Saturday, 24 June, 2017

Trump says China won't be labeled a currency manipulator

President Trump welcomes Chinese President Xi Jinping to the Mar-a Lago estate in West Palm Beach Fla. on April 6 President Trump welcomes Chinese President Xi Jinping to the Mar-a Lago estate in West Palm Beach Fla. on April 6
Juana Turner | 15 April, 2017, 05:56

President Trump also revealed a major policy U-turn as he said the U.S. government would not label China a currency manipulator.

Trump also reversed course on an earlier vow to label Beijing a currency manipulator and slap punitive tariffs on Chinese imports.

But he has been mostly mum on the topic since the inauguration, and the topic didn't appear to come up when China's president Xi Jinping visited last week.

"He didn't do any of the things he said he would", Rickards noted.

The dollar dropped over 0.7%, a major move, after Trump told the Wall Street Journal that the dollar is "getting too strong".

Escalating fears of a new weapons test by North Korea also kept investors on edge, as a US carrier group sails towards the area.

Trump added that he would be amicable to a trade agreement with China that does not do quite as much to lessen the trade deficit in order to "solve the problem in North Korea".

The U.S. leader had promised to label China as a currency manipulator on his first day in office, a move that would have initiated a process that includes talks but could lead to imposing unilateral trade sanctions, which nearly certainly would have sparked retaliation. That will be all right, too. "It turns out that, first of all, lots of small companies are really helped", Trump said.

But there are compelling reasons why recent administrations have tried to avoid commenting on the dollar: Other countries can interpret loose talk as an effort to manipulate the vital currency.

That didn't happen, but the president continues to talk tough on China.

Trump and Xi spoke by telephone Tuesday night, just days after their two-day gathering at the president's Mar-a-Lago resort in Florida.

The 10-year US Treasury yield was steady after falling six basis points to 2.24 per cent on Wednesday, the lowest closing level since Nov 16.

"I think it's wonderful that they abstained", Trump said.

China abstained from a vote at the United Nations Security Council to condemn Syria's chemical gas attack.

Early in the campaign, Trump told Bloomberg's Mark Halperin that he didn't like the agency, which was "unnecessary".

On North Korea, Trump didn't outline any concessions China was offering apart from the coal cutoff, which was announced two months ago.

Then he tweeted warnings to the country about helping North Korea.

In another reversal, Trump also toned down his previous criticism of Fed chairwoman of Janet Yellen, prompting speculation that he may renominate her for another term.

Escalating fears of a new weapons test by North Korea kept investors on edge too, as a USA carrier group sails toward the area. Under U.S. law, labeling a country as a currency manipulator can trigger an investigation and negotiations on tariffs and trade.

Trump's comments on the Fed were his most explicit about the USA central bank since he took office in January, and they suggested a lower likelihood that he plans to try to push monetary policy in some unorthodox new direction.

He said Yellen was "not toast" and he would consider renominating her next year.

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