TOKYO - The dollar was steady against the safe-haven Japanese yen on Friday, taking in stride the hike in U.S. tariffs on Chinese goods that went into effect and awaiting resumption of talks between top officials of the world’s two largest economies.
U.S. President Donald Trump’s tariff increase to 25 percent from 10 percent on $200 billion of Chinese goods kicked in on Friday, and Beijing said it would strike back, increasing tensions as the two sides pursue last-ditch talks to try salvaging a trade deal.“The tariff hike going into effect wasn’t a surprise in itself,” said Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch.
“The dollar is clearly on a downtrend against the yen, both in terms of technicals and flows,” said Yuki Ishizuki, senior currency strategist at Dalian Securities. Against the Swiss franc, the dollar was a shade weaker 1.0140 after dropping roughly 0.5 percent the previous day, when it touched a one-month low of 1.0122 francs.The euro added 0.15 percent to $1.1229 after touching a one-week peak of $1.1251 the day before.
The suffering soybean farmers in US Midwest can start to packup. Impact on sales of american tech Apple, Qualcomm & automakers Tesla, GM & Ford. Impact on China low tech exports furniture, apparel, etc. Wonder which country will back down? TradeTalks TradeWars
When you put a Bankrupt in charge of an economy what do you expect? ?
it will for about 6 months ! then everyone will be forced to cut back on buying because of the increased cost ! the 1% can't and won't make up the difference !. then...................
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