Local politics, the county, and the world, as viewed by Tammy Maygra
Tammy’s views are her own, and do not necessarily reflect the views of Bill Eagle, his pastor, Tammy’s neighbors, Wayne Mayo, Betsy Johnson, Joe Corsiglia, President Trump, Henry Heimuller, VP Pence, Pat Robertson, Debi Corsiglia’s dog, or Claudia Eagle’s Cats. This Tammy’s Take (with the exception of this disclaimer) is not paid for or written by, or even reviewed by anyone but Tammy and she refuses to be bullied by anyone.
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Dow plunges 750 points after China devalues its currency.
The Dow dropped more than 750 points and global stocks were in disarray on Monday after China accelerated the trade war with the United States.
The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade. A weaker currency could soften the blow the United States has dealt China with its tariffs. The weak yuan ignited fear on Wall Street that a currency war has begun or that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.
Risks of Trump intervening in foreign exchange markets have increased with China letting the yuan go," wrote Viraj Patel, FX and global macro strategist at Arkera, on Twitter. "If this was an all-out currency war - the US would hands down lose. Beijing [is] far more advanced in playing the currency game [and has] bigger firepower."
President Donald Trump once again called China a currency manipulator on Monday, saying the yuan devaluation was a "major violation." Trump has long attacked China for its currency policy, even though the Treasury has refrained from officially labeling the country a currency manipulator.
Trumps trade war is hurting the people of the United States, he claims China will pay the bill, but instead Americans are paying higher costs for imported goods. Trump is the worst thing that has happened to our country.