News analysis
US labels China a currency manipulator: Trade war resolution more distant as both sides dig in
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China responded by stopping all imports of American agricultural products, and devaluing its currency - or, arguably, allowing its currency to devalue.
PHOTO: AP
WASHINGTON - The US Treasury's move to label China a currency manipulator is in itself less significant than the fact that it is the latest in a flurry of tit-for-tat moves that has deepened the United States-China trade war.
It began last Thursday when US President Donald Trump threatened additional tariffs of 10 per cent on US$300 billion (S$414 billion) worth of Chinese goods, which means essentially all imports from China will be taxed from Sept 1.
