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.
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Pros and cons of tariffsPros and Cons Mainstream economists are 'generally sceptical' levies on imports can protect domestic industries and promote prosperity
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Why is China targeting Nvidia? (And why is the AI giant so important?)Today's Big Question A new front in the 'chip war' with the US
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
