He wrote:
NON-TARIFF CHEATING:1. Currency Manipulation2. VATs which act as tariffs and export subsidies3. Dumping Below Cost4. Export Subsidies and Other Govt. Subsidies5. Protective Agricultural Standards (e.g., no genetically engineered corn in EU)6. Protective Technical Standards (Japan’s bowling ball test)7. Counterfeiting, Piracy, and IP Theft (Over $1 trillion a year)8. Transshipping to EVADE Tariffs!!!The problem with this tweet is #2, as virtually every major economy outside of the United States has some form of VAT and within the USA, 45 of the 50 states have a sales tax.
I believe this stance from Trump is a big part of the reason why the US dollar is continuing to sink today and S&P 500 futures are down 0.6%. It's not necessarily 'the reason' but it's another reminder of a negotiating stance that the market doesn't believe in.
This article was written by Adam Button at www.forexlive.com. Read More Details
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