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Trump’s tariff war roils typically quiet corner of global markets

  • Taiwan's currency gained about 8% against the US dollar over two trading sessions ending Monday in Hong Kong amid volatile market conditions.
  • The gain followed speculation that Taiwan made currency concessions to the White House during ongoing trade talks linked to President Trump's efforts to rebalance global trade.
  • Taiwan's central bank governor Yang Chin-long hastily held a press conference Monday to deny rumors that Taiwan agreed to strengthen its currency in exchange for tariff exemptions.
  • Hong Kong's de facto central bank spent a record HK$60.5 billion to buy US dollars as its currency reached the strong end of the trading band, showing regional currency market reactions.
  • These currency fluctuations illustrate the far-reaching effects of Trump's trade war, with analysts noting the US dollar's weakened reputation may cause it to trend lower globally.
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The efforts of U.S. President Donald Trump to “rebalance” global trade have frightened Wall Street, sparked concern about U.S. Treasury bonds and caused an avalanche of investors in the purchase of gold. Now they have also stirred up a normally quiet sector of financial markets, with significant potential implications for the future of the U.S. dollar and the global economy. Since Friday, Taiwan’s currency has won about 8% against the dollar, ac…

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  • 62% of the sources are Center
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CNN broke the news in Atlanta, United States on Tuesday, May 6, 2025.
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