Posted on 08/24/2015 2:47:22 PM PDT by xzins
Republican presidential candidate Donald Trump on Tuesday said China's devaluation of the yuan would be "devastating" for the United States as the global currency war entered a new and critical phase.
"They're just destroying us," the billionaire businessman, a long-time critic of China's currency policy, said in a CNN interview.
"They keep devaluing their currency until they get it right. They're doing a big cut in the yuan, and that's going to be devastating for us."
Earlier on Tuesday, China devalued its currency following a series of poor economic data in the yuan's biggest fall since 1994. Some said this could signal a long-term slide in the exchange rate.
China has been a frequent theme for Trump since he entered the 2016 presidential campaign, promising to be a tougher negotiator with Beijing in order to bolster the U.S. economy.
"We have so much power over China," he told CNN. "China has gotten rich off of us. China has rebuilt itself with the money it's sucked out of the United States and the jobs that it's sucked out of the United States."
China's surprise devaluation threatened to unleash a wave of competitive devaluations and keep monetary policy around the world looser for longer — perhaps even forcing the U.S. Federal Reserve to delay or slow its expected rate rise cycle.
(Excerpt) Read more at newsmax.com ...
Trump has done us all a service.
Yep, and it was predictable.
Romney made the same point about China four years ago and no one seemed to care. I find it odd that people (like my in-laws) viewed Romney as an evil rich white guy who didn’t know what he was talking about but no one seems to have the same opinion about Trump.
There was a guy running for US President - can’t remember his name at the moment (began with an “L”?) - as a 3rd party candidate who advocated devaluing the US Dollar by 50% and pegging it to the price of gold.
Overall, the guy was a kook, but that idea was intriguing. Of course, it would really rock the world financial boat!
Yes, you are right is is bad for exporters. But if you are buying from China, whether you are a retailer who will have cheaper goods, or your are a business making capital investment (buying computers or equipment), you prices go down which is good for you and your customers. And that’s at a 4-1 ratio. I’m not saying yuan devaluation is good, just that it is not all bad.
Mark is trashing Trump today - not using his name, but innuendos all the same. He blames Obama for the stock market drop - says it has nothing to do with China. However, the last time it crashed in 2008 - Obama wasn’t even in office then.
You are on target.....almost.... :^)
Except we all knew what was going on with immigration and China trade....
Trump has been the first candidate to articulate what we all have been screaming at our computers and TVs....
All the rest are self serving panty waisted wimps with the exception of Cruse....
Romney, as much as I detest him, also warned about China during a debate.
They may not be the jobs you like, they may not be manufacturing jobs (though they can be), but obviously importers create jobs. Apple imports Iphones from China, but creates jobs here, Microsoft makes the Xbox in China, Walmart gets all their horrible crap in China. Those are US employers relying on imports.
So...our AG goods going across should be worth a hell of a lot more then? AG which would include forest products?
Or raw iron ore? Oil? Coal?
Wouldnt that help those in these?
So...our AG goods going across should be worth a hell of a lot more then? AG which would include forest products?
Or raw iron ore? Oil? Coal?
Wouldnt that help those in these?
The best thing for us to do is focus on shoring up our own economic house. There’s so much wrong here it’ll take everything we’ve got just to keep it from getting worse.
If our economy (and political system) is strong and healthy, we needn’t worry so much about the rest of the world, imo.
Mr. Trump has a list of about 6 or 8 things he’s for and/or plan to accomplish. That’s a pretty tall order in itself.
It is more like they will cost more to chinese purchasers, not that they will be worth more. The fear is that they cut back on purchases because they cost more in China.
That is correct. And the result is because of the devalue of their currency.
What happens? They cause a trade war...eventually. After that, war.
The problem with China isn’t devaluing their currency, it is the theft of intellectual property, it is that US businesses aren’t able to operate freely. We need a tough tough trade policy with them, but let them devalue if they want.
Not if you listen to Mark Levin and his bashing of Trump today. I’m not liking him much today. He blames everything on Obama - sorry, I know Obama is a wonk, but, there are other factors going on.
If we made a situation where China can so easily destroy us, then we have only ourselves to blame
“But if you are buying from China, whether you are a retailer who will have cheaper goods, or your are a business making capital investment (buying computers or equipment), you prices go down which is good for you and your customers. “
Doesn’t stop there...that’s not the extent of it.
If you are an American biz competing with goods coming from China, THIS move screws you and your business.
THAT’s what Trump is talking about.
Correct. He's full of it again.
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