JSE ends lower as banks and retailers are sold off amid risk-off sentiment
The Trump administration threatens to increase tariffs on some Chinese goods to 25% from 10%; Implats saying it will cut 13,000 jobs sees it gain 1.2%
The JSE closed weaker on Thursday on renewed risk-off sentiment as US President Donald Trump’s administration made it clear it does not fear a global trade war.The Trump administration has threatened to more than double proposed tariffs on $200bn of Chinese goods to 25%, up from an original 10%. While the administration didn’t give specific reasons for the potential increase, industry officials who have discussed the move with the White House say one reason is to compensate for a declining yuan, Dow Jones Newswires reports.The Chinese currency has weakened by more than 7% to the dollar in the past three months. Senior administration officials said they would ask for comments from industry on both proposed tariff levels. A final decision on the rate isn’t expected until September, at the earliest.The White House has "upped the game", said Naeem Aslam, chief market analyst at ThinkMarkets, in a note. "The trade tensions are making investors risk-averse today."In the UK, the Bank of En...
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