First, it was a little bit of tariff on a few exports, then a lot of tariff on a lot of exports, and now almost the entirety of exports. Then it was not enough to not buy from Huawei. Disrupt that company's supply chain in America. China could bring Apple's market value down by 500 billion dollars just like that if it wanted. They only design the iPhone in California. 100% of the manufacturing happens in China. America importing from China is not just consumer goods, although one can imagine Walmart very worried right now. A big chunk of imports from China goes into bits and pieces that result in goods produced and services rendered by American companies.
So the escalation was going to be painful all around.
But then the news is China has let its currency slide by just enough points that Trump's tariffs have been completely neutralized. The move is obvious. It could not have taken a lot of thinking.
One wonders what Trump and Xi will talk about when they meet in Japan next month.
5G And The Trade War So the escalation was going to be painful all around.
But then the news is China has let its currency slide by just enough points that Trump's tariffs have been completely neutralized. The move is obvious. It could not have taken a lot of thinking.
One wonders what Trump and Xi will talk about when they meet in Japan next month.
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