Auto tariffs would sharply escalate global trade tensions: The U.S. last year imported $192 billion in vehicles and $143 billion in auto parts - figures that dwarf last year's $29 billion in steel and $23 billion in aluminum imports.
The yuan's depreciation stems from a confluence of factors including the trade war, expected slower Chinese economic growth, and speculation that Beijing will take stimulus steps as a buffer, which tends to pressure a nation's currency.
And while the currency has been weakening in recent weeks, Mr Nordvig said Thursday's sharp adjustment appeared to be a deliberate move. Nine of the top 10 soybean-growing states in the U.S. voted for Trump, it highlights.
What is a currency war? The company said it's being helped by its rivalry with Amazon, because some retailers are reluctant to team up with Amazon on cloud computing services while they compete with Amazon in sales.
Home furnishings chain At Home Group Inc (HOME.N) said it would make adjustments to its supply chain to mitigate the impact of the proposed tariffs on goods imported from China.
BAML says this sort of miscalculation from either side would be costly for consumers and businesses alike, adding that investors should "buckle up" should such a policy misstep ensue.
The term was coined by Brazil's finance minister, Guido Mantega, who was describing a 2010 stand-off between the United States and China. China's central bank is allowing its tightly controlled yuan to drift lower against the dollar, a move that could help exporters cope with USA tariff hikes but raises the risk of reigniting an outflow of capital Beijing spent months trying to stanch.
He likewise also took aim at the dollar, saying a higher value "puts us at a disadvantage" and adding that the Chinese yuan "has been dropping like a rock".
Trump and Putin depart historic Helsinki summit
A wide array of Republican and Democratic lawmakers condemned Trump's position, calling it embarrassing , a disgrace and shameful. The damage inflicted by President Trump's naiveté, egotism, false equivalence, and sympathy for autocrats is hard to calculate.
Finally, sanitary napkins to be exempted from GST
Between Rs 2,500 to below Rs 7,500 GST is levied at 18 per cent and that of Rs 1,000 and below Rs 2,500 it is 12 per cent. Apart from the change in taxes on commodities, Piyush Goyal announced a number of measures to simplify tax filing.
President Trump Eyes an Additional $500B Worth of Tariffs on Chinese Goods
The White House in June already threatened to extend punishing United States duties progressively to up to $450 billion in Chinese imports.
President Donald Trump is continued his threats to impose tariffs on all Chinese imports to the US. That could in turn boost an economy that posted its slowest growth rate in almost two years - 6.7% - in the second quarter.
In an article published in the daily USA Today on Wednesday, Mr Cui said the US' trade deficit with China does not mean it is "losing".
However, it is a high-risk strategy. "First, a weaker yuan challenges the competitiveness of other Asian economies", said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo.
After a decent run to the upside this week the USA dollar has fallen back sharply today, largely as a result of last night's comments from President Trump, where he was critical of the Fed and the recent strength in the currency.
While initially Trump had said he was displeased with the tighter monetary policy endorsed by the Fed, his administration later attempted to provide some clarity. "I don't like all of this work that we're putting into the economy and then I see rates going up".
In a market wrap, analysts at Westpac explained that US President Trump launched fresh salvos in the US-China trade war and again criticised the Fed, and the G20 summit highlighted trade tensions - noting that the US dollar fell and US bond yields rose.
When asked about the stock market possibly falling if the United States imposes duties on such a large amount of goods, Mr Trump said: "If it does, it does".