Published: Sat, July 21, 2018
Markets | By Noel Gibbs

Trump accuses China, EU of currency manipulation, slams Fed


China's central bank is already allowing the tightly controlled yuan to drift lower against the dollar in a bid to help Chinese exporters cope with Trump's tariff hikes. On July 10, Trump threatened to impose another 10 per cent duty on US$200 billion worth of Chinese products. But concerns about U.S. The market fundamentals of strong earnings and a growing economy have been consistent.

Powell, perhaps wary of provoking the ire of the president, has also been particularly careful in press conferences and congressional testimony when asked to comment on Trump's tax and trade policies. Of course the President respects the independence of the Fed.

Trump's comments caused the Dow Jones Industrial Average to register a slight dip before the opening stock market bell in NY, though it then shook off the president's threat and rose again on strong U.S. corporate earnings growth. The S&P 500 dropped 0.2 per cent, and Nasdaq finished 0.1 per cent to the downside.

"Currency is now part of the trade war, folks", said Greg McKenna, market strategist at AxiTrader. "That is between what is clearly a very good earnings and economic backdrop in the USA contrasted with the risk that trade continues to be a problem". "If we see a consistent drumbeat on this from the president, it probably is going to weigh on the dollar". "I couldn't care less what they say, because my views haven't changed".

Treasury Secretary Steven Mnuchin is heading to Buenos Aires on Friday for two days of talks with his G20 counterparts, where he will likely face questions about USA dollar policy. Earlier this year, he invoked national security as a justification for taxing imported steel and aluminum.

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"I'm ready to go 500", the Republican leader told the us network CNBC, referring to the $505.5 billion in Chinese imports accepted into the U.S.in 2017.

The US, which is now doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.

Investors as a whole appear to accept the argument of Trump economic advisers, notably Larry Kudlow and Kevin Hassett, that the president's threats will likely force China, the European Union, Canada, and Mexico to eventually negotiate better trade deals.

The Chinese yuan hit its lowest level in over a year on Friday, as its central bank indicated it was willing to tolerate a weaker currency.

Having boasted a $376 billion trade surplus with the USA previous year, Beijing is unable to match the U.S. on tariffs. They put on massive Tariffs and Barriers.

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The Fed has raised interest rates seven times since December 2015 and has penciled in two more rate hikes for this year.

While Trump had indicated his desire to pull the United States out of the WTO during his election campaign, the official said the USA had no intention of quitting the trade body.

Beijing, meanwhile, has accused the United States of starting the "largest trade war in economic history" and has vowed to retaliate dollar-for-dollar.

The Fed last raised borrowing costs in June.

Trump said shortly after his first meeting with Chinese President Xi Jinping in 2017 that the country had stopped manipulating its currency because of his election. "We don't like what you're doing'".

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