Economic calendar: increased US tariff rates come into effect 🔔

The economic calendar doesn’t contain many interesting entries today, except FOMC minutes from the last meeting. However, investors won’t be able to complain about a lack of excitement, as the escalation of the trade war is gaining momentum very quickly.

Officially, the increased tariff rates imposed on 57 countries come into effect as of today. Additionally, the extra tariffs announced yesterday, with a total cumulative rate of 104% on imports from China, also take effect today. China has not yet issued an official statement. However, it is possible that we will hear the first comments later today.

Detailed calendar of the day:

10:25 AM GMT, Germany - German Buba Balz Speaks

03:30 PM GMT, United States - EIA Data:

• Crude Oil Inventories: forecast 2.200M; previous 6.165M;
• EIA Weekly Distillates Stocks: previous 0.264M;
• Gasoline Inventories: previous -1.551M;

07:00 PM GMT, United States - FOMC Meeting Minutes