Chinese yuan wilts again, cushioning the blow of Trump tariffs

U.S. Dollar note

President Trump took to Twitter on Friday to defend his trade policies, saying that currency manipulation from other countries and previous bad trade deals caused losses that the USA is entitled to recapture.

In particular, manufacturers are finding that their "Keep America Great" hats and "Trump 2020" flags are being held up at US customs, thus delaying their delivery to customers.

The term was coined by Brazil's finance minister, Guido Mantega, who was describing a 2010 stand-off between the U.S. and China. "Now it is taking 15 days or longer".

China filed a challenge against the latest round of USA tariffs with the World Trade Organization this earlier week.

Chinese imports from the U.S. totalled $US205 billion ($276.1 billion) in the first five months of 2018, with the deficit reaching $US152 billion ($204.7 billion).

About $US505 billion ($680.3 billion) of Chinese goods were imported to the US in 2017, leading to a trade deficit of almost $US376 billion ($506.5 billion), US government data showed.

Analysts say they're becoming more convinced that Trump's multi-front trade fights aren't merely a short-term negotiating ploy.

President Donald Trump is continued his threats to impose tariffs on all Chinese imports to the US.

'Buffy the Vampire Slayer' to be rebooted with black lead
The WB eventually became The CW, a network on which it's easy to spot the influence of Whedon's seminal series. She is credited as the writer and showrunner for a slew of other titles including Midnight, Texas .

In addition, Trump has told the Commerce Department to investigate whether imported autos and auto parts threaten America's national security - the same justification the president has invoked for other tariffs he has imposed or threatened, including on imported steel and aluminum.

"We're down a tremendous amount", Mr Trump said in an interview about trade imbalances with China on CNBC. Rather, he may be prepared to wait as long as he feels it necessary to force other countries to adopt trade rules more favorable to the United States.

In an interview with US broadcaster CNBC, Trump also accused the European Union of currency manipulation and criticized the US Federal Reserve for it decision to continue raising interest rates.

Analysts said the yuan's latest dip came after China's central bank indicated that it was willing to accept a weaker currency. -China trade tensions and supply increases.

Even though the dollar does tend to react sharply to Trump's words in the short term, analysts say there appears to be limited lasting impact and they do not expect that to change.

China has pledged to retaliate against United States tariffs in "equal scale and equal strength". It slipped Friday against the Chinese currency and was expected to extend its steady decline, providing Beijing with a buffer against punitive United States trade tariffs.

The administration says it wants China to end the theft of intellectual property from US companies and curb policies that require American and other foreign businesses to hand over technology in exchange for access to the Chinese market. Given the strength of the USA economy, the Federal Reserve is expected to keep raising interest rates.

"I'm not doing this for politics".

Related:

Comments

Latest news

Glass Trailer: M. Night Shyamalan Sequelizes Split and Unbreakable
They produce again with Ashwin Rajan and Marc Bienstock, and Steven Schneider and Kevin Frakes, who executive produce. This is a hell of a first trailer, really getting right into it and giving us some footage that looks fantastic.

The orders keep flowing at the Farnborough Air Show
One industry source said at least one jet was on standby to bring Fernandes to Farnborough at any sign of a breakthrough. On Tuesday, Reuters reported that the first order for 80 aircraft came from China's ICBC Leasing.

Alexis Sanchez flies to America to join Manchester United team-mates
Pereira, however, was powerless to keep out Martin's header approaching the hour-mark as United conceded the opener. Mata came closest to scoring in the first half but saw his effort come back off the inside of the post.

Nine Family Members Killed When Branson Boat Capsized
The duck boat that sank was inspected yearly and its last inspection was in February, showing no deficiencies at the time. Ripley Entertainment, which owns Ride the Ducks, said in a statement they are "deeply saddened by the tragic accident".

Cohen recorded Trump discussing payment to ex-Playmate
The hush money payment raises serious concerns about potential campaign finance violations, many experts have said. The former Playboy model said that after their first sexual encounter, Trump tried to offer her money.

Trump claims ex-lawyer's phone-taping is 'perhaps illegal'
On Saturday, Trump appeared to slam both the Federal Bureau of Investigation raid and Cohen's behavior as "inconceivable". New York, where the taping reportedly took place, legally requires only one person's consent for such a recording.

ISIS follower found guilty of terror plot to kill British PM
Imran, 22, from south-east Birmingham, was found guilty of having a terrorist handbook after the jury deliberated for 13 hours. He admitted midway through the trial to helping his friend Imran join Isis in Libya by recording an Isis sponsorship video.

Offset arrested for alleged gun possession
At press time, Clayton County Jail records show that Offset remains in custody with no apparent bail amount for the gun charges. Cephus was arrested following a search of the auto when officers said they found multiple handguns, marijuana, and $107,000.

Authorities identify suspects in Novichok poisoning
Inquests are medical and legal hearings conducted in Britain in cases of unnatural, sudden or violent death. Britain blames Russia's government for the March attack, a claim Moscow strongly denies.

Chris Wood closing in on leaders with hot round
McIlroy, a four-time major champion, has had far more success in his career on softer layouts - his victories in the 2011 U.S. Rose is No. 3 and almost joined them until he made an 18-foot birdie putt on the last hole to make the cut on the number.

SingHealth hack 'worrying' for Singapore but govt response lauded
Prime Minister Lee said in a Facebook post that he did not know what information the attackers were hoping to find. A cyber attack past year targeted the defence ministry but only got basic information on military conscripts.

United fans keeping De Gea at Old Trafford - Herrera
United began their summer schedule with a 1-1 draw against Club America at the University of Phoenix Stadium on Thursday night.

Finau shoots 71, 2 off the lead at Open Championship
Fleetwood was raised playing links golf on courses like Southport, Formby Hall and Southport & Ainsdale near his Merseyside home. And he says that, win or lose, he is in a more settled state nowadays. "Fifteen under could win it".

Guardiola wants Man City stars rested and ready
City are now on pre-season tour of the U.S. where they are involved in the International Champions Cup. Jadon Sancho and Mahmoud Dahoud also came close for Dortmund, but failed to find the back of the net.

Four charged with murder of rapper XXXTentacion
Williams later told police he was with others at the motorcycle shop but did not know in advance they meant to rob the rapper. Williams was arrested two days after the murder and Boatwright was taken into custody on July 5 on an unrelated drug offense.

Other news