Nomura’s Charlie McElligott On China Tariffs: ‘September Selloff Window May Be Pulled Forward’

If you were looking for a struck match to ignite any dry kindling that wasn't torched earlier this month, China's retaliatory tariffs on US goods (which include a new 5% levy on soybeans and crude from September 1 and the reinstatement of a 25% duty on autos beginning in December), will work in the absence of an offsetting dovish message from Jerome Powell. "The pieces were already aligning for a potential 'clustering' of macro-, seasonality- and flow- risks into September [and] now with Chines