President Donald Trump lashed out at China and the European Union for their weak currencies and said a stronger dollar and rising interest rates are undermining America’s “competitive edge,” taking a fresh jab at the Federal Reserve.
Mr Trump also said he’s prepared to impose U.S. tariffs on all Chinese imports.
“China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day -- taking away our big competitive edge," Mr Trump tweeted on Friday. “The United States should not be penalized because we are doing so well.”
In an apparent reference to Fed rate increases, Mr Trump added, “Tightening now hurts all that we have done. Debt coming due & we are raising rates -- Really?”
In a CNBC interview that aired earlier on Friday, Mr Trump said he’s “ready to go” with tariffs on $500 billion of Chinese goods, roughly the value of all U.S. imports from the Asian nation last year. "We are being taken advantage of and I don’t like it,” he said.
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Mr Trump’s comments shift attention during a week when he’s facing growing pressure over his relationship with Russian President Vladimir Putin, after the two leaders met on Monday in Helsinki. Mr Trump came under fire for his lukewarm support during a news conference with Mr Putin for the finding by US intelligence agencies that Russia meddled in the 2016 election.
It marks the latest twist in an escalating trade war with countries the president accuses of trading unfairly, raising the prospect that the conflict could also morph into a currency spat. Until now, Mr Trump has mostly focused on using tariffs as leverage to try to convince China and other nations to open up their markets.
Mr Trump is breaking with decades of tradition that presidents avoid commenting directly on the dollar or the path of U.S. monetary policy. The latter is usually seen as the domain of the Fed, while the U.S. Treasury secretary is typically the chief spokesman on the dollar. For years, the US has hewed to the idea that a strong dollar is good for the U.S. economy.
Treasury Secretary Steven Mnuchin heads to Buenos Aires Friday for two days of talks with G-20 counterparts where he will likely face questions about the U.S.’s dollar policy and whether he sees the Fed as independent. Mr Mnuchin has faced criticism from international counterparts about the US talking about currencies before. Within hours of being sworn in as Treasury chief last year, Mr Mnuchin was warned by counterparts from Tokyo to Berlin that the new U.S. administration should refrain from talking about currencies.
The president’s comments likely put a ceiling on the recent US dollar rally so far this year, said Viraj Patel, a foreign-exchange strategist at ING Bank NV.
There’s a risk the dollar “de-couples from interest-rate differentials as investors come to terms with the White House’s mercantilist U.S.-dollar policy,” Mr Patel said.
Mr Trump’s comments that China and the EU are manipulating currencies contradict a Treasury Department semi-annual report released in April that refrained from naming any country a currency manipulator based on specific criteria.
Mr Trump on Thursday criticized the Fed’s series of rate increases, breaking with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the US central bank.
The Fed has raised interest rates five times since Mr Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president’s pick to replace Janet Yellen. In the CNBC interview, Mr Trump called Powell a “very good man.”
The US economy has so far proven resilient to Mr Trump’s threat of taking a trade conflict to the next level. The president has already angered allies by slapping tariffs on steel and aluminum, and he’s considering a widely-criticized move to levy duties on auto-imports.
Mr Trump earlier this month imposed 25 per cent tariffs on $34 bn of Chinese goods, with another $16 bn to follow soon. The administration has also released a list of 10 per cent tariffs on an additional $200 bn of Chinese goods, which could take effect as early as next month. China retaliated on the first wave of tariffs by slapping duties on the same dollar amount of U.S. imports, and Beijing has said it’ll fight against any further U.S. actions.
Golden Shoe top five (as of March 1):
Harry Kane, Tottenham, Premier League, 24 goals, 48 points
Edinson Cavani, PSG, Ligue 1, 24 goals, 48 points
Ciro Immobile, Lazio, Serie A, 23 goals, 46 points
Mohamed Salah, Liverpool, Premier League, 23 goals, 46 points
Lionel Messi, Barcelona, La Liga, 22 goals, 44 points
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Company%20Profile
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UAE currency: the story behind the money in your pockets
TV (UAE time);
OSN Sports: from 10am
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Company%20profile
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Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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