Trump dismisses trade war concerns as China halts agricultural purchases

Washington/Beijing/Shanghai — On Tuesday, US President Donald Trump dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision to label it a currency manipulator would lead to chaos in financial markets.

Ratcheting up the pressure on China, the US treasury department said on Monday it had determined for the first time since 1994 that Beijing was manipulating its currency. The move followed China’s decision to let the yuan fall below the key 7/$ level for the first time in more than a decade, rattling financial markets and dimming hopes for an end to a trade war that has dragged into a second year.

The Trump administration wants to continue trade talks with China and is still planning to host a Chinese delegation for further talks in September, Larry Kudlow, director of the White House national economic council, told CNBC on Tuesday. He said movement towards an agreement could change the outlook for US tariffs, adding, “It takes two to tango.”

The US sets out three criteria for identifying manipulation among major trading partners: a material global current account surplus; a significant trade surplus with the US; and persistent one-way intervention in foreign exchange markets.

This is the new order of things for the rest of Pres. Trumps term and the global market is something that it needs to get used too.

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