Saturday, 24 August, 2019


Trump says Federal Reserve is ‘very, very destructive’ to economy

President Donald Trump and Chinese President Xi Jinping are seen in a file AP President Donald Trump and Chinese President Xi Jinping are seen in a file
Conrad Doyle | 11 June, 2019, 20:07

On Monday, President Trump accused China of seeking to gain a competitive advantage against USA producers by devaluing their currency, the yuan, and threatened to slap Beijing with immediate tariffs on $300 billion' worth of Chinese goods if Xi didn't meet him in Osaka on June 28 or 29 during the G20 summit.

"I think he will go, and I think we are scheduled to have a meeting", Trump said. I think interesting things will happen.

By imposing more taxes, the pressure shifts from the U.S.to China.

"If China wants to move forward with the deal, we're prepared to move forward on the terms we've done", Mnuchin said.

In a game of tit-for-tat, Trump added, China will lose simply because they have far fewer USA imports they can target. But trade talks with China hit an impasse last month after the president accused Beijing of reneging on provisions of a tentative agreement.

Senior Trump advisors, such as U.S. Trade Representative Robert Lighthizer, have instead emphasized a broader goal of getting China to address structural problems such as protectionism against foreign-service industries, state subsidization of much of the Chinese economy, state-sponsored industrial espionage and acquiescence to intellectual property theft, and forced technology transfer as the price foreigners must pay to do business in China. "I think he'll go", Trump said in a phone interview with CNBC Monday. "If the U.S. is willing to negotiate on an equal footing, our door is open".

"If the United States only wants to escalate trade frictions, we will resolutely respond and fight to the end".

Negotiations to resolve the dispute stalled last month after Washington increased tariffs on $200 billion worth of Chinese imports, sparking retaliation from Beijing.

President Donald Trump renewed his attack on the Federal Reserve, complaining it doesn't "listen" to him and contrasting that lack of obedience with the control that China's leader wields over its central bank. "We're expected to meet and if we don't that's fine and if we do that's fine".

Refreshing other familiar themes of frustration, Trump said the Fed "certainly didn't listen to me because they made a big mistake".

Chinese authorities say the United States is exaggerating security concerns to block a potential competitor.

Mexico's foreign minister says his government is willing to work with the Trump administration to stop the flow of migrants coming to the US, but that issuing tariff threats isn't the way to solve this crisis; Garrett Tenney reports from Washington.

"Had a Democrat gotten in., China would have caught us", he said.

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