President Trump fired another warning shot at the Chinese and hinted that talks set for September could be on or off.
“We are not ready to make a deal,” said Trump as he headed off for the weekend to attend two fundraisers in New York one of which is being held by billionaire Stephen Ross which has prompted calls to boycott his businesses, including Equinox and Soul Cycle. Trump described Ross as a “great friend” and a “liberal” in response to questions from reporters.
He also reiterated that China continues to treat the U.S. poorly, behavior that has been tolerated for years. “Nobody has done anything about it” he added.
U.S. stocks took a leg down on the comments amid another volatile session. Trump also squashed the idea of devaluing the U.S. dollar in response to China’s weakening of the yuan which fell to the lowest level since 2008 this week.
|I:DJI||DOW JONES AVERAGES||26201.4||-176.79||-0.67%|
|I:COMP||NASDAQ COMPOSITE INDEX||7944.745107||-94.41||-1.17%|
Trump again hammered China for manipulating its currency. On Monday after the Chinese pushed the yuan down the U.S. officially labeled the country a “currency manipulator.”
He also called on the Federal Reserve to lower rates by “one point or a little more than that” he said.