Key points are:

• Tariff rate starts at 10% and will got to 25% by end of 2018
• Some items excluded – smart watches, baby car seats, safety gear, chemical inputs for manufacturing, textiles, and agriculture
• Trump administration remains open to negotiations with China, but no details on talks available
• Trump administration is seeking systemic changes from China. Beijong has not seriously engaged on that
• They do not want to constrain China’s growth or development
• China has said it will retaliate with new tariffs on US goods
• Trump says in statement if China retaliates he will immediately pursue tariffs on USD$267 billion in Chinese imports
• Earlier this morning NZ Prime Minister Jacinda Ardern stated in a radio interview that she got a ‘hint’ of Thursday GDP numbers and that she was pleased with them. The NZDUSD jumped 10 pips in response. However, her office subsequently denied that she had advanced notice of the figures, insisting the PM made a mistake. Makes Thursdays release even more interesting than usual! The NZD is lower in response to the US tariff news. Current indicative levels are: NZDUSD 0.6560 / 0.6595NZDAUD 0.9175 / 0.9200NZDEUR 0.5620 / 0.5645NZDGBP 0.4985 / 0.5010NZDJPY 73.30 / 73.55

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