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Yen gains, Aussie hit as US announces $200 billion China tariff list

“The dollar dropped to 110.85 yen in early Asian trade from around 111.25 yen in late U.S. trade” writes unknown author for U.S. Trade Representative Robert Lighthizer said the United States would impose tariffs of 10 percent on additional Chinese imports worth $200 billion, just days after its tariffs on $34 billion Chinese goods took effect.The news, first reported by Bloomberg in early Asian trade when the currency market’s liquidity falls to the lowest levels of the day, prompted knee-jerk selling of riskier assets against less vulnerable currencies.Administration officials said a two-month process would allow the public to comment on the proposed tariffs before the list is finalized.The dollar fell from seven-week highs against the yen and the Australian dollar stumbled after Washington announced a plan to slap tariffs on $200 billion of imports from China, escalating tensions between the world’s two biggest economies.

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