Market Chatter: U.S. Plans Extra Tariffs of 10% or More For Trading Partners Including Canada After Forced Labour Probe

The Trump administration is proposing that tariffs of 10 per cent or more be imposed on products from dozens of major trading partners following a probe into imports of goods allegedly made with forced labour, The Associated Press is reporting Wednesday

The report released early Wednesday by the U.S. Trade Representative said Canada, Mexico, Taiwan and the United Kingdom and some other countries and territories would face 10% additional tariffs for allegedly failing to enforce a forced labour import ban.

A 12.5% additional tariff would be imposed on China, Japan, India, South Korea, Brazil and Switzerland and dozens of other countries.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ISM US May Services Index Posts Larger-Than-Expected Increase

The Institute for Supply Management's US services index rose to a reading of 54.5 in May from 53.6 in April, compared with expectations for a smaller increase to a reading of 53.8 in a survey compiled by Bloomberg.The ISM's reading is in line with some regional Federal Reserve bank measures and the S&P Global measure that indicated marginal expansion but was in contrast with others than pointed to contraction.There were increases in the readings for production, new orders, prices and inventories but the reading for employment and supplier deliveries decreased.The monthly national services reading from the Institute for Supply Management is reported as a headline index, with readings above 50 indicating expansion and those below 50 indicating contraction. Component indexes measure new orders, production, employment, and prices.An increase in the index further above 50 is considered a sign of a strong US services sector and would be a positive for service-sector stocks. Rising prices would normally be a negative for both stocks and bonds.

Market Chatter: U.S. Plans Extra Tariffs of 10% or More For Trading Partners Including Canada After Forced Labour Probe

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International2h ago
ISM US May Services Index Posts Larger-Than-Expected Increase
The Institute for Supply Management's US services index rose to a reading of 54.5 in May from 53.6 in April, compared with expectations for a smaller increase to a reading of 53.8 in a survey compiled by Bloomberg.The ISM's reading is in line with some regional Federal Reserve bank measures and the S&P Global measure that indicated marginal expansion but was in contrast with others than pointed to contraction.There were increases in the readings for production, new orders, prices and inventories but the reading for employment and supplier deliveries decreased.The monthly national services reading from the Institute for Supply Management is reported as a headline index, with readings above 50 indicating expansion and those below 50 indicating contraction. Component indexes measure new orders, production, employment, and prices.An increase in the index further above 50 is considered a sign of a strong US services sector and would be a positive for service-sector stocks. Rising prices would normally be a negative for both stocks and bonds.

International2h ago
May ISM US Services Index 54.5 Vs. Expected 53.8 Print, Prior 53.6

International2h ago
April Factory New Orders Excluding Transportation Rise 1.3% Vs. Expected 0.8% Increase, Prior 1.8% Increase