August 2019 Economic Recap
President Trump announced that starting September 1st the U.S. would issue 10% tariffs on the remaining $300 billion in imports from China unaffected by prior measures. Trump later suspended the implementation of a portion of those tariffs to December. Additionally, the Treasury department labeled China as a “currency manipulator”, stating that the country purposely allowed its currency to devalue for unfair competitive gain.
UK Prime Minister Boris Johnson announced a suspension of Parliament for several weeks in mid-September, a move that’s widely seen as an attempt to avoid dissent against his plan to force the UK out of the EU by October 31st. The following week, Parliament reacted by ceasing control of the agenda away from the PM and passing a resolution requiring Johnson to seek an extension of the October 31st Brexit deadline in the case that no deal is reached. Additionally, it rejected Johnson’s request for a snap election before the deadline, effectively leaving the Prime Minister with a minority coalition and no option except to negotiate an extension he repeatedly promised not to pursue.
For a deeper consideration of the economic data released during August, please follow the links below: