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Did Steve Mnuchin Confirm Trump’s Intention To Start A Currency War?
One of the defining characteristics of the interplay between the Trump administration and markets is the tendency for "unlikely" scenarios to gradually become the base case over time.
This happened with the trade war. This time last summer, the prospect of Trump slapping tariffs on the entirety of Chinese imports seemed implausible. Fast forward a year and the only thing that averted that outcome was an eleventh-hour handshake "truce" in Osaka. Most desks still see tariffs on the remainder of C
FX intervention is just another log on the fire for Trump.
Don’t look for China to do anything that suggests they’re bowing to Trump’s demands which could lead to an economic boon for American business or help for American farmers. The last thing they want is four more years of Trump. The election is coming down the pipe. They can wait.
Hey, let’s just set the whole shebang on fire. God forbid we disappoint the yahoos in the dying Rust Belt.