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Trump: China's Yuan Devaluation Will Devastate US (Trump Warned Us, Others Confused)
NewsMax ^ | Tuesday, 11 Aug 2015

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 ...


TOPICS: Extended News; News/Current Events
KEYWORDS: china; trump; yuan
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To: Catsrus

I don’t listen to any national radio guys. Rush once in a long while.


41 posted on 08/24/2015 4:02:40 PM PDT by stephenjohnbanker (My Batting Average( 1,000) (GOPe is that easy to read))
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To: C. Edmund Wright
of course corrections happen. But everyone knows a slow and steady correction is much better than a crash of 1000 points in two days due to the falling apart of an up and coming economy.
Throw in oil prices devastating Russia and Venezuela, and I don't think we have just a normal 10 percent correction.
I actually see a lot more logical posts on FR than emotional ones.
42 posted on 08/24/2015 4:11:14 PM PDT by dp0622
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To: austinaero
If you are an American biz competing with goods coming from China, THIS move screws you and your business.

You are right, but it doesn't stop there either, because if am a consumer in the US, and I get lower prices, I benefit, and I have extra money to invest or spend which either way will help. If it was all win/win to devalue, everyone would do it. The US has often been at its best (like the mid-80's) with a strong dollar, big trade deficit, and competitors trying to devalue to compete.

43 posted on 08/24/2015 4:33:05 PM PDT by Wayne07
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To: MrShoop

It’s a net loss though, this isn’t complicated.


44 posted on 08/24/2015 4:57:40 PM PDT by sunrise_sunset
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To: MrShoop

Your lower prices are offset by increased underemployment and unemployment and all the costs that come with that. Including a diminished tax base. If you don’t like big government than you shouldn’t like trade deficits.

Increase tariffs and you could decreases income taxes as an offset.


45 posted on 08/24/2015 5:00:08 PM PDT by sunrise_sunset
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To: xzins

They devalued it 30 percent. Why not a 40 percent tariff?


46 posted on 08/24/2015 5:13:44 PM PDT by TBP (Obama lies, Granny dies.)
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To: MrShoop

Walmart gets all their horrible crap in China
Yes but their good stuff comes from Jordan. (not Jordash) The George washable dress pants i wear are great.


47 posted on 08/24/2015 5:28:54 PM PDT by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: sunrise_sunset

How is it a net loss? Every single person in the US now has more purchasing power. The more you’ve saved, the more you win when China devalues. You only lose if you lose your job. Think about the losses to every China citizen, the government just took 2% of every persons savings in China. Would you want the US to devalue? If it is a net win, why not?


48 posted on 08/24/2015 6:58:24 PM PDT by Wayne07
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To: sunrise_sunset
We had record trade deficits with Japan, and a very strong dollar under Reagan, and it was a glorious economic time.

China dropping the Yuan a couple percent is nothing. We need to worry about our debt and our taxes and Obamacare.

49 posted on 08/24/2015 7:00:31 PM PDT by Wayne07
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To: Extremely Extreme Extremist

>> Trump’s not a pure as the driven snow conservative! He donated to libs! <<

Trump can do no wrong. Don’t you know that?


50 posted on 08/24/2015 7:17:46 PM PDT by Hawthorn
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To: Catsrus

>> Mark is trashing Trump today - not using his name, but innuendos all the same <<

Aha! The truth finally emerges. Now we know that all along, Mark Levin has been a complete phony, a wolf in sheep’s clothing, a Trojan Horse who secretly owes allegiance to the uniparty’s evildoers.

One supposes that it’s only a matter of time before he shows up on national TV in a dress, singing a show-tune duet with Rudy Giuliani. Can’t wait for the spectacle!


51 posted on 08/24/2015 7:28:33 PM PDT by Hawthorn
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To: C. Edmund Wright

Trump said it on O’Reilly last night — what he would do. He would fight back. One tool would be tariffs. O’Reilly replied with the predictable “trade war” scare tactic, and Trump replied that they already impede our products getting to their markets, and NOW they’re making them more expensive.

The lowering of the value of their currency is a trade war tactic.

Trump is saying we should fight back rather than bohica.


52 posted on 08/25/2015 4:52:24 AM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their Victory!)
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To: xzins

do you know the ugly word that “tariff” covers up as a euphimism?


53 posted on 08/25/2015 4:56:48 AM PDT by C. Edmund Wright (WTF? How Karl Rove and the Establishment Lost...Again)
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To: C. Edmund Wright

No, I don’t. Is it spelled from the letters in ‘tariff’?


54 posted on 08/25/2015 4:59:36 AM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their Victory!)
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To: xzins

the first two letters are the same. You might call it a “hidden” one of these.


55 posted on 08/25/2015 5:00:37 AM PDT by C. Edmund Wright (WTF? How Karl Rove and the Establishment Lost...Again)
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To: Helicondelta

and their policies are killing them 100X worse......it all came home to roost in the last few months, and specifically, in the last few days.

China has been set back decades - their own liberalism finally caught up with them.


56 posted on 08/25/2015 5:01:59 AM PDT by C. Edmund Wright (WTF? How Karl Rove and the Establishment Lost...Again)
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To: C. Edmund Wright

Do you mean tax? Of course it’s a tax. But it’s a tax that be recouped by the merchandiser if it puts the goods he is buying at a competitive price with those within his own market.

There is no doubt in my mind, CEW, that my Milwaukee tools from a few years back are far better than the Chinese tools that sell at 1/3 the price. I know I went through 2 sets of their electric tools in a few years before I bought the Milwaukee. I just bit the bullet because experience had proven to me which was really cheaper.

But the young family out there looking for tools just sees the price difference. Bring that price in the neighborhood of the American, and they’d choose American all the time.

Do I pay for higher American wages or do I pay for Chinese slave wages? Do I distort the market with those slave wages and force American companies to go overseas so they can compete with the shelf price?

Or do I use tariffs?

FWIW, I’ve been a supporter of ‘smart tariffs’ for some time; i.e., those used against countries clearly engaging in war with us. Nor have I been a fan of any of the so-called ‘free trade’ agreements.


57 posted on 08/25/2015 5:11:53 AM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their Victory!)
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To: C. Edmund Wright

Correction:

“But it’s a tax that be recouped by the merchandiser “

Correction: “But it’s a tax that CANNOT be recouped by the merchandiser


58 posted on 08/25/2015 5:13:07 AM PDT by xzins (Retired Army Chaplain and Proud of It! True Supporters of our Troops PRAY for their Victory!)
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