China stirring up the trade war angst - ANZ

Analysts at ANZ noted that China announced “anti-dumping” tariffs against US sorghum imports (USD957m worth last year) at a hefty 179%. 

Key Quotes:

"However, in a bit of give and take, it announced that foreign car makers would have greater freedom to compete in the Chinese market, allowing them to own more than 50% of local ventures. This ends a two-decade restriction."

"Fears of trade trouble have no doubt partly explain sharp declines in the expectations components of key business and manufacturing surveys globally such as the German and EU ZEW overnight, and the Empire Manufacturing Survey in the US."

"Nonetheless the IMF overnight maintained its global growth forecast for this year and next at 3.9% y/y. It upgraded the US and EU forecasts, but beyond this is expecting growth to soften."