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Stock Market Tumbles After China Devalues Yuan in Response to Trump Tariffs

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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:

The decline makes Chinese imports in the United States less expensive, and thus makes U.S. companies less competitive. It also lowers profits for U.S. companies that do business in China.

"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!"

https://www.commondreams.org/news/2019/08/05/stock-market-tumbles-after-china-devalues-yuan-response-trump-tariffs?cd-origin=rss&utm_term=AO&utm_campaign=Daily%20Newsletter&utm_content=email&utm_source=Daily%20Newsletter&utm_medium=Email

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Meanwhile, Russia and Brazil and a bunch of other countries are forming new deals with China, so they won't need to come back to the U.S. Trade wars might work if you have a product no one else can supply... but that isn't the case with these goods, and other countries are eager to fill the gap that Trump has so graciously left them.

Trump is ruining American industries for the long term, but his idiot cultists are still clapping because (A) they don't understand how anything works, anyway, and (B) haw haw, look how mad it all makes the "libtards!" Spite is a helluva drug.

Our country is, truly, being held hostage by its stupidest, nastiest people.

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zsomething wrote:Our country is, truly, being held hostage by its stupidest, nastiest people.

That's it, in a sad and frightening nutshell.

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Well, I hate to say this, but unless the stock market does start to go down and unemployment goes up, Americans may not see a good enough reason to get Trump out of the White House.

His bragging about the economy is keeping his numbers up in the 40's, but let some people start losing some money and that will change.
We may have to suffer to get rid of him.

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I can think of several ways that a few people could make a fortune just off this market instability.

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