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 absolutely...no 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 U.S.is 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.

Spieth part of 3-way tie for British lead as Woods lurks
Justin Rose, who made the cut on the number with a birdie on his final hole, matched the Carnoustie record for the Open with a 64. Tiger entered the final round four shots off the lead, but he's in the mix.

Recommended:



Popular

Alisson set for Liverpool debut in Dublin
Let us know your thoughts in the comments section. "He wants to be, I'm sure, the best Christian Pulisic he can be". "We don't care what the world around us is thinking, like Manchester United didn't care what I said".

Trump To Iran’s President: ‘NEVER, EVER THREATEN THE UNITED STATES AGAIN’
In social media posts and speeches, Pompeo himself also appeals directly to Iranians, the Iranian diaspora and a global audience. Trump has suggested Iranian leaders are "going to call me and say 'let's make a deal"' but Iran has rejected talks.

England beat South Africa to reach World Cup Sevens final
The New Zealand men's team also progressed in the tournament, despite poor discipline threatening to derail in their campaign. England coach Simon Amor admitted however his side had been unable to reproduce their best form in the final.

MP declares no confidence in Theresa May over European Union withdrawal plans
Mrs May narrowly avoided a defeat in parliament at the hands of the pro-EU members from her own party in the vote. Britain's Prime Minister, Theresa May speaks at the Farnborough Airshow, in Farnborough, Britain July 16, 2018.

Sen. Lindsey Graham says Trump's tough talk "not working" on Putin
He walked back that statement a day later , saying he'd meant to say he didn't see why Russian Federation wouldn't be involved. I will say this: I don't see any reason why it would be . but I have confidence in both parties.

Google will abandon Android: named for the approximate time
The team Fuchsia is going to replace the Android operating system, which employs three-quarters of the smartphones in the world. Internet users were shocked to see pictures of Trump when they looked for an image for the word, "idiot" on the search engine.

Francesco Molinari wins British Open, becomes first-ever Italian Major winner
Francesco Molinari has taken the outright lead at the British Open for the first time, and Tiger Woods is still not out of it. It's been a tough fight-there's only one victor , unfortunately, in golf. "For the first time I felt I was ready for it".

Macron's security aide detained, was filmed beating activist
France's President Macron is to fire a security adviser who hit and stamped on a May Day protester, the Elysee Palace has said. Benalla then left the scene at Place de la Contrescarpe, where about 100 people had gathered.

PS4 Firmware 6.00 Beta Sign Ups Now Open
Since this isn't a patch within version 5 but an entirely new set of numbers as a whole marks just how big this update will be. Sony has announced that it has lifted the lid on sign-ups for the upcoming PlayStation 4 update 6.00 beta test.

Facebook Suspends Another Data Analytics Firm After Hitting Another Stock High
According to Crimson Hexagon's website , customers include Paramount Pictures, Anheuser-Busch InBev, Adidas, General Mills , General Motors and Twitter.