{"id":20096,"date":"2019-08-05T16:10:12","date_gmt":"2019-08-06T00:10:12","guid":{"rendered":"https:\/\/associatednews.info\/content\/treasury-declares-china-a-currency-manipulator-escalating-trade-war\/"},"modified":"2019-08-05T16:10:12","modified_gmt":"2019-08-06T00:10:12","slug":"treasury-declares-china-a-currency-manipulator-escalating-trade-war","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/treasury-declares-china-a-currency-manipulator-escalating-trade-war\/","title":{"rendered":"Treasury Declares China A ‘Currency Manipulator,’ Escalating Trade War"},"content":{"rendered":"

By Scott Horsley<\/a><\/span> <\/p>\n

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\n The Dow Jones Industrial Average closed down Monday, as did the S&P 500 and Nasdaq, as trade tensions between the U.S. and China increased.<\/p>\n

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Richard Drew\/AP<\/p>\n

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Richard Drew\/AP<\/p>\n

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The Treasury Department formally labeled China a currency manipulator Monday, after Beijing allowed its currency to fall to an 11-year low. The tit-for-tat moves mark the latest escalation in the two countries’ trade war, which triggered a sharp sell-off on Wall Street.<\/p>\n

While President Trump has long accused China of tinkering with its currency to gain an unfair advantage on world markets, this is the first time in a quarter century the U.S. has formally accused Beijing of currency manipulation.<\/p>\n

The Treasury secretary will work with the International Monetary Fund “to eliminate the unfair competitive advantage created by China’s latest actions,” the department said in a statement<\/a>.<\/p>\n

China’s devaluation came days after Trump announced plans to level new tariffs on some $300 billion in Chinese imports, beginning in September. China also responded by suspending its already limited purchases of U.S. agricultural products.<\/p>\n

Signs the two sides are digging in for an extended trade battle rattled investors on Monday. The Dow Jones Industrial Average fell 767 points, or 2.9%. The S&P 500 fell nearly 3%. <\/p>\n