The trade war between the United States and China escalated further on Monday evening, when the U.S. Treasury Department designated China a currency manipulator after Beijing allowed its currency to slide to its lowest level in a decade.
The People's Bank of China, the country's central bank, said the yuan dropped due to President Trump's "unilateralism and trade protectionism measures and the imposition of increased tariffs on China." On Thursday, Trump said he would impose more tariffs on China, and in response, Chinese enterprises have stopped new purchases of U.S. farm goods, the state-run Xinhua News Agency said.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Last hopes for justice for UK's nuclear test veteransUnder the Radar Thousands of ex-service personnel say their lives have been blighted by aggressive cancers and genetic mutations
-
'It may not be surprising that creative work is used without permission'Instant Opinion Opinion, comment and editorials of the day
-
5 simple items to help make your airplane seat more comfortableThe Week Recommends Gel cushions and inflatable travel pillows make a world of difference
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
A new stimulus might (or might not) jump-start China's economyTalking Points Fears of social instability drive rate cuts
-
Why can't China turn its economy around?Today's Big Question The post-pandemic crisis puts pressure on Communist Party leaders
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
