Trade War Flare-Up Destabilises Dollar
The dollar is back on the defensive as June begins, retreating amid a worsening in trade tensions between the United States and its global counterparts. On Friday, President Donald Trump announced he would double steel tariffs to 50 percent, again raising taxes on American consumers while prompting fears of a new round of countermeasures from Canada and the European Union. China yesterday accused the US of “seriously violating” the trade ceasefire agreed in Geneva last month, noting that Washington has imposed a series of “discriminatory restrictive measures,” including restrictions on chip design software, warnings against the purchase of Huawei products,...