U.S. dollar down on as Trump makes fresh threats vs China

23 Juillet, 2018, 01:15 | Auteur: Auguste Feret
  • Under the agreement China and Taiwan have been collaborating in information-sharing coordinating raids and extraditing criminals to crack down on crimes including fraud drug smuggling and currency counterfeit. — Reuters pic

"We are being taken advantage of, and I don't like it", President Trump said.

Political messaging in the video is less than subtle, with the "bean" character telling viewers that China imports one third of its soybeans from the United States, which amounts to 62 percent of the crop exported by American farmers.

Mr Trump complained that the U.S. was "being taken advantage of" on a number of fronts, including trade and monetary policy.

Meanwhile, GERMAN Chancellor Angela Merkel on Friday said that Europe would apply counter-measures if the U.S. imposed tariffs on European cars.

"I don't want them to be scared", he told CNBC.

The U.S. dollar fell against major currencies on Friday on Trumps threat to impose more import tariffs and his repetition of complaints about rising interest rates and the strength of the U.S. dollar. President Xi Jingping "cannot lose face with his own people by giving in to the United States", Dollar said.

"The (yuan's) slide against the U.S. dollar will substantially cushion the impact on Chinese exporters from the planned next round of United States tariffs", IHS Markit's chief Asia economist Rajiv Biswas told AFP news agency.

The administration says it wants China to end the theft of intellectual property from USA companies and curb policies that require American and other foreign businesses to hand over technology in exchange for access to the Chinese market.

The administration to date has slapped tariffs on $34 billion of Chinese goods in a trade dispute over what it calls the There is already pushback in the USA from businesses that will take a hit in an escalating trade war. nation's predatory practices.

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Trump has placed tariffs on everything from steel to chicken incubators.

"But it could be that all we end up with is a lot of tariffs globally and a lot of other types of protectionism globally".

Washington has since threatened tariffs on another $200 billion in Chinese exports, prompting Beijing to vow further retaliation. In a 1990 Playboy interview, Trump was asked about his first action if he ever became president. Mr Trump responded that he was. "I'm doing this to do the right thing for our country".

Donald Trump has lashed out at China and the European Union for allegedly "manipulating" their currencies against a bullish US Dollar.

China has pledged to retaliate against USA tariffs in "equal scale and equal strength". The president has already imposed tariffs on $34 billion in Chinese goods, and Beijing has retaliated with tariffs on an equal amount of American exports.

Short-term bond yields inched higher.

In reality though, when it comes to the Yuan's recent fall against the Dollar, Trump largely has himself to blame for creating an atmosphere of negative speculation against the Chinese economy due to his tariffs and threats of many more tariffs. But rate increases also make borrowing costlier for households and companies and can weaken the pace of growth.

The Wall Street Journal noted that Friday morning's CNBC interview sent European stocks lower, with the Stoxx Europe 600 falling around 0.7pc before recovering some of its losses.

The stock market and shares of most American companies also gained, and some hit record levels, before and after the cuts.

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