Lukman Otunuga
FXTM Senior Research
Analyst
Escalating trade tensions are set to
dominate market sentiment in the week ahead following the explosive
developments on the US-China trade front last Friday. Beijing announced it
would apply additional tariffs of between 5% to 10% on $75 billion of US imports
from September. US President Donald Trump wasted no time in counterpunching
against retaliatory tariffs announced by Beijing, vowing to hike US tariffs on
$250 billion of Chinese imports from 25% to 30% starting on 1 October. He also
said planned tariffs on the remaining $300 billion worth of Chinese goods due
to start on September 1 will now be 15% instead of 10%.