As President Donald Trump escalates his trade war with China, the administration is adamant that China is bearing the brunt of the tariffs. “They’re not hurting anybody [in the United States],” White House trade adviser Peter Navarro said on CNN’s “State of the Union” on Sunday. “They’re hurting China.”
Read moreListen, Here’s Why the Value of China’s Yuan Really Matters
The China-US trade conflict is taking a more severe turn. President Trump announced a 10 percent tariff on an additional $300 billion of Chinese imports; the Chinese government responded by allowing its currency, the yuan, to fall to more than 7 to the dollar—the lowest in a decade. The US government then formally labeled China a “currency manipulator,” which carries no formal penalty but sets in motion a process that might lead to sanctions by the International Monetary Fund.
Read moreHas Trump Gone too Far With Tariffs on Allies?
Stefan Selig of BridgePark Advisors and Zachary Karabell of River Twice discuss how President Trump is handling trade issues with allies of the United States.
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