Chinese yuan wilts again, cushioning the blow of Trump tariffs

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Such a move would be a big wake-up call to the European Union which in spite of threatening to develop freer and more open bilateral trade with China, is once again dragging its feet due to an historic atmosphere of caution in Brussels when it comes to allowing Chinese goods into Europe.

Instead, many analysts say they expect the Trump administration to impose more tariffs on China and potentially other key USA trading partners. Its rate hikes are meant to prevent the economy from overheating and igniting high inflation.

U.S. President Donald Trump said in an interview released on Friday he is willing to hit all Chinese goods imported to the U.S. with tariffs if necessary. Tariffs on a further US$16 billion are due to take force in the coming weeks, while Washington is planning a 10 per cent duty on US$200 billion of Chinese goods.

Most Asian markets were higher yesterday despite signs that China and the U.S. were preparing to impose more tariffs on each other's products. Earlier this year, he used national security as a justification for taxing imported steel and aluminum. If the answer is yes, the administration says it could slap 20 percent to 25 percent tariffs on $335 billion of auto imports. The price of soybeans has fallen 50% since 5 years before the Election.

While initially Trump had said he was displeased with the tighter monetary policy endorsed by the Fed, his administration later attempted to provide some clarity. "We've had a trade war that's been going on for awhile, and now we're starting to hear talk about 'you shouldn't be doing that with your currency".

Responding to the president's latest comments, the White House economic adviser Larry Kudlow told the news website Axios that provoking Trump would be a mistake for China.

Some of the numbers in the video may be in dispute, but the potential of devastating losses to United States farmers is a concern voiced by many agricultural groups and their representatives. It expects that 700,000 jobs would be lost.

The Wall Street Journal noted that Mr Trump's comments had an immediate impact on global markets, sending the stocks lower. -China trade war and the other conflicts President Trump has ignited. "For now." The currency closed at 6.7864 in Shanghai on Friday.

China accused the US of starting the "largest trade war in economic history".

A so-far-restrained response from China has helped stabilise sentiments toward the end of the week, but we remain cautious on the local market assets of countries that are exposed to these escalating trade tensions.

"Trump has been clearly bothered by this tactic and yesterday's comments reflected his frustration at losing the battle in the trade war".

"That isn't how trade negotiations work", Yerxa said.

China has pledged to retaliate against United States tariffs in "equal scale and equal strength". "I really like President Xi a lot, but it was very unfair".

"Chinese officials have pledged to retaliate, but the exact nature of the retaliation has not been announced".

The CBN asked banks to bid for renminbi between 9:00 a.m. and midday, two people, who asked not to be identified because they're not authorized to speak to the press about the matter, said.

A top Federal Reserve official, meanwhile, warned the trade war could hurt the USA economy.