Push comes to shove in US-China trade battle

Beijing’s decision to let its currency weaken surprised the markets, and it is far from clear if Washington can muster an intelligent response

11th August, 2019
Selling on Wall Street accelerated last Monday as a steep drop in the Chinese renminbi took markets by surprise Picture: AFP/Getty

The People’s Bank of China last Monday allowed the Chinese renminbi to significantly weaken against the US dollar. Beijing also banned its state-owned enterprises from buying US agricultural produce.

The first decision was a direct response to Donald Trump’s surprise announcement of a 10 per cent tariff on Chinese goods, effective from next month. There had been a détente between the two countries after the G20 meeting in Japan in June, at which...

Subscribe from just €1 for the first month!


What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Private rental sector remains strong despite Covid-19

How the programme for government will shape housing

Insight Niall Byrne 8 months ago

Comment: US must defuse Covid-19’s ticking time bomb of debt

Insight Todd G Buchholz 8 months ago

Comment: The recovery will be more U than V-shaped

Insight Larry Hatheway 8 months ago