TARIFFS: China Raises Tariffs On US Goods To 125%
The Chinese State Council Tariff Commission has confirmed that China will impose additional tariffs on US goods from 12 April, with the rate increasing from 84% to 125%. This puts it level with the US's 'reciprocal' tariff, although below the total US tariff rate of 145% due to the additional 20% fentanyl-related tariff. Statement here. Excerpts below:
- "The US's imposition of abnormally high tariffs on China seriously violates international economic and trade rules, basic economic laws and common sense, and is completely a unilateral bullying and coercion."
- "Given that at the current tariff level, there is no market acceptance for US goods exported to China. If the US continues to impose tariffs on Chinese goods exported to the US, China will ignore it."
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Historical bullets
SILVER TECHS: Sights Are On The Bull Trigger
- RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing
- RES 3: $34.903 - High Oct 23 and the bull trigger
- RES 2: $34.000 - Round number resistance
- RES 1: $33.397 - High Feb 14 and the bull trigger
- PRICE: $32.939 @ 08:00 GMT Mar 12
- SUP 1: $31.640/30.815 - 50-day EMA / Low Feb 28
- SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27
- SUP 3: $28.748 - Low Dec 19 and bear trigger
- SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle
Recent weakness in Silver appears to have been a correction and the latest recovery reinforces this theme. A continuation higher would expose the bull trigger at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend. Moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Key support to watch lies at $31.640, the 50-day EMA, and $30.815, the Feb 28 low.
GILTS: Opening calls
Gilt Opening calls, another wide range given the divergence between the EU and the US.
- Calls, 91.64/91.90 range.
USDCAD TECHS: Remains Above Last Week’s Low
- RES 4: 1.4793 High Feb 3 and key resistance
- RES 3: 1.4700 Round number resistance
- RES 2: 1.4641 76.4% retracement of the Feb 3 - 14 bear leg
- RES 1: 1.4473/4543 High Mar 10 / 4 and a bull trigger
- PRICE: 1.4453 @ 07:57 GMT Mar 12
- SUP 1: 1.4242 Low Mar 6
- SUP 2: 1.4151/4107 Low Feb 14 / 50.0% of Sep 25 - Feb 3 bull run
- SUP 3: 1.4011 Low Dec 5 ‘24
- SUP 4: 1.3944 61.8% retracement of the Sep 25 ‘24 - Feb 3 bull cycle
The bull cycle in USDCAD that started Feb 14 remains in play for now, and recent weakness appears corrective. The pair has recovered from its Mar 6 low and a continuation higher would signal scope for a test of the short-term bull trigger at 1.4543, the Mar 4 high. On the downside, support to watch lies at 1.4242, the Mar 6 low. A break of this level would instead expose key short-term support at 1.4151, the Feb 14 low.
