There was some exciting news from the US on Friday morning, as Treasury Secretary, Steven Mnuchin, is reported to be considering lifting some of the trade tariffs imposed on China. His thinking is that by offering Beijing something, they might be more open to a breakthrough in the trade war.
Stock markets around the world reacted positively to the news, with rallying across the globe. Later, Bloomberg reported that China has offered to increase its purchases of US imports over six years to reach more than $1 trillion per year. It is claimed that this would end the US trade gap with China by 2024.
Boris Johnson put his foot in it again, when he claimed he didn’t say anything about Turkey during the 2016 referendum campaign despite saying something about Turkey during the 2016 referendum campaign. In a speech that was designed to demonstrate his leadership credentials, the former Foreign Secretary said “I didn’t make any remarks about Turkey, mate,” in response to a question on his immigration stance. However, within seconds, social media was awash with images of a letter he wrote with Michael Gove, which clearly showed his claim was incorrect.
BuzzFeed reported some potentially explosive news which claimed Trump told his former fixed, Michael Cohen, to lie to Congress about the Trump Tower Moscow project. It is the first time that Trump has been accused of telling a subordinate to lie about his dealings with Russia and could land him in hot water. Trump did not deny the allegations on Twitter, instead choosing to accuse Cohen of ‘lying to reduce his jail time’. Democrats have vowed to investigate the report.
This year’s likely to be steeped in volatility, so make sure that you lock in your exchange rate with a forward contract. Speak to your Personal Trader on 020 7898 0541 to find out more.