I disagree, Trump punched and China folded
Before tariffs, China sold a product to the US consumer for $10 USD
Then Trump says he will introduce a 10% tariff
So the US consumer pays $11 USD for the product, with $10 USD going to China and $1 USD going to the US Govt in tariffs
Then China retaliates by devaluing its currency by 10%, reducing the price to $9 USD
So then the US consumer pays $10 USD for the product with $9 USD going to China and $1 USD going to the US Govt
So the US consumer pays the same price in $USD
China gets $1 USD less and the US Govt gets $1 USD in tariffs
Xero 60+, page-40
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