavirus explosion in China. US West Texas Intermediate (WTI) futures increased $1.07 to $51.82 a barrel following a surge of 2.3% yesterday. Brent futures increased by almost 97 cents, to $56.25 a barrel having advanced almost 2.5% in the last trading session.


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