Trump dismisses fears of long-lasting trade war; China sees severe…

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U.S. President Donald Trump dismissed fears of a protracted trade war with China on Tuesday despite a warning from Beijing that labeling it a currency manipulator would have severe consequences for the global financial order.

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WASHINGTON/BEIJING/SHANGHAI (Reuters) – U.S. President Donald Trump dismissed fears of a protracted trade war with China on Tuesday despite a warning from Beijing that labeling it a currency manipulator would have severe consequences for the global financial order.

FILE PHOTO: A U.S. dollar banknote featuring American founding father Benjamin Franklin and a China’s yuan banknote featuring late Chinese chairman Mao Zedong are seen among U.S. and Chinese flags in this illustration picture taken May 20, 2019. Picture taken May 20, 2019. REUTERS/Jason Lee/Illustration/File Photo

Air China said on Tuesday it was suspending its flights on the Beijing-Honolulu route starting on Aug. 27, following a review of its network.

China’s commerce ministry also announced that its companies had stopped buying U.S. agricultural products in retaliation against Washington’s latest tariff threat.

The Trump administration already has rolled out up to $28 billion in federal aid for U.S. farmers since the trade war began last year, and the Agriculture Department to date has made $8.6 billion of direct aid payments to U.S. farmers.

Reporting by Winni Zhou and David Stanway in SHANGHAI, and Cheng Leng and Yawen Chen in BEIJING, Susan Heavey, Tim Ahmann, Humeyra Pamuk, Howard Schneider and Mohammad Zargham in WASHINGTON; Writing by Andrea Shalal, Grant McCool and Paul Simao; Editing by Richard Borsuk, Howard Goller and Sonya Hepinstall


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Author:

U.S. President Donald Trump dismissed fears of a protracted trade war with China on Tuesday despite a warning from Beijing that labeling it a currency manipulator would have severe consequences for the global financial order.

Source: {authorlink}

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