Rand slightly firmer despite Trump’s trade war comments
The US president saying he expects to levy 25% tariffs on China has taken the wind out of investors’ sails, but the local currency is stable
The rand was flat against major global currencies on Tuesday morning, after weakening slightly overnight, as markets eyed upcoming political risk events and data releases. US President Donald Trump said on Monday that he expected to levy 25% tariffs on Chinese imports in November, deflating the hope that a solution to the US-China trade conflict is in sight. In an interview with The Wall Street Journal, Trump said that if negotiations did not produce a favourable outcome for the US, he would also put tariffs on the rest of Chinese imports that are currently not subject to duties. Trump also said it was “highly unlikely” he would accede to Chinese requests to not institute additional tariffs. “His comments reflect how little progress has been made in trade talks so far and highlights the low probability for any deal to be agreed with China’s president Xi [Jinping] when the two presidents meet at this week’s Group of 20 [G20] summit,” said London Capital Group analyst Jasper Lawler. L...
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