Dollar drops on Trump criticism; U.S., Europe stocks tepid

US dollar down on as Trump makes fresh threats vs China

Still, new tariffs could help Trump's Republican party going into November's congressional elections. White House Economic Adviser Larry Kudlow said that Xi did not want to agree to trade with the US.

In the CNBC interview, Trump said the higher value of the dollar "puts us at a disadvantage" while the Chinese yuan "has been dropping like a rock".

"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.

President Trump took to Twitter on Friday to defend his trade policies, saying that currency manipulation from other countries and previous bad trade deals caused losses that the United States is entitled to recapture.

"We've been ripped off by China for a long time", he added.

NEW YORK, July 20 (Reuters) - The U.S. dollar weakened on Friday against key world currencies as President Donald Trump complained again about its strength, while U.S. and European stock markets were tepid amid fresh tariff talk and another round of corporate earnings.

"Chinese officials have pledged to retaliate, but the exact nature of the retaliation has not been announced". A manager at Qiwang Textile Product Wu Yuepei said, "Usually the goods only take 10 days to reach U.S. customers".

What to do when you when you don't have the same amount of imports to slug in return?

Auto tariffs would escalate global trade tension dramatically: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.

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Mr Trump also criticised previous United States administrations for not standing up to China, claiming that unspecified Chinese officials told him "nobody would ever complain until you came along - me".

A slump in risk assets caused by the decline in China's yuan could soon turn to boom should the People's Bank of China shift toward stimulus mode in the world's no. 2 economy, according to Nomura Holdings Inc.

Along with the "stick" of retaliation, China might also offer the "carrot" of modest concessions.

Data from the Nigerian Bureau of Statistics (NBS) Foreign Trade Report for Q4 2017 shows China was the country's largest import partner, accounting for 22% or ₦465.13 billion of all imports.

At the governor's conference in Santa Fe, emissaries from the Chinese government and enterprises warned that a trade war with China could lead to negative consequences for ordinary Americans, such as higher prices on consumer goods and greater inflation.

Here's a breakdown of how we got here and what the tariffs mean for the economy.

"This means that USA policymakers might see China's equity sell-off as a sign of weakness, and up the ante with the expectation that China will back down". But this would likely be a mistake since equity markets are less of a focus in China.

Concerns about fuel demand dented oil prices after finance ministers and central bank governors at the G20 meeting in Buenos Aires said the risks to global economic growth have increased due to trade and geopolitical tensions. They argued that the taxes would raise vehicle prices, squeeze automakers by increasing the cost of imported components and invite retaliation from USA trading partners - and allies - like the European Union and Canada.

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