Business
Dollar Rises Amid Plan To Increase Chinese Goods’ Tariffs

The United States dollar rose to its highest level in almost two weeks against its major rivals yesterday after US President Donald Trump said that he would push ahead with tariffs on Chinese goods, fuelling concern about world trade tensions.
Sterling was the weakest performing major currency, falling across the board after Trump said the agreement on the United Kingdom’s departure from the European Union may make trade between the United States and Britain more difficult.
Separately, Trump told the Wall Street Journal that he expected to move ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from 10 per cent currently.
The threat of an escalating trade conflict between the world’s two biggest economies is a major source of concern for next year, amid expectations the global economy could slow, and a backdrop that has boosted demand for the safe-haven dollar.
BlackRock, for example, believes an escalation in the trade conflict could stoke fears of a devaluation in the Chinese currency.
Credit Suisse strategists expect the yuan to weaken to a decade low of 7.20 per dollar by end-2019.
The dollar index .DXY, which measures the dollar’s value against six other major currencies, rose 0.2 percent to 97.28, its highest level in almost two weeks.
Broader optimism towards the greenback was reflected in positioning data for the week ending Nov. 26, which shows hedge funds added a net $1.28 billion long positions in the dollar.
Trump’s latest remarks on trade come just before a G20 meeting in Buenos Aires on Nov. 30 where Trump and Chinese President Xi Jinping are expected to meet.
“The upcoming meeting between Trump and Xi is pivotal going into the year-end and for the outlook for global growth, which has shown signs of slowing,” said Lee Hardman, a currency analyst at MUFG in London.
“If there’s no breakthrough, that makes it more likely that more tariffs will be imposed and that increases downside risks to trade,” he said.
The euro dipped to $1.1305, its lowest level since mid-November. It was last trading at $1.1343, down 0.1 percent on the day.
The yen was steady at 113.67 yen per dollar, while the trade-sensitive Australian and New Zealand dollars inched higher.
According to Hardman, “Trump’s comments are clearly impacting risk more directly through the stock markets,” said Neil Mellor, senior currency strategist at BNY Mellon.
“But the impact is not that great and you could argue that many are coming to the conclusion that this is really the way that President Trump does business, driving a hard deal. That’s one reason at least the FX market has taken this in its stride.” European stock markets were broadly weaker , while U.S. stock futures pointed to a weak open for Wall Street shares.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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