China devalued its currency so much show today that it crossed the hypothetical “line in the sand” that will likely cause a response from the Trump Administration. Check out the huge move lower by the renminbi today:
China’s currency is now trading at more than 7 yuan per U.S. dollar for the first time in more than a decade!
Not only did China devalue the yuan, it ordered states to stop purchasing U.S. agriculture products.
Like I’ve said for nearly 2 years now, China is our enemy. China has no interest in resolving the lop-sided trade imbalance so that trade between the U.S. and China is more fair.
Beijing is now using the yuan as a weapon in the trade war so investors have fled out of stocks and other assets. It’s as simple and straightforward as that.
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 U.S. is taking in tens of Billions of Dollars! China has always….— Donald J. Trump (@realDonaldTrump) August 5, 2019
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