U.S. stocks tumbled Monday on the heels of news that China is devaluing its currency in response to President Donald Trump’s tariff war.
The Dow Jones Industrial Average posted a loss of 767 points by the close of business as world markets also fell to the news that the Chinese yuan was reduced to its lowest valuation in a decade.
The move came after Trump’s announced tariffs last week on $300 billion in Chinese goods.
NPR reporter Jim Zarroli laid out what the currency devaluation could mean for U.S. businesses:
“If this was an all out currency war—the U.S. would hands down lose,” tweeted strategist Viraj Patel. “Beijing far more advanced in playing the currency game and [has] bigger firepower.”
Trump took to Twitter to vent his frustrations Monday.
“China dropped the price of their currency to an almost a historic low,” the president tweeted. “It’s called ‘currency manipulation.’ Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!”
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