Trump's Trade War Sinks China's Yuan Most Since 2015 Devaluation

Trump's Trade War Sinks China's Yuan Most Since 2015 Devaluation

Trump's Trade War Sinks China's Yuan Most Since 2015 Devaluation

"The administration's announcement of a potential 10 percent tariff on $200 billion of additional imports from China, including a significant amount of chemicals, is a stunning and unfortunate development for US manufacturers and consumers", ACC said in a July 11 statement.

U.S. Trade Representative Robert Lighthizer said Washington did a thorough investigation to justify imposing tariffs on $50 billion worth of imports to compensate for the harm to the U.S. economy caused by China's unfair trading practices, including theft or forced transfer of American technology.

As the trade war between the Unites States and China continues to escalate, Beijing has reportedly instructed its state run media to temper messaging on the issue. The move made good on the president's threat to respond to China's retaliation for the initial USA tariffs on $34 billion in Chinese goods, which went into effect on Friday.

US President Donald Trump ordered his government to prepare tariffs on a further US$200bn of imports from China on Monday. This article is strictly for informational purposes only.

Analysts say a full-blown trade war with China could wound the U.S.in several ways.

But China only bought about $135 billion in US goods past year, meaning it will run out of American products to tax before it matches Trump's latest move.

Goods to be targeted range from chemicals and construction materials to fabric and buttons to handbags and food products to boats and air conditioners - a sweeping inventory that would inflict economic pain across China's manufacturing sector while jacking up prices for USA businesses and consumers. "If the USA goes ahead with more, China needs a combination of tools and it is prudent to guard against downside risk to growth too".

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"The behavior of the U.S. is hurting China, hurting the world, and hurting itself", the ministry said in a statement, adding that it was "shocked" by USA actions.

USA financial analysts said Trump appeared to believe there was a political benefit to waging a trade war, although that could change quickly amid economic fallout.

The new list includes vacuum cleaners, furniture, auto and bicycle parts, French doors and plywood. China immediately responded with $34 billion worth of tariffs on American-made goods in retaliation.

The president last month asked the U.S. Trade Representative's office to identify US$200 billion of Chinese goods that could be hit with 10 percent tariffs. Orrin Hatch, R-Utah, chair of the Senate Finance committee. Wednesday's strong flows into the dollar/yen trade continued a trend that began after the United States last week reported decent employment data and a pickup in wages.

The President's tariffs are already squeezing some USA firms, which have started to raise prices or lay off workers as a result.

The United States was the catalyst, after confirming on Wednesday it would impose tariffs on a further $US200 billion ($271 billion) worth of China's imports.

Chinese retaliation: China has threatened to retaliate dollar-for-dollar if the Trump administration imposes a new round of tariffs.

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