Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Trump Threatens 100% Tariffs on Countries Imposing Digital Services Taxes on U.S. Tech Firms 
SpaceX Eyes Starlink Mobile Phone Service to Challenge Verizon, AT&T, and T-Mobile 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Gold Prices Fall Below $4,000 as Strong Dollar, Fed Rate Hike Bets Weigh on Bullion 
Oil Prices Drop as Strait of Hormuz Shipping Recovers 
Iran Attack in Strait of Hormuz Pushes Oil Prices Higher 
Australian Household Spending Rebounds Strongly in May as Travel and Dining Drive Consumer Growth 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Despite all his harshest of rhetoric and actions towards ballooning U.S. trade deficit, President Trump seems to have failed to reign on it. Since his inauguration, President Trump and his team have taken actions to reign over the tariffs; imposing tariffs on steel and aluminum, taking harsher steps in terms of anti-dumping and countervailing duties, and imposing tariffs on goods from China but so far the impact isn’t getting reflected in actual data.
According to data from U.S. census bureau, the U.S. goods trade deficit with the rest of the world reached a new record high of $76.98 billion in October. At this rate, the U.S. trade deficit is set to surpass last year’s $795.69 billion in 2018.
The increasing trade deficit with more focused from investors thanks to President’s Trump’s war to reign on it is likely to act as a negative factor for the USD in the longer term.
