Despite the trade dispute, China's exports rose 3.3% during July

Larry Kudlow director of the White House National Economic Council said the Trump administration wants to continue trade talks with China

A sharp drop in the yuan currency this week may offer only scant relief for Chinese exporters, who are facing both additional United States levies on Sept 1 and sputtering demand worldwide.

Shipments were up 3.3 percent from a year earlier.

7 said his tough stance on China's economic and trade policies would ultimately benefit the American economy, even as Beijing signaled it could strike back by curbing sales of chemicals known as rare earths that are used in everything from iPhones to military equipment.

That followed President Donald Trump's threat of tariff hikes on an additional $300 billion of Chinese imports in a fight over trade and technology.

Tensions between the world's two largest economies intensified this week after the United States officially named China a "currency manipulator" following a sharp drop in the value of the Yuan against the USA dollar.

While China's exports to the U.S. continued to shrink last month in the face of stiffer tariffs, shipments picked up to Taiwan, Europe, South Korea and, most noticeably, ASEAN.

In response, China said it would stop purchasing us agricultural products.

European Union open to Brexit talks but refuses to modify divorce deal
Dominic Cummings , Johnson's most senior aide, told colleagues last week that Johnson would simply refuse to quit. The plan negotiated between the European Union and the former Prime Minister was voted down by MPs three times.

Amid trade spat, South Korean President questions Japan's intentions
Moreover, these are meant to be multi-year agreements, and last year just happened to be when it was up for re-negotiation. Given the curbs in place, Japan's approval to export the three materials could take up to 90 days, slowing shipments.

USA congressman claims China is strong-arming India into using Huawei 5G
Ministry spokeswoman Hua Chunying (華春瑩) said that Beijing hopes India would make an independent decision on 5G bidders. In particular, it warned that it could potentially target Indian companies operating in China in response.

Decline in China imports last month, highlighting still sluggish domestic demand, although the drop was less than an expected 8.3 per cent and June's 7.3 per cent.

"Looking ahead, exports still look set to remain subdued in the coming quarters", Capital Economics' Senior China Economist Julian Evans-Pritchard said. But the figure for the first seven months of this year was up by around 4 percent, indicating a continuing imbalance.

While China has stepped in to stabilize the yuan in recent sessions, markets remain on edge in case of further weakness.

The yuan eased against the dollar in offshore trade on Wednesday after the People's Bank of China set its official midpoint not much firmer than its previous close.

"Short-term exchange rate does not have a lot to do with the fundamentals, it's much affected by the sentiment, it's very volatile, and not in a linear relationshiop", Guan Tao, a former director of the global payments department at China's State Administration of Foreign Exchange, the currency regulator.

Tensions escalated after Washington branded Beijing a currency manipulator and threatened to impose 10 per cent tariffs on $300 billion in Chinese imports, starting on September 1. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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