US Trade War Lurk Two Major Crises

Analysts say global trade is now slowing further, and that is probably why the dollar has continued its recent retreat. Because once the trade situation is eased, funds will inevitably reduce the flow of dollars, thus suppressing the dollar's performance. On the technical side, the dollar's failure to break the resistance zone fell, and the short-term risk of further decline. Tonight, the market focused on the US consumer spending index, the Fed's favourite inflation measure.
The global trade situation has revealed three major news: Sino-U.S. trade, Trump tariffs, and the US-Canada negotiations
(1) China-US Trade: According to CCTV, the Ministry of Commerce held a regular press conference today. The press spokesman of the Ministry of Commerce introduced at the peak. Recently, Vice Minister of Commerce Wangshouwen led a delegation to the United States to conduct China-US trade negotiations. The two sides held constructive and Frank exchanges. Both sides agreed to maintain contact on the next steps.
The Ministry of Commerce spokesman Gao Feng said that the two sides had a constructive and Frank exchange on the economic and trade issues of concern to the two sides during the vice-ministerial consultations held in Washington.
China has always believed that China-US economic and trade cooperation is complementary, mutually beneficial and win-win. We hope the two sides can work together to safeguard the overall situation of China-US economic and trade relations. However, the US side persists in provoking a trade war, which China does not want to see.
The Ministry of Commerce press spokesman Gao Feng pointed out that only through dialogue and consultation based on equality and good faith is the correct choice to resolve Sino-U.S. trade frictions. The two sides agreed during the vice-ministerial consultations in Washington that they would keep in touch on the next steps.
(2) Trump Tariffs: According to foreign media sources, the US government said in a statement that President Trump has determined that it is "necessary and appropriate" to maintain tariffs of 25 % and 10 % on imported steel and aluminum, respectively, based on national security considerations.
Mr Trump also allowed exemptions for some products from South Korea, Argentina and Brazil, the statement said.
The Commerce Department said Mr Trump would allow "targeted reductions" in quotas for South Korean, Brazilian steel and Argentine aluminium and steel under section 232.
According to the commerce ministry, companies can apply for product exemptions "on the basis that the quantity or quality available from US steel or aluminum producers is insufficient". In this case, the exclusion from the quota may be granted without payment of customs duties.