The US-China trade war has always been serious. Now it’s starting to get scary.
China allowed its currency to drop sharply on Monday to the weakest level in more than a decade. And China announced its companies have halted purchases of American agricultural goods.
The Trump administration escalated tensions even further late Monday by taking the historic step of labeling China a currency manipulator. This comes after US President Donald Trump vowed last week to impose tariffs for the first time on a wide swath of US consumer goods from China.