China Retaliates, But Trump Still Insists It Is Not A Trade War

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Wednesday, 4th April: China added to their end of the tariff on Wednesday, which now includes soybeans, automobiles and aircraft, totting up to the list of pork, aluminium scrap, apples, sparkling wine, steel pipes and others which were announced on Monday. China’s response on Wednesday was to the US proposition on Tuesday suggesting tariffs to be placed on a range of Chinese-made products worth approximately $50bn, focusing on high-tech items. As a result, global indexes continued to suffer. By mid-day, the FTSE 100, DAX Xetra and CAC 40 were all down 0.67%, 1.29% and 0.71% respectively. Trump however, is still insisting that the US is not in a trade war with China.

Kantar revealed on Wednesday morning that the sales leaders amongst the UK big four supermarkets remain to be Tesco and Morrison’s. The pair reported sales growth of around 2.4%, whilst Sainsbury sales were up only 0.6% and Asda up 1.8%, in the 12 weeks to 25th March. All four continue to be outpaced by Aldi and Lidl, whose sales were up 10.7% and 10.3% respectively in the same period.

Ryanair strikes are making news again on Wednesday, as their third one-day strike took place in Portugal which resulted in 11 flight cancellations and intervention from the government promising to investigate the violations. Approximately 90% of the 330 crew personnel in Portugal participated in the strike, which allowed them to achieve one of their goals of getting the government involved in the debate.

The FTSE ended the day with Morrison’s at the top, up 2.87%, and GKN at the bottom, down 3.97%. Having spent the majority of the day in red, the blue-chip index managed to reverse the losses during the day and close 0.05% higher at 7034.

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