A chaotic trade tax process

Daily update

The US administration has promised to clarify “misinformation” about trade taxes on gold following an official ruling from customs officials suggesting US buyers of certain gold bars have been taxed since 9 April. That could potentially include some of the gold now covering the walls of the White House’s oval office. Investors suppose a clarification means a repudiation of the ruling. This rather chaotic process might make investors suppose the details of trade taxes had not been properly thought through, but that would be unthinkable for so important a policy position.
Early South Korean August trade data continues to follow the post-trade tax pattern—on a working day adjusted basis exports to the US and China were down, exports elsewhere were up. Trade in semiconductors (not yet subject to tax) continues to flourish.
Italian final July consumer price inflation is of no interest to investors, as these numbers almost never change. June Italian trade data has not traditionally been a focus, but in these times details in trade are becoming more important.
Investors will be looking for an extension of the trade truce between the US and China (which expires tomorrow) and anticipating US consumer price inflation numbers due for release on Tuesday.