U.S. reinstating tariffs on steel and aluminum from Argentina and Brazil

U.S. President Donald Trump said he is reinstating tariffs on steel and aluminum from Argentina and Brazil. The move amounts to retaliation against two nations that have become big suppliers of soybeans to China, grabbing market share away from the U.S. during Trump’s trade war. (Bloomberg)

A private survey on Monday showed China’s manufacturing activity expanded more than expected in November as the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) came in at 51.8. Caixin and IHS Markit said in a joint press release that the pace of improvement was the strongest since December 2016. The index was expected to have fallen to 51.4 in November from 51.7 in October, according to economists polled by Reuters. China’s official PMI was 50.2 in November, up from 49.3 in October to hit its highest level since March, China’s National Bureau of Statistics said on Saturday. (CNBC)

China avoided measures related to trade in its first actions retaliating against the U.S. over a law supporting Hong Kong’s protesters, instead vowing to sanction some rights organizations and halt warship visits to the city. Chinese Foreign Ministry spokeswoman Hua Chunying told a news briefing Monday that U.S. groups targeted for sanctions included the National Endowment for Democracy, Human Rights Watch and FreedomHouse. Hua said that China would also suspend further Hong Kong port visits by U.S. Navy ships over the legislation. (Bloomberg)


Source: Danareksa Debt Research
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