US Treasury Secretary Steven Mnuchin at the White House. The Treasury Department’s labelling of China as a currency manipulator for the first time since 1994 marked a significant escalation in the trade war and roiled global markets. Photo: Xinhua
China hits back at ‘currency manipulator’ label as Donald Trump ratchets up US trade war
- The People’s Bank of China called the United States’ move to label China a currency manipulator ‘wilful unilateral and protectionist behaviour’
- Markets slid on the potential further escalation in US-China tensions, with analysts predicting more tariffs to come
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Currency war
US Treasury Secretary Steven Mnuchin at the White House. The Treasury Department’s labelling of China as a currency manipulator for the first time since 1994 marked a significant escalation in the trade war and roiled global markets. Photo: Xinhua