The White House has reportedly been considering an extension of its ban on Huawei.
U.S. President Donald Trump on Friday said he was not ready to make a deal with China and even called a September round of trade talks into question, reviving concerns on financial markets that the bilateral dispute is unlikely to end anytime soon.
The financial organization explained that, in the case the Americans imposed 25 percent tariffs on a remaining $300 billion list of imports from China, the Asian nation's growth could be reduced by nearly one percentage point (0.8 to be exact, ) over the next year because demands would sharply decrease.
Stocks traded lower on Friday amid fears of a renewed US-China trade conflict after the Trump announcement.
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The US Treasury then declared China a currency manipulator, after the yuan dropped below seven to the dollar - a psychological threshold.
"We want to see how long the yuan stays past 7 to see if this is just a warning shot".
A White House spokesperson later told Edward Lawrence of Fox News that this was only meant to apply to the federal government and that the Commerce Department will still allow US companies to sell some technology to Huawei under special licenses.
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Since the trade spat between the world's two largest economies erupted in March a year ago, the dollar has gained more significant than three percent against a basket of currencies. Shares recovered somewhat but still closed in the red. This photo illustration taken on January 6, 2017 shows Chinese 100 yuan notes and one USA dollar notes in Beijing.
But an International Monetary Fund official said Friday that allowing the currency to adjust freely to economic factors is one of its recommendations to Beijing.
James Daniel, director of the IMF's China department, said that an assessment of China's economic policies found the yuan exchange rate in 2018 to be 'not significantly over-valued or under-valued'.
There's no surprise in China wanting its own digital currency system that it could control, as officials have given ample of time to boost the country's independence from foreign technologies, and this can be considered as the next logical step towards it. This measure of inflation still tracks below the Federal Reserve's target rate of 2% and reflects a slowing down in manufacturing activity amid weaker global demand.
Toronto Blue Jays vs. New York Yankees
NY improved to an AL East-best 77-41 and the Jays failed to get to 50 wins (49-71) and start a home set against Texas on Monday. His hard-hit one-hopper to Smoak at first was turned into a 3-2-3 inning-ending double play and kept the Yankees' lead at 1-0.