The post NZD/USD extends losses below 0.5700 as Sino-US trade tensions flare up appeared on BitcoinEthereumNews.com. The New Zealand Dollar is heading south against the USD for the sixth consecutive day on Tuesday. The pair extended losses below the 0.5700 line, weighed by the simmering trade tensions between the US and China, to hit fresh five-month lows at 0.5684. News that China and the US rolled out new fees on cargo vessels arriving at their ports has opened a new front on the Sino-US trade rift, bringing back fears of a trade war escalation and crushing investors’ appetite for risk. The Chinese Commerce Ministry affirmed earlier on Tuesday that Beijing “hopes to resolve concerns through dialogue,” but it also urged the US to correct its mistakes as, he said, US moves affect the global supply chain stability. Concerns about further trade restrictions have added pressure to an already weak New Zealand Dollar. The pair has been on the back foot since the Reserve Bank of New Zealand surprised markets with a 50 bps cut in its benchmark interest rate, attempting to boost its ailing economy. US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to… The post NZD/USD extends losses below 0.5700 as Sino-US trade tensions flare up appeared on BitcoinEthereumNews.com. The New Zealand Dollar is heading south against the USD for the sixth consecutive day on Tuesday. The pair extended losses below the 0.5700 line, weighed by the simmering trade tensions between the US and China, to hit fresh five-month lows at 0.5684. News that China and the US rolled out new fees on cargo vessels arriving at their ports has opened a new front on the Sino-US trade rift, bringing back fears of a trade war escalation and crushing investors’ appetite for risk. The Chinese Commerce Ministry affirmed earlier on Tuesday that Beijing “hopes to resolve concerns through dialogue,” but it also urged the US to correct its mistakes as, he said, US moves affect the global supply chain stability. Concerns about further trade restrictions have added pressure to an already weak New Zealand Dollar. The pair has been on the back foot since the Reserve Bank of New Zealand surprised markets with a 50 bps cut in its benchmark interest rate, attempting to boost its ailing economy. US-China Trade War FAQs Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to…