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New weapons have been brandished by both sides in the worsening trade conflict between the U.S. and China.
On Monday, the Trump administration labeled China a currency manipulator, the first move of its kind since the early 1990s.
The Treasury Department’s designation came after China allowed its currency to weaken to an 11-year low.
As NPR reported:
China’s devaluation came days after Trump announced plans to level new tariffs on some $300 billion in Chinese imports, beginning in September. China also responded by suspending its already limited purchases of U.S. agricultural products.
So it goes in the ever-escalating U.S.-China trade war.
President Trump’s contentious relationship with China began on the campaign trail in June 2016, when he expressed his intention to impose tariffs on China, if elected. By July 2017, talks with Chinese President Xi Jinping devolved and the relationship between the two countries on the issue of trade has been in decline ever since.
Where does the latest escalation leave us?
Here‘s a timeline that further breaks down the conflict, courtesy of Reuters.
We talk about what the U.S.-China trade war means for business, global markets and you.
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