China’s Yuan Devaluation Poses a Major Reelection Risk to Donald Trump

Back in May, I wrote that Trump’s China tariffs will only “work” if Americans pay them. The president wants to shrink our trade deficit with China; tariffs further that end by making it more expensive for Americans and American firms to buy Chinese goods; if China takes steps that absorb the cost of the tariffs, then Americans will be spared part or all of the tariff burden, but they’ll also have less incentive to buy American.

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