Trump’s tariff war roils typically quiet corner of global markets
CNN
US President Donald Trump’s efforts to “rebalance” global trade have spooked Wall Street, disquieted US Treasuries and sent investors rushing to buy gold. They have now also roiled a normally staid corner of financial markets, with major potential implications for the future of the US dollar and the global economy.
US President Donald Trump’s efforts to “rebalance” global trade have spooked Wall Street, disquieted US Treasuries and sent investors rushing to buy gold. They have now also roiled a normally staid corner of financial markets, with major potential implications for the future of the US dollar and the global economy. Since Friday, Taiwan’s currency has gained about 8% against the greenback, according to Refinitv data, an extraordinary amount over just two trading sessions because of speculation that the island has had to make trade-related concessions to the White House. And even though things are now calmer, Monday’s surge was the largest daily percentage gain in about four decades, according to Reuters, which was all the more surprising because the island’s central bank likes to keep things stable and quiet. The gyrations in Taiwan — and also in nearby Hong Kong, a city with a currency market that similarly tends to avoid the limelight — demonstrate how Trump’s trade war has already had far-reaching consequences. Yang Chin-long, governor of Taiwan’s central bank, was forced to convene a hastily arranged press conference late on Monday to shoot down rumors that the Trump administration had asked the island to strengthen its currency against the US dollar in exchange for tariff exemptions during ongoing trade talks. “Stock market commentators are urged not to comment … in a speculative manner to avoid affecting the order and stability of Taiwan’s foreign exchange market and even affecting the real economy,” he said in a statement.
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