European markets were down overnight except in the UK.
The FTSE barely moved and closed 1 point higher (.019%), the DAX fell 109 points (.48%) and the CAC fell 50 points (.64%).
Trump announced that he was going to place a 200% tariff on EU wines, French champagne and alcoholic products if they did not remove tariffs on US whisky. The tariffs on EU wines, champagne and other alcoholic products would essentially price these goods out of US markets.
Trump also said he would impose tariffs on luxury goods coming out of the EU - including motor vehicles.
We seem to be entering the next phase of the trade war between the US and the rest of the world and the EU is the current target.
US markets tumbled overnight despite better than expected inflation data.
The DOW fell 537 points (1.30%), the NBI fell 33 points (.74%), the NASDAQ Composite fell 345 points (1.96%) and the Russell small cap index fell 32 points (1.62%).
US government shutdown is looking more likely as the Democrats put forward an amendment which the House of Reps need to pass - and they have all left Washington for the scheduled break. This is adding an extra layer of uncertainty in the US markets.
US PPI remained unchanged in February. Annualised inflation fell to 3.2% - below market expectations of 3.3%.
Likely to be another red day for the ASX today.
US Treasury 10 year bond yield sits at 4.27%
Oil prices dipped - Brent crude is at US$69.80 per barrel.
Precious metal prices are at record levels - gold sits at US$2,983 per oz. Silver is at AUD53.77 per oz.
BITCOIN fell to $80,303. Uncertain times have added extra volatility to BITCOIN's price.
IMU Price at posting:
3.4¢ Sentiment: Buy Disclosure: Not Held
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