Dollar weakens on Trump criticism; stocks tepid

23 July, 2018, 12:28 | Author: Brooke Harris
  • Trade war Chinese yuan and Donald Trump

In a taped interview with CNBC, Trump said "I'm willing to go to 500", referring roughly to the $505.5 billion in goods the USA imported a year ago from China. Trump called the move the "right thing to do for our country", adding, "We have been ripped off by China for a long time". Interviewer Joe Kernen asked Trump if he was ready to go to $500 billion, to which Trump replied, "I'm ready to go to 500". "He doesn't want to move, and they've offered the US options regarding the issue of [intellectual property] theft and forced technology transfer".

Officials from the EU Trade Commission, due to arrive in Washington next week for trade talks, are said to be preparing a list of tit-for-tat actions in response to proposed US tariffs on EU cars. But he expressed bafflement at the "madness of Trump's method": If the president really wanted to put pressure on China, why would he tear up the Trans-Pacific Partnership and pick fights with virtually all America's allies and other trade partners at the same time? "But it was very unfair".

Such a move would be a big wake-up call to the European Union which in spite of threatening to develop freer and more open bilateral trade with China, is once again dragging its feet due to an historic atmosphere of caution in Brussels when it comes to allowing Chinese goods into Europe.

Still, a weaker yuan could help Chinese exporters by holding down their prices in dollar terms after Washington's July 6 imposition of 25 percent tariffs on $34 billion of goods from China in a dispute over technology policy.

The yuan has been skidding since February, mostly because of slower economic growth in China and rising interest rates in the U.S.

A second tranche of US$16 billion (RM65 billion) in products is under review and could soon be added to the USA measures. Greater restrictions and regulations on USA companies operating in China are also likely. It is, however, vital for us to manage such competition in an effective and constructive way. Anyone familiar with Chinese history knows that "maximum pressure" doesn't work for our nation. In the 1980s, the then-real estate mogul railed against the US's trade deficit and warned of "other countries ripping off the United States".

According to U.S. data, China imported only US$130 billion of USA goods, meaning that Beijing would eventually have to resort to non-tariff measures.

Chinese newspaper with Donald Trump
Donald Trump has previously accused China of being a'currency manipulator

Its decline provides "a significant offset to the loss in export competitiveness for Chinese exporters due to higher USA tariffs", Rajiv Biswas, chief Asia economist with IHS Markit, told AFP. The hats are being produced for Trump's 2020 re-election campaign despite his campaign official's claims that all of their merchandise is made in the U.S.

In a series of tweets on Friday morning, Trump doubled down on his vocal opposition to the Fed's rate hike, complaining that the being "penalized because we are doing so well". "Look, I'm not doing this for politics". Losses over the past three months have reached almost 8% amid a global trade spat and concerns over an economic slowdown in China. Speaking at a press conference, the Chancellor said that in the EU's eyes, putting tariffs on vehicles produced in Europe would flout World Trade Organisation rules. The White House has also itemized $200 billion of additional Chinese imports that it said may be subject to tariffs.

"What makes them nervous is once you lose these markets, they're going to be hard to get back", he said.

"The ECB meeting this week will be more in focus now that we've had this concern about Japan".

OIL: Benchmark US crude added 10 cents to USD68.34 per barrel in electronic trading on the New York Mercantile Exchange.

The surplus, at the centre of U.S. arguments against China, was not produced intentionally, since "the flow of trade is determined by the market", Mr Cui said. The pot could always be sweetened by adding elements of cooperation in hi-tech research and development thus assuaging the "fake news" refrain from the U.S. that somehow China is an intellectual property "thief" where in reality, China is fast becoming the world's top innovator.

"Does the USA government genuinely believe China would possibly yield to such unreasonable policy?" he asked.

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