Sean O’Grady: ‘Any war with China – trade or armed – will be hard to win’

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Sean O’Grady: ‘Any war with China – trade or armed – will be hard to win’


US President Donald Trump with Xi Jinping, China’s President. Photo: Bloomberg
US President Donald Trump with Xi Jinping, China’s President. Photo: Bloomberg

China’s currency is on the slide, hitting its lowest level against the US dollar in a decade. Abstruse, you might think, but it matters to us all, very much. It is bad news all round.

First, it will upset US President Donald Trump. He may know plenty about real estate, enjoy unique communion with the American people, and have a mystical understanding of the human female, but he knows little of economics.

He will, as he always does, blame the Chinese authorities for “manipulating” their currency downwards. The point of this, which he does grasp, would be to make Chinese exports more competitive and widen America’s trade deficit with the People’s Republic.

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