BEIJING • The Chinese government last week aggressively devalued its currency - the clearest sign yet that it is hunkering down for a protracted fight with the United States over trade.
Currency devaluation is the mother of all retaliations. The move, designed to help offset the Trump administration's tariffs against China, could goad America into a currency war, and that would rattle the global economy more than any trade war.
A version of this article appeared in the print edition of The Straits Times on August 13, 2019, with the headline 'Trump has succeeded. Lots of people in China are now buying Huawei phones'. Subscribe
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