Tokyo put new trade limits on Seoul and Korean shoppers are spurning Japanese goods, but the ties between the two U.S. allies may be hard to unwind. Source: NYT > Business – Su-Hyun Lee and Ben Dooley
Trump’s Trade War Washes Up on Australia’s Shore
Australia’s economy is not taking a direct hit from the trade wars, but its central bank is reacting — a sign of how interlinked the world has become. Source: NYT > Business – Jeanna Smialek
Chinese Currency’s Drop Isn’t Entirely in Beijing’s Control
There’s evidence that the government has been trying to prop up the renminbi, not weaken it drastically. Source: NYT > Business – Matt Phillips
Fed Could Hit Back at Trump, a Former Top Official Suggests
In an op-ed that drew a storm of criticism, the former president of the Federal Reserve Bank of New York hinted that the central bank could let the president’s trade war hurt his re-election chances. Source: NYT > Business – Jeanna Smialek
Farmers’ Frustration With Trump Grows as U.S. Escalates China Fight
Agriculture Secretary Sonny Perdue, a somewhat unlikely lieutenant in the president’s trade war, is tasked with fending off a revolt from the heart of the president’s base. Source: NYT > Business – Alan Rappeport
China Eases Rules on Cheap Drug Imports to Fight Chronic Diseases
The revised law would reduce penalties for buying generic pharmaceuticals from other countries without waiting for approval, though details are scant. Source: NYT > Business – Sui-Lee Wee