The trade war between the USA and China has not slowed down, last week, Trump announced to raise taxes on more than $550 billion worth of Chinese goods. Yesterday, Trump in a press conference, justified his actions by saying this is the way he negotiates, and so far it has been good for the country. However, after the G7 meeting, Trump eased down and indicated towards talking with China to come to a deal. Trump’s strategy has also affected other markets in different ways.
Oil’s price has also been struggling over the past month because of tension between Iran and the USA. But Trump yesterday agreed to meet Iran’s President Hassan Rouhani, and this would be the first meeting between two nations’ leaders since the Tehran hostage crisis of 1979-81. The market is anticipating that this could bring some stability to Oil’s price.
Germany’s GDP of the second quarter saw a drop by-0.2%, according to many reports the country is on the verge of recession. And the third quarter is expected to be even worse for the country ‘s economy.
This week bitcoin is expected to fall further as the price of leading cryptocurrency struggles to keep above $10,000 mark. However, bitcoin was not among the G7 meeting agendas. Gold continues to play the role of safe haven for investors. Reports suggest an emerging market for the yellow metal.