These $ 250 billion items that are currently being hit with a 25% tax will be taxed at 30%, while the remaining $ 300 billion import volumes will be hit at a 15% tariff instead of 10%.
Despite tensions in the trade wars, one economic indicator showed that the US economy remains resilient: July durable goods orders rose 2.1% a month, much more than expected. Exclusive transport increases orders by 0.4%.
But that was counterbalanced by the Chicago Fed National Activity Index, which slid further in July. That was down 0.4% compared to a flat reading in June. A negative index number represents growth during the trend.
"We believe the Chicago Fed National Activity Index is still the best indicator for measuring US recession risk," wrote Win Thin, global head of currency strategy at Brown Brothers Harrison, in a note to investors.