Treasury labels China a currency manipulator. 'We just threw gasoline on the fire.'
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In isolation, a 10% tariff on $300 billion in combination with a 10% yuan depreciation would be functionally equivalent to Chinese households writing a check for $30 billion to the U.S. Treasury."Trump may not have gotten Mexico to pay for its border wall, but he is getting China to pay for its tariff wall," says China bear Brian McCarthy, chief strategist for Macrolens, a big picture investment research firm.
The transmission mechanism from yuan devaluation to global securities is expressed more obviously through Europe and other emerging markets, especially those heavily linked to China — such as South Korea and Brazil. Both currencies had an ugly looking chart on Monday.
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