Stocks wobble, dollar slips as traders shrug off trade talk

23 July, 2018, 03:38 | Author: Martin Tyler
  • Frankfurt's stock exchange in Frankfurt

State governors discussed ways Thursday to court foreign investment in the wake of President Donald Trump's trade disputes with countries including China, Canada and Mexico. With those nations nearly certain to retaliate, the result could be higher prices for Americans, diminished export sales and a weaker US economy by next year.

US President Donald Trump said in an interview released today he is willing to hit all Chinese goods imported to the United States with tariffs if necessary. Trump's comments point to a willingness to push the envelope as far as the US needs to get Chinese tariff concessions, along with a pledge to stop allegedly stealing American technology.

The world's two largest economies have already imposed tariffs on $34 billion worth of each other's imports. Opponents of the new trade restrictions lined up to vent as the Commerce Department held a hearing on whether auto imports pose a threat to USA national security.

Trump has placed tariffs on everything from steel to chicken incubators. Higher auto prices for American consumers would inevitably follow.

Trump is taking a more aggressive, protectionist posture on trade than his recent predecessors, sparking retaliatory measures from other countries.

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"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite". Many analysts now fear there will be no significant movement towards resolution until after USA mid-term elections in November. The yuan has been skidding since February, mostly because of slower economic growth in China and rising interest rates in the U.S. It expects that 700,000 jobs would be lost.

The slide comes amid a deepening U.S. In this sense, Trump has actually expanded rather than limited China's options in fighting a trade war with Washington. On Friday, the Dow Jones industrial closed down slightly.

A sliding currency could help China's huge export industry cope with new USA tariffs, as it makes Chinese products cheaper for buyers who pay in dollars.

"A few years ago we didn't have a story to justify the yuan weakening", said Iris Pang, greater China economist at ING Bank in Hong Kong.

To some extent that policy lost a lot of its credibility in the reaction to the financial crisis, post 2008, and while USA officials have never explicitly acknowledged a desire so openly for a weaker United States dollar in the past they have also never really complained about a strong currency until recently.

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Yet he said he has not pushed the tariffs out of any ill will towards China. This article is strictly for informational purposes only. On a softer note, Trump added, "I am not happy about it.

Philip Levy, a trade expert at the Chicago Council on Global Affairs and a former White House trade adviser, suggested that Chinese officials have been frustrated and confused by their previous failed efforts to reach an agreement.

The United States disputed the retaliatory tariffs at the World Trade Organization on Monday, along with those imposed by the European Union, Canada, Mexico and Turkey in response to new USA duties on steel and aluminum.

Analysts said the yuan's latest dip came after China's central bank indicated that it was willing to accept a weaker currency. "They've received conflicting messages depending on who they speak with".

Trump supporters eager to get their hands on Trump-themed shirts and hats may have to wait more than they normally would have - and it's all thanks to the president's tariffs. Yet any such agreement would require extensive talks over how it would be implemented and verified.

Trump said the U.S.is "being taken advantage of" on a number of fronts, including trade and monetary policy.

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"We're down a tremendous amount", Trump said in an interview about trade imbalances with China on CNBC, recorded on Thursday and broadcast on Friday.

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