China says threats, intimidation on trade will never work

US Dollar

The market reaction underscored a broad change in direction for the country's economic managers toward policy loosening as China's growth slows, and fears grow an increasingly heated US-China trade war will further hurt economic output.

Washington also is now targetting another USD200 billion in imports which see fresh tariffs imposed as soon as September.

US officials recently issued a list of a range of Chinese imports Trump wants to impose new tariffs on including many food products as well as tobacco, coal, and chemicals.

May said the recent strength in dollar is largely due to weak growth in the rest of the world compared to the U.S.

China and the USA have been involved in an escalating trade dispute since Washington imposed 25 per cent and 10 per cent tariffs on steel and aluminium in March, which have been extended to include an array of other Chinese goods. Its rate hikes are meant to prevent the economy from overheating and igniting high inflation.

U.S. President Donald Trump upped the ante in America's trade conflict with China by threatening to impose tariffs on a range of Chinese goods to the value of $200 billion.

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Tekashi was treated for his wounds and the doctors reportedly performed a cat scan to check out the severity of his head injury. He was taken by ambulance to the hospital, where he now remains, as doctors perform various tests, including a CT scan.

Wall Street and European stock markets stalled, despite good corporate earnings, after Trump threatened to impose tariffs on all USA imports from China.

The US leader is already embroiled in a messy trade dispute with China and Europe, while negotiations with Canada and Mexico to revamp the North American Free Trade Agreement have stalled. China promptly levied taxes on the same value of USA products.

A weakening Chinese yuan against greenback due to concerns over trade wars may mobilize a liquidity shock, Ben May, an economist at Oxford Economics, has said.

Companies in the USA and other countries may find themselves less able to compete globally as import tariffs contribute to rising input costs, higher consumer prices, and lower demand for commodities from emerging markets as a result.

Beijing said it does not intend to devalue the yuan to help exports.

"That attracts dollars to the United States and increases the absorption of capital within the USA economy".

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After Beijing offered this spring to buy more natural gas and farm goods from the U.S.to narrow the trade deficit, Treasury Secretary Steven Mnuchin said the trade war was "on hold".

The dollar traded mixed, while bitcoin went back above $8,000 to reach the highest level since May.

In the CNBC interview broadcast Friday, Trump reiterated his claim that the United States is "being taken advantage of" on issues including trade policy.

"The Chinese are not clear what the United States wants, " said Scott Kennedy, who studies the Chinese economy at the Center for Strategic and International Studies.

"If it does, it does, " he said.

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