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Building political pressures at home are contributing to some of the strongest tension between the US and China in years. The problem: currency and trade policies.
The yuan has fallen to a five-year low against the dollar, and US firms are charging that Beijing is intentionally devaluing its currency to gain a competitive advantage in the world marketplace, the Wall Street Journal reports. In response, the Obama administration has made several trade complaints and increased duties on several Chinese imports, adding a 266% duty on Chinese cold-rolled steel imports.
Donald Trump has threatened to throw a 45% tariff on all Chinese imports should he become president, making it look like trade tensions aren’t going to disappear overnight. [WSJ]
