Despite Donald Trump's Tweet, Ford Won't Make Hatchback In US

Kenny Grant
September 10, 2018

US President Donald Trump tweeted on Saturday that Apple should make products inside the United States if it wants to avoid tariffs on Chinese imports. The currency fell 1.3 percent on Friday and was last at US$0.7107. China has retaliated in kind, and Washington and Beijing have continue to ratchet up threats of more tariffs.

Singapore slipped 0.6 percent and Taipei shed 1.1 percent, while Bangkok and Jakarta were also sharply lower.

The crown rose about 0.6 percent against the euro to 10.43 crowns.

Chinese shares were battered with the blue-chip index off 1.4 percent while Shanghai's SSE Composite stumbled 1.2 percent.

Japan's Nikkei ended 0.3 percent higher after revised second-quarter data showed the world's third-biggest economy grew at its fastest pace since 2016.

Ford Motor Company on Sunday pushed back against President TrumpDonald John TrumpTiger Woods calls Nike's Kaepernick campaign a "beautiful spot" EPA lost more than 1,500 workers in first 18 months of Trump administration: report Trump: Races that GOP was not thinking about winning "are now very close" MORE's claim that it can build a China-made hatchback model in the US after it scrapped plans to sell it domestically because of the president's tariffs.

The auto-sector market economist Jon Gabrielsen told the Detroit Free Press that Trump's tweet was "further evidence that neither the president nor his trade representatives have any clue of the complexities of global supply chains".

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The latest 14-month low for emerging-market shares came amid turbulence in Argentina, Turkey, Brazil, Russia and South Africa, where currencies have been routed recently.

Some Asian economies too are vulnerable, Nomura analysts said in a lengthy report with many countries burdened with high private debt. It's not a seller's market, but it's also not a buyer's market.

Copper tumbled over 1.2 percent to cement the 20 percent drop it has seen already this year.

Spot gold was a tad softer at $1,193.01.

Oil prices bucked the trend, after three straight days of losses.

The president's comments Friday added to the uncertainty on trading floors, which have also been hit by concerns of a brewing financial crisis in emerging markets.

In commodities, oil prices were firmer after three straight days of losses, with US crude futures up 44 cents at $68.20 per barrel.

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