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U.S. stocks followed global equities sharply lower Monday after China suggested it was weaponizing its currency in its latest salvo in the U.S.-China trade war.China let the yuan weaken past U.S. dollar on Monday for the first time in more than 10 years. This stoked fears that China was undervaluing its currency to make its exports more competitive in global markets – which could contribute to an even wider U.S. trade deficit.
In a Twitter post Monday morning, President Donald Trump assailed China for letting the yuan slide, calling the move a “major violation which will greatly weaken China over time!” The yuan is second to the euro by weight in the Federal Reserve’s trade-weighted dollar basket, and is the largest component of the European Central Bank’s trade-weighted euro basket.
Beijing’s latest trade-related measures come after President Donald Trump last week unexpectedly announced he would be slapping a 10% tariff on $300 billion worth of Chinese imports starting September 1, adding to $250 billion worth of Chinese goods already subject to a 25% rate. China’s Commerce Ministry said it would “take necessary countermeasures” to defend itself. Though the country did not “want a trade war,” it “is not afraid of fighting one,” the Commerce Ministry said.
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