China is ready to fight a trade war with the U.S. ‘to the end'
The Chinese Commerce Ministry said China is ready to 'fight to the end' if the U.S. imposes further tariffs as it plans to enact its own retaliatory tariffs. NBC News' Janis Mackey Frayer explains the items made in China that could see the highest price hikes including retail, footwear and toys.
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Reuters
2 hours ago
- Reuters
Most emerging market currencies set to hold on to gains
BENGALURU/JOHANNESBURG, June 4 (Reuters) - Most emerging market currencies will hold the gains they have made this year or extend them against a retreating dollar in the next six months as traders ditch the U.S. exceptionalism trade that fuelled the greenback's dream run, a Reuters poll of FX strategists found. At the start of the year, emerging market currencies looked set for a rough ride on expectations of U.S. economic strength and delayed Federal Reserve interest rate cuts as well as trade tensions. But they have since defied expectations as U.S. President Donald Trump's broader-than-expected but erratically implemented tariff together with a deteriorating fiscal outlook have sparked a flight from the dollar and U.S. assets. That is expected to continue, with more than half the currencies polled forecast to trade in tight ranges or gain, while the rest were expected to give back only a small portion of this year's strong gains, according to a May 30–June 4 poll of more than 50 foreign exchange strategists. "The path of least resistance is a mildly weaker dollar at the moment," said Christopher Turner, head of FX strategy at ING. "We think (the decline) will be sort of modest and gradual and that should keep the mindset for investors to buy EM currencies on dips and that's kind of what we're seeing at the moment." Separately, the dollar has become a preferred funding currency as Trump's trade war fuels recession fears and outflows from U.S. assets. The EM carry trade - borrowing in low-yielding currencies to invest in higher-yielding EM ones - has long attracted investors chasing returns. High-yielders like the South African rand and Brazilian real are up around 6.0% and 10.0% respectively this year. The real was predicted to lose only about 2.0%, while the rand is likely to trade in a tight range over the next six months. "I think the trend for emerging market currency outperformance can continue in the second half of this year, but there are downside risks to be wary of as well," said Lee Hardman, senior currency economist at MUFG, referring to trade disruption and the potential hit to global growth. The Turkish lira, the weakest-performing emerging market currency so far this year, is projected to soften by another 8.0% from 39 per dollar to 42.8/dollar over the next six months. In Asia, the heavily managed Chinese yuan is expected to stay rangebound despite widespread concerns about weak demand in its economy, and a standoff with Washington over tariff policy and export controls. The Indian rupee , Korean won and Thai baht are all expected to gain just less than 1% by the end of November, pointing to steady but modest appreciation. "The big risk we see short-term for emerging market currencies is the risk of a turnaround in dollar sentiment," said Nick Rees, head of Macro Research at Monex Europe. "We do expect longer-term depreciation, but by the same token, we think the dollar looks too cheap on a fundamentals basis right now," added Rees. (Other stories from the June Reuters foreign exchange poll)
The Independent
3 hours ago
- The Independent
FBI arrests a man in New York linked to explosion at a California fertility clinic, officials say
The FBI has made an arrest in New York in connection with an explosion of a Palm Springs, California fertility clinic, two law enforcement officials familiar with the matter said Wednesday. Federal prosecutors are expected to release details about the case at a news conference in Los Angeles. The arrest, which was first reported by NBC News, took place at John F. Kennedy Airport in New York, according to the officials. They spoke on condition of anonymity because they were not authorized to discuss a criminal case that has not been publicly disclosed. The arrest stems from an apparent car bomb detonation of a fertility clinic last month by a man who authorities said had nihilistic writings. The FBI identified Guy Edward Bartkus as the suspect and said he was believed to have died in the explosion. Officials said at the time that they were investigating whether Bartkus had any help.
The National
3 hours ago
- The National
Concerns raised over Presiding Officer meeting with Chinese official
Alison Johnstone is set to meet with the Chinese official today (Wednesday), with Scottish Greens co-leader Patrick Harvie writing a letter urging her to speak up. The party, who Johnstone was an MSP for after the 2021 Holyrood election before standing down to become Presiding Officer, also highlighted the date the meeting is taking place. This is because the meeting is taking place on the 36th anniversary of the Tiananmen Square massacre. READ MORE: Labour MPs visit Israel on lobbying trip in middle of Gaza genocide On June 4 1989, hundreds of protesters were murdered, and thousands injured or arrested by the Chinese military. In the letter, Harvie said holding these sorts of meeting is 'consistent' with Johnstone's role. But he added: 'Where such meetings are required, I would trust that the human rights issues are always addressed directly in discussions. "This is not only important in relation to inter-governmental meetings; as a democratic body it is important that the Parliament itself speaks up for democratic values, especially when meeting with regimes which suppress pro-democracy movements.' Harvie went on: 'Additionally, in this particular instance I am sure you will also be aware that today is the anniversary of the anti-democratic violence generally known as the Tiananmen Square massacre. "I was extremely surprised that this particular meeting should have been timed to coincide with the anniversary of such a violent assault against pro-democracy campaigners. 'I am asking for your assurance that you have made clear, or that you will make clear, to the Consul General the Scottish Parliament's commitment to human rights and democracy, and the international community's longstanding call for a re-evaluation of the Chinese Government's position on the use of excessive and lethal force against legitimate protest on June 4th 1989, including justice for the perpetrators and reparations for the victims.'
