Trump willing to hit all Chinese goods with high tariffs

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

Trump willing to hit all Chinese goods with high tariffs

It set a central point of 6.7671 per dollar, almost one percent lower than the previous day's.

In a pair of tweets, Trump said China, the European Union and others had been "manipulating their currencies and interest rates lower" while the USA dollar strengthened, eroding "our big competitive edge".

China has warned that India is raising a very big risk and it is not going to get anything from a friendly attitude with the U.S., but it can increase Beijing's resentment and the efforts to increase exports to China may also be a shock is. Additionally, policymakers might become more tolerant to renminbi depreciation, although they are unlikely to weaponize the currency. The dollar's gains, meanwhile, were eroding "our competitive edge", the president said, adding that the Federal Reserve's decision to tighten monetary policy "now hurts all that we have done". But it's something investors will have to think about.

"I'm not doing this for politics, I'm doing this to do the right thing for our country", he said. Bond yields are rising and the dollar is falling.

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.

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

The US dollar extended its losses yesterday, easing to 112.35 yen from 112.46 yen. The euro rose to USD1.1655 from USD1.1644.

The biggest fallers today have been the automakers with Volkswagen and BMW sharply lower, but the losses have also pulled in BASF, Siemens as well as Deutsche Bank, while on the FTSE100 the worst fallers have been in basic resources and industrials with CRH, Melrose and BHP Billiton all near the bottom of the index.

"In such a conflict situation, no one can buy auto stocks, or even hold them", said Arndt Ellinghorst, an analyst at Evercore ISI. The stock climbed 1.8 percent to $106.31.

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.

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Trump reiterated threats to impose tariffs on almost all Chinese imports to the USA in a CNBC interview broadcasted on Friday. Trump also turned to Twitter to predict that US soybean farmers will emerge victorious from the US-China trade dispute .

In an interview with CNBC that aired Friday morning, President Trump renewed his threat to ultimately slap tariffs on a total of $500 billion of imports from China - roughly equal to all the goods Beijing ships annually to the United States.

The world's two largest economies are locked in a trade confrontation with no end in sight after the United States early this month imposed 25 per cent tariffs on approximately US$34 billion of Chinese mechanical and technological products. The Trump Administration announced a 2nd possible round targeting $200-B worth of goods on 10 July.

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. There is already pushback in the USA from businesses that will take a hit in an escalating trade war. If the yuan falls too quickly, it could prompt money to flood out of China as investors lose confidence and seek to exchange it for assets in dollars and other currencies.

Asian markets were dented by a slide in the Chinese yuan to its lowest for more than a year, after the Chinese central bank set a weaker fixing for the currency for the seventh straight session.

In late NY trading, the euro was up to $1.1725 from $1.1644 in the previous session, and the British pound increased to $1.3135 from $1.3015 in the previous session. Silver gained 1 percent to $15.55 an ounce. Heating oil edged up 0.7 percent to $2.10 a gallon. Natural gas lost 0.4 percent to $2.76 per 1,000 cubic feet. Britain's FTSE 100 gave up 0.1 percent.

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