China hasn’t got a huge arsenal when it comes to defending their economy against US tariffs, so the devaluation was probably to be expected. Given the trade imbalance, they don’t have a huge range of imports from the US to attack, which doesn’t mean tit for tat tariffs won’t hurt the US at all. It they keep it up they can expect inflation to rise as these tariffs will impact consumer goods directly. This trade war with China is madness, it only serves to ingratiate OB1 with his fan base via their US centric world view.
The Donald’s bleating about currency manipulation is a joke though, given the huge economic advantage the US holds via it’s dollar being the world’s exchange currency, something many economies, including China, would like to change. Besides, EVERY country manipulates exchange rates. Some do it via direct intervention like China has, while others do it indirectly, via changes in interest rates. Guess what, the fed just dropped interest rates, reducing the supply of money, and thereby strengthening the US dollar. Guess what, EVERY other country’s US denominated debt just got more expensive. Nobody will win this war and the market is telling us that via the current value of our shares.
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