The U.S. government has determined that China is manipulating its currency and will engage with the International Monetary Fund to eliminate unfair competition from Beijing, U.S. Treasury Secretary Steven Mnuchin said in a statement on Monday.
Wall Street sank on Monday after China defied Washington by announcing retaliatory tariffs, the latest salvo in the two countries’ increasingly belligerent trade war, sending investors fleeing equities for less risky assets.
Global shares were having their best day in nearly a month on Friday as European and Asian markets recovered from a brutal selloff that still left them set for their worst week since February.
