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Posted on 21 July 2018 at 07:48
By Agence France-Presse
President Donald Trump on Friday launched a new attack on US trading partners, claiming that the EU and China were manipulating their currency and it threatened to hit all imports from China with high tariffs.
Trump has imposed tariffs on goods from several countries to try to get better trading conditions for the United States. (AFP / MANILA BULLETIN)
The comments also reported a fighting appetite not diminished on several fronts after a week dominated by coverage of the fallout from its relations with Russian President Vladimir Putin.
He pointed to Trump's break with established norms by openly condemning the Federal Reserve for raising interest rates.
The explosions were another crosswind for Wall Street, which struggled to find a direction and ended the day In a pair of tweets, Trump said that China, the European Union and the United States Others had "manipulated their currencies and low interest rates" while the US dollar strengthened, eroding "our great competitive advantage".
He said the tightening of the Fed's monetary policy "is damaging to everything we have done."
The Fed raised interest rates twice this year, after three increases in 2017, and two more rate hikes are expected this year as the central bank removes stimulus from the economy to contain the # 1 39; inflation.
Potential inflation could accelerate after the massive tax cuts advocated by Trump He again stated that he was ready to step up his attacks on China, potentially imposing punitive tariffs on every $ 505.6 billion worth of goods imported from this nation.
I'm ready to go to 500, "said Trump, the CNBC interview aired Friday." We've been ripped off by China for a long time. "
The White House in June has already threatened to continue to progressively punish US rights up to $ 450 billion of Chinese imports.High tariffs are already in place for $ 34 billion of Chinese goods and a second $ 16 billion dollars is under review and could soon be added.
Washington also targets $ 200 billion in imports.As early as September,
Beijing promised to hit dollar for dollar and blamed United States to unleash the "greatest commercial war of economic history."
Commercial Escalation Fight
In CNBC's interview broadcast on Friday, Trump reiterated his Affirmation that the United States "takes advantage of" on matters including trade policy.
The US-China spat is the largest and widest of several commercial fights chosen by Trump. 19659007] The growing share of international trade under threat – including tariffs on automobiles and auto parts currently under study – could hurt the global economy by disrupting the channels. In the CNBC interview, Trump also said that he was "not happy" that the Fed plans to continue raising loan rates. reference
"I'm not happy," he said. "Because we go up and every time you go up, they want to raise rates again."
He also aim the dollar, saying that a higher value "disadvantage us" and adding that the Chinese yuan "has"
"The United States should be allowed to recover what was lost because of the illegal manipulation of the currency and BAD Trade Deals, "Trump said on Twitter
. After recently slipping to its lowest level in April, with the warming of the Sino-US trade dispute, the yuan s & # 39, is strengthened at around 6.77 at the close on Friday.
Despite Trump's claim, the yuan has been growing steadily so gradually in recent years, as most economists and officials say that Beijing has actually been d & # 39; 39, intervening in the foreign exchange markets to prevent the currency from weakening it.
wil "The decline (of the yuan) against the US dollar will significantly mitigate the impact on Chinese exporters of the next. n US tariff cycle, "said Rajiv Biswas, chief economist for Asia. IHS Markit, told AFP
The US dollar, meanwhile, continued its decline against the euro and the pound sterling
"The currency is now part of the players of the commercial war, "says Greg McKenna, chief strategist at AxiTrader. ] (function (d, s, id) {
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