Yen rises on renewed jitters about U.S.-China after Huawei report

Rare Earth

But he also emphasized that he was not ready to make any deal.

U.S. President Donald Trump talks to reporters as he departs for travel to NY and New Jersey from the South Lawn of the White House in Washington, U.S., August 9, 2019.

"China wants to do something, but I'm not ready to do anything yet".

Last month, the International Monetary Fund confirmed that the exchange rate of the renminbi had become more flexible and registered real appreciation over the past decade.

The next round of trade talks with the Chinese delegation is planned to take place in Washington next month. Right now the talks are scheduled in September.

It also comes amid a heated dispute between the two economic powers over worldwide trade rules, which some analysts say could roil the global economic system. They were the first in-person meetings since negotiations broke down in early May.

In the past week tensions have escalated further as Trump said he would impose a 10 percent tariff on $300 billion of Chinese imports as of September 1, and his Treasury Department formally labeled China a currency manipulator. The United States and other Chinese trading partners complain Beijing's plans for government-led development of global competitors in robotics and other fields violates its market-opening commitments.

The United States has tied its Huawei licenses to an increase in China's USA agricultural imports, although Beijing said it would not make new orders until Washington eases its ban on the company.

Trump told reporters that he received strong support from Democratic leaders including House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.). The move, which could hurt the U.S. tech sector, comes after China halted purchases of American crops.

The new rules are part of a sweeping effort by President Donald Trump's administration to restrict Huawei, which officials claim is linked to Chinese intelligence.

"And I really made the decision". In commodity markets, oil prices on Friday gave up some the previous day's stellar gains, but expectations of more production cuts by OPEC were expected the underpin prices.

"That doesn't mean we won't agree to something if and when we make a trade deal, but we're not going to be doing business with Huawei", Trump said.

"China found backing from former US Treasury Secretary Lawrence Summers, who in an op-ed in The Washington Post wrote that China did not "come close to fitting this template [of currency manipulation]' and highlighted that China's "interventions in the past couple of years have been to prop up its currency rather than to drive it down". While China has imposed levies of its own on most imports from the United States, it has thus far not elected to do so with crude oil.



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