11 June 2025: 16:30 BST
The dip didn’t last long. Trump’s pessimism on Iran and optimism on China had Brent bounding up to the $68 level again, breaking above there for the first time since 23 April! 55% tariffs on Chinese imports into the US and 10% tariffs on China’s imports of US goods. Americans should feel so grateful that now they get to pay 55% more for the Chinese products they import while the Chinese people equally should feel grateful they only pay ten percent more for what they import from America! Let me ask y’all who got the better deal when you buy your next TV? While Brent reacted, other markets quietly sat on their hands, digesting the announcement: equities ebbed and flowed and the DXY only wilted marginally. The first of many? Lutnick assured us of “deal after deal” next week – but he’s not one to under-promise, having said the same many times before… Lunatic times!
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