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1…………> Aussie, US In Danger: China Bubble Burst
The Chinese yuan has just suffered its steepest monthly decline on record, down more than 20% since the recent peak in late January, now clearly in a now in bear territory, having lost 1.5% against the US dollar last week and is down about 3% over the past two weeks.
A weaker Chinese currency would soften the blows of higher US tariffs.
The US-China trade conflict will ratchet up another notch this week as rhetoric transitions to action and the US imposes a 25% tariff on a narrow $US34 billion worth of imports, the threat targeting another $540 billion worth of goods should China retaliate is hanging over the markets.
“A statement from the PBOC late on Thursday pledging [unspecified] support for the economy was a further step and it may have helped the yuan and Shanghai equities recover a little [on Friday],” Capital Economics chief Asian economist Mark Williams said.
“If falls resume next week, more forceful intervention is likely, including foreign exchange sales and equity purchases by the ‘national team'”.
2…………> Child Soldiers: Islamic Sheikdom Of France
“They recruited and trained orphans, and then you also have the wives of ISIS [Daesh] militants whose children have been indoctrinated with the group’s ideology and who have been taught to hate the US-led coalition and Europe,” said the French jihadist Jonathan Geffroy who was captured by the Free Syrian Army as he tried to flee the war-torn country with his wife and two children.
He was quoted by Le Monde as saying that the terrorist group planned to use children in order “to carry out suicide missions” in Europe, having been in the know of “future external operations” promulgated “by children who grew up in the area and who, after adolescence, will be sent to the West, to Europe.”
The child soldier plan is a brainchild of the Clain brothers, the highest-ranking French members of Daesh, who engineered the deadly November 2015 terrorist attacks in Paris.
3…………> “I Better Shop Around”: Trump’s Nafta Deal
“NAFTA, I could sign it tomorrow, but I’m not happy with it. I want to make it fairer, okay? I want to wait until after the election. You’re going to have an election. I think it’ll be very interesting. I think it’s going to be fine,” President Trump said about the current political reality.
He wants to wait until after the midterm elections in November to sign a new North American Free Trade Agreement (NAFTA) with Canada and Mexico.
Calling NAFTA as “the worst deal ever” during his campaign and presidency, he requested the agreement to be renegotiated in order to make it “fair” for his country, with the aim of reducing the U.S. trade deficit.
However, Trump imposing tariffs on steel and aluminum imports of the U.S. in March has strained relations between the three countries.
Canada responded to the U.S. on Friday by imposing $12.6 billion in retaliatory tariffs against American products that will take effect on Sunday.
4…………> World VW Day: Remember the 60’s?
Photo taken on July 1, 2018, shows colorful Volkswagen cars in Colombo, Sri Lanka. The Volkswagen Beetle Owners’ Club held an annual World Volkswagen Day celebration in Colombo on Sunday.
5…………> Mexico vs The US: Border Wars
Mexico’s richest man and entrepreneur Carlos Slim did not take President Trump’s ” Make America Great” plan seriously when took office in Washington:
This careless attitude has vanished since, as President Trump has relentlessly humiliated the US’s southern neighbor not just during his campaign, but also during his first year in office.
“Even before his victory, Trump accused Mexico of sending criminals, rapists and drug dealers to the US, and he has stuck with this position,” Washington-based Mexican journalist Gregorio Meraz tells DW.
“His approval ratings went down after the separation of children and parents at the border,” Meraz says. “But he did it to put the Democrats under pressure so they would agree to tighter immigration laws and approve 25 billion dollars for the border wall.”
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