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Average, Nasdaq Composite and S&P 500 – closed up more than 1 percent each Tuesday.
上海乌托邦After Monday’s selloff, the biggest of the year, Tuesday’s rebound of 312 points put the Dow at 26,023.
On Monday, the Dow lost 767.27 points, or 2.9 percent, after US President Donald Trump called China a currency manipulator.
“There is more uncertainty in the global environment,” Usha Haley, the W. Frank Barton Distinguished Chair in In上海乌托邦
ternational Business and a professor of management at Wichita State University, told China Daily. “It does not contribute t
上海乌托邦女神会所o planning or investment in the global economy and doesn’t beneﬁt China or the US. We’re in uncharted territory.”
“Most investors and traders do not find meaningful the designation of currency manipulator and most belie
ve it is unlikely to foster successful negotiations,” Andrew Karolyi, a finance professor at Cornell University, told Ch上海乌托邦
ina Daily. “Fluctuations in the yuan continue to reﬂect market supply and demand pressures and have for several y
ears. I would not rule out a US-China trade deal before the end of 2019 or early 2020. There are incentives in both co
上海乌托邦女神会所untries to stabilize trade flows and ease the burden of trade policy uncertainty.”
But Trump may be able to use the currency-manipulation charge to his advantage, one expert said.
“Unfortunately, the declaration that China is a currency manipulator can be used by the pr上海乌托邦女神会所
esident as a reason to take further unilateral actions against China,” Steve Charles Kyle, an economics pr
ofessor at Cornell University, told China Daily. “It is clearly bad news for both the USA and China. The USA will see highe
上海乌托邦r prices as tariffs take effect, and China will see fewer exports as the US buys less and also as production moves elsewhere.”
With equity markets roiled and supply chains disrupted, Goldman Sachs now ex
pects the Fed to cut interest rates by at least a quarter- point i女神会所n September and October.上海乌托邦
Trump has frequently called for more cuts in the federal funds rate, which has a target of 2-2.25 percent.
If inﬂation is close to the Fed’s 2 percent target in December, Goldman Sachs believes rate cuts will stop.