State governors delve into foreign diplomacy on trade war

State governors delve into foreign diplomacy on trade war

State governors delve into foreign diplomacy on trade war

The comments also signaled an undiminished appetite for battle on multiple fronts after a week dominated by coverage of the fallout from his dealings with Russian President Vladimir Putin.

In excerpts of the interview released yesterda, y Trump had broken with the long-established executive branch practice of not commenting on the Federal Reserve's decisions out of respect for its independence. The outbursts were another crosswind for Wall Street, which struggled to find direction and finished the day a hair's breadth in negative territory.

Overall, hawkish testimony from Fed Chair Jerome Powell and negatively-viewed comments from U.S. President Trump seemed to be the main catalysts driving a few of the markets in two directions.

China on Friday said that it will soon introduce a foreign currency lending business that will allow borrowers to use offshore foreign currency bonds as collateral for interbank loans, in a further step toward liberalising the country's capital markets.

Benchmark U.S. crude added 1.4 percent to $70.46 a barrel in NY and Brent crude, used to price worldwide oils, gained 0.7 percent to $73.07 a barrel in London.

"I'm ready to go 500", the Republican leader told "CNBC", referring to the Dollars 505.5 billion in Chinese imports into the United States in 2017.

"We're down a tremendous amount", Trump said in an interview about trade imbalances with China on CNBC, recorded on Thursday and broadcast on Friday. "We have been ripped off by China for too long".

LONDON, July 20 (Reuters) - The Chinese yuan slid to its lowest in more than a year on Friday, further undermining global sentiment and stoking worries Beijing's currency management could be the next flash point in a trade dispute with the United States.

The United States is in the process of reviewing a second tranche of $16 billion in products that could soon be added to the U.S. measures.

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Instead, many analysts say they expect the Trump administration to impose more tariffs on China and potentially other key USA trading partners.

Trump wants Chinese leaders to take action that would lower the $375 billion goods trade deficit that the United States is running with China. Losses over the past three months have reached almost 8% amid a global trade spat and concerns over an economic slowdown in China.

However, most economists warn that the imposition of import tariffs could disrupt global manufacturing supply chains, raise input costs and raise prices for consumers, leading to slower economic growth. "I'm not thrilled", he said. "He doesn't want to move, and they've offered the US absolutely...no options regarding the issue of [intellectual property] theft and forced technology transfer".

By sheer dollar volume, the Chinese won't be able to come close to the United States in a tit for tat battle. Prices were supported somewhat after President Trump criticized the Fed's monetary policy.

The yuan weakened nearly 1% against the U.S. dollar on Thursday to hit its lowest level in a year.

"You have to take seriously that (imposing tariffs) is what he really wants to do", said Adam Posen, president of the Peterson Institute for International Economics. In this sense, Trump has actually expanded rather than limited China's options in fighting a trade war with Washington.

The U.S. dollar, meanwhile, continued its decline against the euro and pound.

"Currency is now part of the trade war folks", AxiTrader chief market strategist Greg McKenna said.

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