US: Clampdown on trade surplus countries is back in vogue - ING

Analysts at ING point out that US administration's clampdown on trade surplus countries is back in vogue ahead of the Trump-Xi meeting this week (Thu-Fri).

Key Quotes

“While the Trump team may talk a tough game on trade, the lack of formal action is by no means a coincidence; no one country ticks all the Treasury's currency manipulator boxes right now. Risks of tariff wars remain very trivial.”

“In the absence of a risk-off market, USD/JPY could continue its rebound. Conflicting drivers point to stability around the 112 level.”