Trump threatens tariffs on more Chinese imports, United States News & Top Stories

US dollar down on as Trump makes fresh threats vs China

When Washington announced it was to impose tariffs on US$50 billion worth of Chinese products on June 15, China's Ministry of Commerce immediately issued a statement, at 1:30am local time that Saturday, announcing its retaliatory measures, with a detailed list of U.S. products that Beijing would target for additional import duties.

In addition, President Trump has told the Commerce Department to investigate whether imported autos and auto parts threaten America's national security - the same justification the president invoked to impose tariffs on steel and aluminum.

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.

"We're down a tremendous amount", Mr Trump said in an interview with CNBC recorded on Thursday and broadcast yesterday. The yuan "will be more stable, as the United States could interpret further depreciation as a form of retaliation", they said, sticking with a three-month forecast of 6.7 per dollar.

In real terms, China could not match the scale of Trump's suggested US$500 billion of tariffs - roughly the total value of Chinese products imported by the USA past year.

The U.S. dollar weakened the most since March while the loonie surged, U.S. Treasuries tumbled and stocks closed mostly lower after President Donald Trump's latest verbal salvos fanned investor concern that a global trade war is escalating.

As American farmers start to wonder how much President Donald Trump's trade war with Beijing could cost them, China's government has a cartoon soybean ready to answer their questions.

United States charges Russian national with being a foreign agent
The Washington Post reported that her attorney had said that the Federal Bureau of Investigation had searched Butina's residence. The charges against Butina were not brought by special counsel Robert Mueller, but rather, by the Justice Department itself.

The Central Bank of Nigeria (CBN) has started the trading of Yuan for the first time after the country secured a Naira-Yuan currency swap deal.

The Chinese textile suppliers who claim they were hired to manufacture the Trump themed hats and flags have complained that the delays at customs are negatively impacting their sales. Critics lined up to urge the administration to reject auto tariffs. The euro rose to USD1.1655 from USD1.1644.

The administration says it wants China to end the theft of intellectual property from US companies and curb policies that require American and other foreign businesses to hand over technology in exchange for access to the Chinese market. Italian 10-year yields increased eight basis points to 2.59 percent.

The yuan has been skidding since February, mostly because of slower economic growth in China and rising interest rates in the U.S.

OIL: 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.

The yield on Europe's benchmark bond, the German 10-year Bund, hit a one-month high of 0.39 percent while US 10-year Treasury yields also hit their highest in a month at 2.90 percent. Heating oil edged up 0.7 percent to $2.10 a gallon. The Chinese central bank implemented the sharpest one-day lowering of the trading range for the yuan in two years. Silver gained 1 percent to $15.55 an ounce.

Germany's DAX lost 1 percent and France's CAC 40 slid 0.3 percent. Hong Kong's Hang Seng slipped 0.5 percent and the Shanghai Composite Index was down 0.15 percent. Japan's Nikkei 225 fell 0.3 percent.

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