The US Treasury Department has designated China a currency manipulator in a major escalation of the trade war between the countries
Washington President Donald Trump's trade war with China amplified one step further on Monday after his Treasury Department formally labeled the country's second largest trading partner a"currency manipulator," marking a tense standoff that risks weakening the entire global economy.
The escalating rift boiled over on Monday as Trump fulfilled his threat to fight back against China's decision to allow its currency to weaken and to stop plans to buy more goods from American farmers.The decision by Treasury Secretary Steven Mnuchin came after markets closed following a turbulent day on Wall Street, which suffered its worst day of the year with the Dow shedding 767 points over fears a resolution was nowhere in sight.
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