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Trump's Yuan Claim, U.S. Deficit Spirals, Yen Supremacy: Eco Day


Trump’s Yuan Claim, U.S. Deficit Spirals, Yen Supremacy: Eco Day

(Bloomberg) — Welcome to Tuesday, Asia. Here’s the latest news from Bloomberg Economics:

  • The U.S. Treasury is poised to render a verdict on President Trump’s claim that China is manipulating its currency as a trade war between the two nations intensifies. Separately, this graphic highlights China’s domination of the world’s mega-bank club
  • The U.S. budget deficit grew to $779 billion in Donald Trump’s first full fiscal year as president, the highest since 2012 amid tax cuts and spending increases. Joseph Stiglitz says Trump is steering the economy toward an outdated growth model
  • The yen is reigning supreme as the only trade to make when investors are running away from risk. Meanwhile, Prime Minister Abe’s plan to invite as many as half a million foreign workers is testing Japan’s tolerance for change
  • Janet Yellen cautioned that Trump’s criticism of policy threatens the Federal Reserve, adding it’s “not a desirable thing for a president to comment so explicitly on Fed policy.” Meantime, here’s a summary of recent remarks by Fed policy makers
  • Italy’s fractured government cobbled together a last-minute budget accord that starts delivering on costly election promises but risks a confrontation with Brussels
  • U.K. Prime Minister Theresa May and French President Emmanuel Macron struck a conciliatory tone on Brexit a day after negotiations broke down
  • Finally, the recent bull run in the franc versus the euro is over, according to the most accurate forecaster for the Swiss currency

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