Useful points made by Senior Fellow at Council on Foreign Relations (CFR) Brad Setser.
I'd only add that China has already begun to let the yuan drop. We had the heads up on this from HSBC, and they were spot on:
(USD/CNY chart below)
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Trump wants 60% tariff on China, China can respond by letting the yuan fall
- The People's Bank of China has already begun loosening its support of the CNY
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