China’s furious retaliation to US trade war see Dow Jones plunges 767 points and Apple shed £27 BILLION of its value
CHINA'S vengeance during the spiralling US trade war saw the Dow Jones plunge 767 points and Apple shed £27billion of its value.
The Asian stock market on Tuesday saw the yuan fall further, after the US Treasury Department officially labelled Beijing a currency manipulator, a status that opens the way to possible additional sanctions.", China's action followed Donald Trump's threat last week to slap punitive tariffs to an additional $300billion of Chinese imports.
He added: "Based on the historic currency manipulation by China, it is now even more obvious to everyone that Americans are not paying for the tariffs - they are being paid for compliments of China and the US is taking in tens of billions of dollars! Eswar Prasad, a Chinese financial expert at Cornell University, told the Financial Times: "The US Treasury's designation of China as a currency manipulator signals that the trade war is expanding into an all-out and open economic warfare between the two countries."
Chinese leaders have promised to avoid "competitive devaluation" to boost exports by making them less expensive abroad. The yuan has lost 5 per cent against the dollar since hitting a high in February of 6.6862 to the dollar.
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