facebook
twitter
rss
account
search
search
 

Brazil says trade war is in the offing

Jan. 10, 2011 at 2:33 PM   |   Comments

BRASILIA, Brazil, Jan. 10 (UPI) -- Brazilian Finance Minister Guido Mantega said currency manipulation by China and the United States was sparking a trade war.

Mantega said, "This is a currency war that is turning into a trade war," saying he would take up the issue with the World Trade Organization and other international agencies, the Financial Times reported Monday.

He also said Brazil would make additional moves to protect the real, Brazil's currency, after the country's central bank last week put restrictions on short selling of the dollar against the real.

"You can expect more measures on the futures market," he told the Financial Times.

Aggressive U.S. monetary policies had shifted Brazil's annual trade surplus with the United States to a deficit, he said. In addition, China's currency policy had "some problems" he said.

"We have excellent trade relations with China … But, of course, we would like to see revaluation of the renminbi," he said.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
3
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
4
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
5
Warren Buffett loses $2 billion in 2 days on investments Warren Buffett loses $2 billion in 2 days on investments
Trending News
Around the Web
x
Feedback