Trade tensions are entering a new phase. The U.S. has accused China of mobilizing its currency, the yuan, to gain the upper hand in trade. The threat of currency wars isn’t novel. In any trade skirmish, currency adjustments are often a natural consequence of tariffs, blunted growth or central bank action to soften the impact. So when President Trump threatened to levy tariffs on the remaining $300 billion of Chinese imports, economists expected a weakened yuan and a stronger dollar. But when the yuan moved according to expectations, Trump demanded China be branded a currency manipulator and urged the International ... (full story)