Ending dollar dominance in world market | Updates

[Muhammed45]

Trump slamming Russia for currency devaluation shows lack of knowledge or bias – analyst to RT
Published time: 16 Apr, 2018 15:07Edited time: 16 Apr, 2018 15:08
Get short URL

© Kevin Lamarque / Reuters

• 12

The ruble has lost nine percent of its value after Washington sanctions targeted Russian businesses. But that's not the reason for the ruble's depreciation, according to US President Donald Trump.
“Russia and China are playing the currency devaluation game as the US keeps raising interest rates. Not acceptable,” Trump tweeted on Monday.

Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!

— Donald J. Trump (@realDonaldTrump) 16 апреля 2018 г.
The Russian Central Bank free-floated the national currency in late 2014 and focused on replenishing reserves instead. This means that only supply and demand determine the value of the ruble in comparison with the US dollar, euro, pound sterling, Japanese yen and other currencies. Over the four years, the Central Bank has repeatedly said it is not abandoning the strategy.

Read more
US sanctions aim to squeeze Russian firms out of global markets – Kremlin spokesman
“Trump sounds pretty strange by saying such things about Russia. With the exception of the last week, the Russian ruble had been strengthening for 1.5 years. The Chinese yuan has been strengthening since 2015. That’s why saying that Russia or China are playing the devaluation game shows either Trump’s lack of knowledge or his politically biased stance,” Konstantin Korischenko, former deputy chairman of the Central Bank of Russia (CBR), told RT.

The US president’s tweet comes at a time when the Russian currency is seeing a very turbulent period after two years of stability. The new round of US sanctions has hit the country’s key exporters in metals and mining, which has led to a logical depreciation of the ruble.

On Monday, the ruble was falling slightly in anticipation of another round of sanctions from Washington over Moscow’s backing for the Syrian government. “The Russian financial market will remain extremely nervous and volatile – with a short-term focus on the scale and rhetoric of the new US sanctions,” analysts at Societe Generale SA’s Russian unit including Yury Tulinov said in a research note, as quoted by Bloomberg.

On Monday, the ruble fell slightly against the dollar and the euro, trading at 62.3 and 77.1, respectively. The Russian stock indices, the ruble-denominated MOEX and the dollar-traded RTS, were both down around 1.5 percent.

For more stories on economy & finance visit RT's business section

https://www.rt.com/business/424293-russia-ruble-trump-sanctions/

 

[Muhammed45]

Russia dumps US debt, reducing holdings to lowest level in a year
Published time: 17 Apr, 2018 10:49Edited time: 17 Apr, 2018 12:00
Get short URL

© Reuters

• 546

The Central Bank of Russia has sold $3.1 billion in US Treasury bills as of February, reducing its investment in American debt to the lowest level since March last year.
Moscow still occupies the 16th position among the largest holders of US government bonds. Russia has cut its holdings for the third consecutive month.

Read more
Russia & China dumping US treasuries
Russian Finance Minister Anton Siluanov said in February that Russia is not sticking to American debt and can replace it if it finds an adequate substitution elsewhere. “We are ready to invest in the securities issued by other sovereign states, the main thing is that they should be low-risk and accordingly bring income,” Siluanov said at the time.

China remains the largest buyer of US debt, increasing its holding by $8.5 billion to $1.18 trillion in February. Analysts say China can use its vast holdings of US treasuries as a bargaining chip in the trade dispute with President Donald Trump’s administration.

However, analysts doubt Beijing would start dumping American treasuries. “It is more effective as a threat. If they sell, they have no threat. It would only escalate the situation and eliminate their leverage,” according to bond investor Jeff Gundlach.

Global markets are still awaiting China’s reaction to the bilateral trade barriers imposed in March, since the data from the US Treasury comes with a two-month delay.

"That's more of a slow-burning story. It's a bit too soon for any tariff talk to have an impact of China's Treasury holdings,” said Gennadiy Goldberg, interest rates strategist at TD Securities in New York, as quoted by Reuters.

For more stories on economy & finance visit RT's business section
https://www.rt.com/business/424367-russia-dumps-us-treasuries/

Nice move by RF. Well done, spare yourself from debt to dollar based economy.

China crushes American sorghum crop imports with 179% tariff
Published time: 17 Apr, 2018 13:06
Get short URL

© Craig Lovell / Global Look Press

• 7

China has retaliated in response to US tariffs with a huge levy on American sorghum crops. Beijing has accused Washington of price dumping, which is hurting Chinese farmers.
Sorghum is a crop used to feed livestock and can be made into a liquor known as maotai, which is very popular with Chinese drinkers. China is the largest buyer of American sorghum products, buying almost $1 billion worth last year.

Read more
Chinese tariffs hitting US where it’s most vulnerable – farming
Some analysts say such a steep tariff will practically stop US sorghum exports to China. “It’s very high. Basically, US sorghum won’t be able to come in,” said Fan Jingya, grains analyst at Cofco Futures, as quoted by Reuters.

“We were expecting like 35 percent,” the news agency quoted its source at international trading house as saying. “Sorghum imports now are dead. No one can afford that high amount of tariffs.”

“I don’t know what [the importers] will do, but it will be rough,” another trader said.

Analysts have also noted that tariffs on US agriculture will mostly hurt states like Kansas – where President Donald Trump’s core political base is located.

An investigation was launched two months ago in retaliation to aggressive trade actions by Washington, including hefty tariffs on solar panels and washing machines. US companies Archer Daniels Midland – a top seller of US sorghum in China – and Cargill are likely to be affected.

China earlier said it also plans to introduce tariffs on American soybeans. Last year, soybeans were the biggest US agricultural export to China at a value of between $12 billion and $14 billion.

For more stories on economy & finance visit RT's business section
https://www.rt.com/business/424381-china-sorghum-us-imports-tariffs/

 

[Muhammed45]

Europe to ditch US dollar in payments for Iranian oil – source
Published time: 16 May, 2018 07:38Edited time: 16 May, 2018 09:40
Get short URL

© Ohde / face to face / Global Look Press

• 19554
• 29

The European Union is planning to switch payments to the euro for its oil purchases from Iran, eliminating US dollar transactions, a diplomatic source told RIA Novosti.
Brussels has been at odds with Washington over the US withdrawal from the Iran nuclear deal, which was reached during the administration of Barack Obama. President Donald Trump has pledged to re-impose sanctions against the Islamic Republic.

Read more
US imposes new sanctions on Iranian individuals and bank – treasury department
“I’m privy to the information that the EU is going to shift from dollar to euro to pay for crude from Iran,” the source told the agency.

Earlier this week, EU foreign policy chief Federica Mogherini said that the foreign ministers of the UK, France, Germany, and Iran had agreed to work out practical solutions in response to Washington’s move in the next few weeks. The bloc is reportedly planning to maintain and deepen economic ties with Iran, including in the area of oil and gas supplies.

Mogherini stressed that the sides should jointly work on the lifting of sanctions as an integral part of the historic nuclear deal. “We're not naive and know it will be difficult for all sides.”

The Iran nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA), was sealed three years ago in Vienna between Tehran and the P5+1 powers (China, France, Russia, UK, US, plus Germany). The agreement saw decades-long international sanctions lifted in exchange for Iran curbing its controversial nuclear program. On January 16, 2016, the parties to the deal announced the beginning of its implementation.

The lifting of international sanctions gave Iran access to the world’s markets for the first time in nearly four decades. Since then, Tehran has managed to significantly increase its exports of crude.

'We are prepared for all scenarios' https://t.co/mYsQ1hzeoW

— RT (@RT_com) May 8, 2018
However, oil is pegged to the US dollar on international markets, making it difficult for Iran’s partners to make payments for crude and for Tehran to receive them. With the dollar playing the leading role on international financial markets, re-imposing sanctions would mean cutting Iran off from the global financial system.

EU and Iran to keep nuclear deal in placehttps://t.co/vE9cR5b7IFpic.twitter.com/XC5Xc5kOhj

— RT (@RT_com) May 15, 2018
At the same time, dozens of contracts signed between European businesses and the Islamic Republic could be at risk of cancellation if Brussels obeys Washington’s sanctions. This would damage Iran’s economy and European firms would lose a huge market in the Middle East. Switching to alternative settlement currencies allows both sides to continue trading despite US sanctions.

For more stories on economy & finance visit RT's business section


https://www.rt.com/business/426856-europe-to-ditch-us-dollar/

 

[Muhammed45]

Russia ready to ditch dollar in favor of euro in foreign trade – finance minister
Published time: 24 May, 2018 13:11Edited time: 24 May, 2018 14:32
Get short URL

© Dado Ruvic / Reuters

• 808

Settlements in US currency could be dropped by Russia in favor of the euro if the EU takes a stand against the latest US sanctions on Moscow, Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum.
“As we see, restrictions imposed by the American partners are of an extraterritorial nature. The possibility of switching from the US dollar to the euro in settlements depends on Europe’s stance toward Washington’s position,” said Siluanov, who is also Russia’s first deputy prime minister.

The EU initially supported Washington’s sanctions against Moscow, but has recently criticized US President Donald Trump’s policy of imposing trade restrictions on other countries. The EU was also hit by the introduction of US import duties on steel and aluminum. The situation escalated even more after the US withdrew from the nuclear deal with Iran.

URGENT: Europe moves to protect its firms working in Iran from US sanctions https://t.co/gWI2nFaE1R

— RT (@RT_com) May 18, 2018
“If our European partners declare their position unequivocally, we could definitely see a way to use the European common currency for financial settlements, such as payments for goods and services, which today are often subject to restrictions,” Siluanov said at the St. Petersburg International Economic Forum.

Siluanov added that Russia is already developing settlements in national currencies with its trading partners.

For more stories on economy & finance visit RT's business section
https://www.rt.com/business/427654-russia-euro-payments-trade/

@Adam WANG SHANGHAI MEGA @vostok

 

[Muhammed45]

US has largest debt in world history, dollar to lose status as No.1 currency – Jim Rogers
Published time: 24 May, 2018 11:17Edited time: 24 May, 2018 14:00
Get short URL

© Thomas White / Reuters
The US dollar is becoming less appealing for investors as American debt continues to soar and the greenback is printed to cover it, investor Jim Rogers said at the St. Petersburg International Economic Forum (SPIEF).
The American currency will lose the status of main reserve currency much sooner than 2030, Rogers said at the Valdai Club’s discussion session, held as part of SPIEF.

Read more
Yuan the Conqueror: China to launch yuan-backed metals futures in London to challenge US dollar
“Dollar is going to be higher than now because the turmoil is coming. Then, it is going to be overpriced and people will look around and say, ‘America’s got the largest debt in the history of the world. It’s printing money as fast as it can,’” the investor said.

People will look at what Brazil, Russia, China, India, Iran and other developing countries are doing, Rogers said. “They are forming a competing currency right now,” he added. So, the dollar alternative will come from the countries that“have been bossed by the US, and they don’t like it, but have enough power to do something about it.”

Rogers went on to say that organizations such as the International Monetary Fund and the World Bank“have never been right about anything” and should be abolished, since they have been politically dependent on the United States for decades.

Speaking separately to RT, the businessman said that sanctions and trade wars are the biggest threat to the world’s economic stability. “The world has learned throughout history that closing off is not good, opening up is good,” Rogers said.

For more stories on economy & finance visit RT's business section

 

[Muhammed45]

Putin signs law on countermeasures against US & its allies
Published time: 4 Jun, 2018 11:50Edited time: 4 Jun, 2018 12:48

© Mikhael Klimentyev / Sputnik

• 1798

Russian President Vladimir Putin has signed a law stipulating implementation of counter-sanctions against the US and its allies.
The legislation is to be applied to any state or person for “hostile actions” against Russia. It allows Russian authorities to cut international cooperation with foreign states, and to impose import and export restrictions among other countermeasures. Trade embargos will not extended to certain goods, however, that are imported by Russian citizens for personal use.

Contrary to public fears, the countersanctions do not apply to imported essential items, for which no replacements are produced in Russia or other countries.

READ MORE: Russian economy resilient in face of latest US sanctions – Moody’s

The bill aimed at defending “economic interests and security” was drafted by State Duma Speaker Vyacheslav Volodin and the heads of all four parliamentary caucuses in mid-April. It was approved by Russian lawmakers by the end of May. The move came in retaliation to Washington’s economic penalties against Moscow.

In early April, the US Treasury included 24 Russians, including high-profile politicians, and 14 corporations on a sanctions list relating to alleged “malign activity around the globe.” The move has been repeatedly condemned by Russian authorities, with Moscow immediately promising to retaliate.

 

[Muhammed45]

US about to slap disobedient European firms with sanctions over Russian gas project
Published time: 4 Jun, 2018 13:01
Get short URL

© Jonathan Ernst / Reuters
The White House is on the verge of introducing penalties against companies engaged in the construction of the Nord Stream 2 gas pipeline, which will deliver Russian natural gas to the EU across the Baltic Sea.
The US government is planning to sanction European corporations that joined the pipeline project, which is led by Russian state-owned energy giant Gazprom, three sources close to the issue told Foreign Policy news magazine. Apart from Gazprom, the project is being undertaken by German energy firms Wintershall and Uniper, French multinational Engie, British-Dutch oil and gas giant Royal Dutch Shell, and Austrian energy company OMV.

Read more
US threatens to sanction European firms involved in Russian gas project
“They will stop at nothing to block Nord Stream,”one of the sources told the media, referring to key figures in the current White House administration.

Initially, Gazprom's European partners were planning to become stakeholders in the Nord Stream 2 AG, which is registered in Switzerland. However, the Office of Competition and Consumer Protection, Poland’s antitrust watchdog, blocked the proposed joint venture between Gazprom and the European firms in 2016.

The challenge was addressed through a financial arrangement. The European partners offered loans for the project instead of creating a joint venture to work in line with legislation and regulators. Gazprom received €2 billion ($2.3 billion) to build a fifth of the pipeline.

The Nord Stream 2 project covers the construction of two threads of a gas pipeline that will run from Russia to the coast of Germany via the Baltic Sea. The controversial pipeline, approved by Germany and Finland, is projected to deliver 55 billion cubic meters of Russian natural gas to European customers every year. It's expected to be put into operation in 2019.

The project was strongly opposed by some European states, including Ukraine, Poland and the Baltic countries. The US has also slammed the pipeline, claiming the project undermines energy security both in Europe and the US.

Ukraine vows 'merciless war' to secure Russian gas transit to Europehttps://t.co/UBUg57ZGrn

— RT (@RT_com) May 29, 2018
“Everything is on the table. The administration is taking a whole-of-government approach to stopping the Nord Stream project,” the source said, as cited by the media.

Last summer, Congress approved the so-called Countering America’s Adversaries Through Sanctions Act (CAATSA). The legislation allows the White House to introduce punitive measures against the participants of the energy project, investing over $5 million in those enterprises.

“We have been clear that firms working in the Russian energy export pipeline sector are engaging in a line of business that carries sanctions risk,” a State Department spokeswoman told the media.

For more stories on economy & finance visit RT's business section

@vostok
As I mentioned, Russian pipeline is a pain in their ***. Tarrifs on Europeans has double benefit for US regime, final price of European goods gets increased and US sells its expensive gas to Europeans. On the other hand, sanctions on Russia becomes stronger. Let's respond to Americans by bombing Israel, you would see them begging Russia

 

[Muhammed45]

Yuan going global as China boasts largest foreign reserves & infrastructure megaprojects
Published time: 5 Jun, 2018 11:08Edited time: 5 Jun, 2018 12:12

© Thomas White / Reuters
China is ramping up efforts to promote yuan as a global currency. After the crackdown on outflows and devaluation in 2015, the renminbi is once again gaining momentum.
The record share of yuan in global trade was at 2.8 percent three years ago, according to Bloomberg. Its share shrank to 1.7 percent in April, but is on the rise again. One of the reasons for that is China’s foreign reserves, the world’s biggest, have been boosted this year. Yuan also saw its biggest rally in 10 years in the first quarter.

Read more
Russia seeks to more than double trade with China by 2020
“There will surely be more utilization of the currency in cross-border transfers this year. The exchange rate will be influenced by global financial markets more. Offshore investors will also become a more important driver for onshore bonds,” Ji Tianhe, a China rates and foreign-exchange strategist at BNP Paribas SA, told Bloomberg.

China’s Belt and Road Initiative, which is also known as the Silk Road Economic Belt and 21st Century Maritime Silk Road, will also promote the renminbi, analysts say. “BRI trade and investment would definitely increase currency flows between China and other Belt and Road countries,” said Ben Yuen, Hong Kong-based fixed-income chief investment officer at BOCHK Asset Management Ltd, as quoted by the media.

China has been increasing the share of yuan with its key trading partners, especially with Iran and Russia, which are exposed to US sanctions. China and Russia have an investment fund, worth over $10 billion, denominated in yuan.

The launch of yuan-backed oil futures this year is also likely to strengthen the Chinese currency. OPEC’s third largest producer Iran is selling its crude to China in renminbi after dumping the dollar in response to US threat to reimpose sanctions.

For more stories on economy & finance visit RT's business section
@Adam WANG SHANGHAI MEGA @Chinese-Dragon

 

[Muhammed45]

No need for Europe to buy US gas at triple the price, will continue imports from Russia – Austria
Published time: 5 Jun, 2018 16:12
Get short URL

© Issei Kato / Reuters
The US is force-feeding Europe its liquified natural gas, which is three times more expensive that buying it from Russia, Austrian President Alexander Van der Bellen said after signing a gas-supply contract with Moscow until 2040.
While US politicians are accusing Europe of being dependent on Russian gas, they forget that “American liquefied gas is two or three times more expensive than Russian gas. Under such circumstances, it makes little sense in purely economic terms to replace Russian gas with American LNG,” Van der Bellen said at a press conference after meeting Russian President Vladimir Putin in Vienna on Tuesday.

Read more
Why American LNG is no substitute for Russian gas in Europe
Putin noted that Austria is a major transportation hub for Russian gas being exported to Europe.“Austria has become one of the key, if not to say, one of the most important units of Russian gas transportation to Western Europe and plays an important role in ensuring the energy security of the entire European continent,” Putin said.

He recalled that Russia has exported more than 200 billion cubic meters of natural gas to Austria in the past 50 years. After the meeting, Russia’s Gazprom and Austria’s OMV signed a gas supply contract until 2040.

Before Putin’s trip to Austria, Austrian Chancellor Sebastian Kurz also spoke about the importance of Russian gas shipments to his country. “I would like to note that fruitful cooperation of the two very important companies – OMV and Gazprom – which seems to me extremely beneficial for both sides,” the chancellor told TASS news agency in an interview.

OMV and Gazprom are now implementing the Nord Stream 2 pipeline, which seeks to double the capacity of the existing Nord Stream. The project has faced opposition from the US, which is seeking to ramp up LNG exports to Europe.

For more stories on economy & finance visit RT's business section

 

[Muhammed45]

'No leader is forever': Macron strikes hostile tone against Trump, says US can be kicked out of G7
Published time: 7 Jun, 2018 19:47
Get short URL

FILE PHOTO. © Jonathan Ernst / Reuters
If Donald Trump doesn't care about "being isolated," then G7 may be better being G6, says Emmanuel Macron. The French president slammed US counterpart for "unproductive" tariffs and preventing other nations from dealing with Iran.
When reporters asked Macron on Thursday if the problem with Trump was that he “didn’t care” about being isolated, Macron struck a hostile tone, reminding the media that no president “is forever.”

"The six countries of the G7 without the United States, are a bigger market taken together than the American market,” Macron said, standing alongside Canadian Prime Minister Justin Trudeau. "Maybe the American president doesn't care about being isolated today, but we don't mind being six, if needs be.”

Read more
Europe should stand up to US threats and defend interests, ex-Austrian chancellor tells RT
Macron’s comments come as the leaders of the G7 countries are preparing to meet at a trade summit in Canada, which analysts expect will turn into a showdown on trade deals, given Trump’s repeated insistence that the US has the “worst trade deals ever made.”

The French leader also slammed Trump’s recent decision to impose import tariffs on steel and aluminum from Europe, Canada and Mexico.

“I would like to say Mr. Trump that the measures taken are counterproductive. We can’t engage in a trade war against friends,” he said while branding the US move as “unilateral and illegal.”

“A trade war doesn’t spare anyone. It will start first of all to hurt US workers, and the cost of raw materials will rise, and industries will become less competitive,” Macron warned.

Macron had previously attempted to strike a more conciliatory tone with Trump and was even dubbed the “Trump whisperer” by some in the media. Now, he went on to say there would be no “world hegemony” and that the six other countries, excluding the US, represent “a real force at the international level” today.

Isn’t it Ironic? Getting ready to go to the G-7 in Canada to fight for our country on Trade (we have the worst trade deals ever made), then off to Singapore to meet with North Korea & the Nuclear Problem...But back home we still have the 13 Angry Democrats pushing the Witch Hunt!

— Donald J. Trump (@realDonaldTrump) June 7, 2018
The increasingly hostile public tone follows a phone conversation last week between Macron and Trump, which sources told CNN was “really bad” and “terrible.” Asked to comment on those reports, Macron compared the call to “sausage-making” and quoted the 19th-century Prussian statesman Otto von Bismarck, who famously said that “if we explained to people how sausages were made, it’s unlikely they’d keep eating them.”

“So I like it when people see the finished meal, but I’m not convinced the kitchen commentary helps with delivering the meal or eating it,” Macron said.

Despite early hopes, Macron has not had the influence on Trump that some were expecting. He was forced to watch on as the president dropped out of the Paris climate accord and tore up the Iran nuclear deal, which Europe had desperately hoped the US would abide by. Trump’s move to impose tariffs on imports of steel and aluminum from the European Union, Canada and Mexico seems to have been the last straw, however.

Maybe it all started to go downhill during a French state visit to Washington in April, when Trump publicly brushed a “little piece of dandruff” off the French president’s jacket, announcing to reporters in the room that it was just an attempt to “make him perfect.”

Trump should not prevent ‘other people’ from keeping Iran deal

Macron also said today, that the US should not prevent other nations from keeping the 2015 Iran nuclear deal, warning Washington against pushing Iran itself out of the agreement.

“If you are not comfortable with the agreement [on Iran] signed by your predecessor, do not prevent other people from keeping it and do not push Iran out of it. That is the best option we have today,” Macron said during the joint press conference with Trudeau.

Read more
Bromance over? Macron compares call with Trump to sausage-making
However, the French leader apparently did not also rule out amending the deal by what he called reaching a “broader agreement” with the Islamic Republic, which would particularly cover its activities in the region. “We will have to work all together on a broader agreement with Iran and [other] countries in the region, our allies,” he said, apparently referring to the Gulf monarchies.

“We have to look at the future there, we have to look at what happens in Syria, Iraq and Lebanon and we have to find a way to work in this extremely tense context,” he added. At the same time, the president also praised Trump’s decision to hold a meeting with the North Korean leader Kim Jong-un.

“We will all be behind him [Trump] and will support him in this essential initiative and in the fight for the global denuclearization,” Macron said, commenting on the issue, adding the caveat that he wanted Trump to be “credible on the nuclear situation in Iran” as well.

https://www.rt.com/news/429078-macron-trump-iran-deal/

 

[Muhammed45]

Russia dumps half of its US Treasury bonds
Published time: 16 Jun, 2018 03:35

US Treasury Department in Washington DC © Alexey Agarishev / Sputnik

• 8

Russia has held a major selloff of US Treasury bonds, dumping some $47bn-worth of papers and momentarily dropping six places on a list of major foreign holders of US securities, recently released statistics for April have shown.
In just one month, Russia proceeded to sell $47.4 billion out of the $96.1 billion the country had in US treasury bonds in March. The latest statistics released by the US Treasury Department on Friday showed that, in April, Russia had only $48.7bn in American assets, occupying 22nd place on the list of “major foreign holders of Treasury securities.”

READ MORE: US paper gold suppression allowing Russia & China to buy real gold at discount prices

China, which holds the most US Treasury bonds, also sold off some seven billion-worth of its American assets, from March to April, and now has $1.18 trillion invested in securities. Japan, which is positioned second on the list, in the same timeframe sold off some $12 billion, leaving just over a trillion dollars in US coffers. Ireland, which had $300.4 billion in April also managed to ditch over $17 billion in US assets.

Ditching Dollar? https://t.co/SbJNblJDRd

— RT (@RT_com) June 10, 2018
A treasury bond is a fixed-interest government debt security with a maturity of more than 10 years. Treasury bonds make interest payments two times a year.

The mass selloff of US bonds by Russian follows numerous rounds of sanctions imposed by Washington against Moscow. The punitive measures targeted some of the most important sectors of the Russian economy, by limiting American financing available to Russian banks and business sectors across all major sectors.

Like this story? Share it with a friend!
https://www.rt.com/business/429931-russia-sells-us-treasuries/

 

[Muhammed45]

Trump slaps China with $50 billion in trade tariffs on imports
Published time: 15 Jun, 2018 12:18Edited time: 15 Jun, 2018 17:37
Get short URL

© Getty Images
The White House has announced a 25-percent tariff on $50 billion worth of Chinese goods in what it calls a clampdown on unfair trade practices by Beijing.
The US trade representative’s office said it issued a revised China tariff list covering 1,102 separate product categories. The first package of revised tariffs will apply to $34 billion of Chinese imports, on 818 product lines, and will enter into effect from July 6. The second package will target the remaining $16 billion of Chinese goods, on 284 product lines.

Read more
United States has just launched a trade war – China
Since his presidential election campaign, US President Donald Trump has pledged to cut the trade deficit between the US and China and to curb Beijing’s allegedly unfair trade practices. Trump has also accused China of stealing US technology and intellectual property.

“In light of China’s theft of intellectual property and technology and its other unfair trade practices, the US will implement a 25 percent tariff on $50 billion of goods from China that contain industrially significant technologies,” according to the White House statement.

“This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries.”

The step is expected to escalate trade tensions between the world’s two biggest economies. Earlier, Chinese officials warned of mirror measures, pledging to introduce import tariffs on US goods such as automobiles, aircraft, and soybeans.

China’s Ministry of Commerce has accused the US of launching a trade war and said Beijing will immediately introduce tariffs on American exports on a similar scale.

“In today’s era, launching a trade war is not in the global interest," the ministry's statement reads. "We call on all countries to take joint action, resolutely put an end to this outdated and regressive behavior, and firmly defend the common interests of mankind.”

China previously said it would swiftly impose retaliatory levies on American imports worth $50 billion. Shortly after Beijing's warning, the White House threatened tariffs on a further $100 billion of Chinese exports.

If US wants a trade war, China is ready to fight - officialhttps://t.co/LhzN3kdOXupic.twitter.com/rKZFU8F3CM

— RT (@RT_com) April 5, 2018
Since becoming president, Trump has unleashed numerous trade battles, including with countries considered traditional US allies. Earlier this month, Washington introduced 25-percent tariffs on steel imports and 10-percent levies on aluminum imports from the EU, Canada, and Mexico.

In March, the Trump administration imposed tariffs on imports of steel and aluminum from Russia, China, and India. The affected nations have appealed to the World Trade Organization (WTO), demanding compensation over what they call a “protectionist measure.”

For more stories on economy & finance visit RT's business section


@Chinese-Dragon , told you bro. Whether we like it or not, we have to work together to defeat this world bully.

 

[jamal18]

@mohammad45 @Chinese-Dragon

Simple. Dump the dollar.

 

[Muhammed45]

Russia & Belarus ditching dollar trade in favor of national currencies
Published time: 13 Jun, 2018 15:02
Get short URL

© Vasily Fedosenko / Reuters
The Belarusian Prime Minister, Andrey Kobyakov, has called for a complete shift away from the US dollar towards national currencies in Russia-Belarus trade and price-setting.
“That would be great if the entire trade turnover, as well as price-formation were set in national currencies,” Kobyakov said during the session of the Council of Ministers of the Union State of Russia and Belarus.

Kobyakov also said that increasing trade turnover to $40 billion should be set as a strategic task for the neighboring states.

Read more
Which countries are dumping the dollar and why?
“Positive trends towards the restoration of economic growth in our countries were secured in 2017 and have been reflected in results of bilateral trade. In 2017 Belarus-Russia trade rose by 23.5 percent to $32.4 billion,” he said.

Russia’s Prime Minister, Dmitry Medvedev, noted that substantial proportion of mutual settlements between the countries is currently carried out in Russia's national currency.

“Last year, the parties closed some 83 percent of mutual trade deals in rubles,” Medvedev said.“That reflects complete trust to Russian national currency, and, what is most important - reduces dependence on external factors.”

The Russian Prime Minister highlighted the necessity to eliminate obstacles for mutual access for goods and services, as well as to increase the share of high technology products and export-oriented goods. Medvedev also said that the countries are planning to discuss the issue of joint traffic infrastructure.

For more stories on economy & finance visit RT's business section

https://www.rt.com/business/429620-belarus-trade-dollar-national-currencies/?spot_im_verify=signup/

@jamal18 , Russia is leading. China and EU also Iran will follow, willingly or not, they have to do this.

 

[jamal18]

The dollar dominance is one of the greatest injustices in the world. It is said this alone raises the living standard of the average American by 20%, a real transfer of wealth from other people.
The US, in the past, has bought up other indutries and fought wars for free; simply by printing paper.