The Trade War escalates

The US Treasury Department declared China a currency manipulator on Monday — the first such move since 1994 — after China allowed the yuan to fall to its lowest level against the US dollar since 2008.

China has confirmed it is suspending purchases of US agricultural products in response to President Trump’s new 10% tariffs on another $300 billion worth of Chinese goods.

Equities were dealt a blow with sharp falls across Europe and the US on Monday.

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