Manila : London copper drifted lower for a third session running on Tuesday after the United States imposed new tariffs on about $200 billion of Chinese imports as President Donald Trump escalates his trade war with Beijing.
Trump warned that if China takes retaliatory action against U.S. farmers or industries, "we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports.
"While China has yet to respond officially to Trump´s latest tariffs, "we know China can´t go tit for tat as they don´t have enough U.S. goods to tax," said Stephen Innes, head of Asia Pacific trading at OANDA brokerage. "So, if there is a more heavy-handed approach such as flat-out import restriction or overtly weakening the yuan, it could certainly bring the big market bears out of hibernation," Innes said in a note to clients.
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