Trump accuses China, EU of currency manipulation, slams Fed

President Trump “‘Ready to Go’ With Tariffs on $500-B of Chinese Imports”

Goods already affected by Trump's tariffs against China include batteries, trains, and ball bearings, but they could extend to more consumer goods if further tariffs are imposed.

Stocks have wobbled this week as investors reacted to solid company results and heightened trade tensions.

On Twitter, Trump also accused China and the European Union of manipulating their currencies to promote their exports at the expense of the USA, and criticized the Fed for raising interest rates.

The trade dispute has complicated efforts by the People's Bank of China to make the exchange rate system more flexible, market-oriented and efficient. It surprised markets when he specifically commented on the Dollar's strength and a potential interest rate hike by the Federal Reserve Bank. But it's something investors will have to think about. "Look, I'm not doing this for politics".

The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 NY. The Nasdaq Composite Index eased less than 0.1 percent to 7,820.20. London closed less than a tenth of a percentage point lower while Frankfurt ended the day down almost 1.0 percent.

Taiwan Semiconductor Manufacturing Co (台積電) rose 5.7 percent to close at NT$237.50, while smartphone camera lens supplier Largan Precision Co (大立光) rose 4.25 percent to NT$5,270, its highest since November 29 previous year.

BONDS: Bond prices fell.

Benchmark 10-year USA notes last fell 13/32 in price to yield 2.895 percent, from 2.847 percent late on Thursday.

Brace for yet more spin, Sri Lanka warns Proteas
Sri Lanka will resume on 277/9 with tail-enders Akila Dananjaya (16) and Rangana Herath (5) at the crease. Dale is a guy who is known for getting teams out.

CURRENCIES: The dollar dropped to 111.52 yen from 112.46 yen.

Copper lost 1.55 percent to $6,054.50 a tonne. The company said it's being helped by its rivalry with Amazon, because some retailers are reluctant to team up with Amazon on cloud computing services while they compete with Amazon in sales. The British pound strengthened 0.9 percent to $1.3136.

But General Electric sank 4.5 per cent after it reported a 29.7 per cent drop in second-quarter earnings to US$615 million on continued power industry weakness. GE, which has been selling and splitting off businesses, also cut its forecast for how much cash its businesses will generate.

President Donald Trump on Friday threatened to place tariffs on all goods imported by the U.S. from China in a major escalation of the burgeoning trade war between the two nations. The White House has also itemized $200 billion of additional Chinese imports that it said may be subject to tariffs. More than 70 percent of Republican and Republican-leaning US adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

Ultimately, the trade war with China could end up being a major losing endeavour for the USA, assuming that Trump isn't merely bluffing in order to facilitate further discussions on what he would consider an amicable trade agreement.

"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".

Despite Trump's claim, the yuan has been rising steadily if gradually in recent years, as most economists and officials say Beijing actually has been intervening in currency markets to keep the currency from weakening. That could balance out suggested increases in tariffs by the Trump Administration.

In excerpts of an interview with USA television network CNBC aired Thursday, Trump said a strong dollar "puts us at a disadvantage", adding that the Chinese yuan "has been dropping like a rock". South Korea's Kospi added 0.3 per cent to 2,288.57. Germany's 10-year yield rose four basis points to 0.37 percent. Uniform supplier Cintas gained 5 percent to $203.30.


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