November 18, 2019
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How The US-China Trade War Turned Into A Currency War

The trade war took a dangerous turn and
is now morphing into what many are calling a currency war. It’s all out economic warfare between
the two biggest economies in the world. U.S. and China. Two key developments took us here. The Chinese currency weakened passed
a significant level that investors were thinking maybe China would
defend—an indication perhaps that China was stepping up its fight
in the trade war. The U.S., in response, designated China a
currency manipulator, something that the U.S. Treasury hasn’t done since 1994. And while mostly symbolic, was seen as
a big aggressive move to call China out and just escalate this
trade tension even farther. What makes it difficult is that when
you have a currency war, everybody wants a weaker currency. Weaker currencies help your exports stay
more competitive on a world stage. But not everybody can
have a weaker currency. So in response to the U.S. and China’s moves on currencies, we
saw other central banks and economies take action like India, Thailand and
New Zealand, all surprising their markets through monetary policy and
all weakening their currencies. If everybody races to the bottom, it
can be very disruptive to markets and to the global economy. When the Treasury formally calls out
another country for being a currency manipulator. Not much happens. It’s largely symbolic. It’s a badge of dishonor. It’s considered embarrassing and puts that other
country at the top of the G-20 agenda for discussing what
it’s doing with its currency. In practice, not
much explicitly happens. The Treasury engages the International
Monetary Fund and China in negotiations and discussions about what
the currency has actually been doing and how they’re
going to fix it. However, this administration doesn’t necessarily
play by the same rulebook. So many are worried that by
designating China officially a currency manipulator, President Trump could use that
politically and on the world stage to just impose more tariffs,
other sanctions and other economic punishments. Now, that’s not necessarily in
the Treasury rulebook for how this goes. But we’ve seen President
Trump break the rules. Mostly everybody wants
a weaker currency. There are benefits to having
your currency be weak. Number one, it makes
your exports more competitive. If you’re Japan and selling Hondas and
Toyotas to Americans, it gives them an edge over companies
like GM and Ford. It also makes
earnings more competitive. S&P 500 earnings have gotten hit this
year because the dollar’s been so strong. Anybody that does business overseas, from
Apple to Procter and Gamble to the automakers to John Deere, which
President Trump also called out during a tweet, their earnings and their revenues
get cut by that strength of the dollar. They sell overseas. It’s less competitive. They bring the money back home. It’s worth less. We’ve learned this lesson
so many times. And that is currency wars and
tensions fueled by countries trying to weaken their currencies can have a
very destabilizing effect on growth and on stock markets. It happened in 2015. China made a surprise decision to let
its currency weak and devalue the yuan. Guess what? That led the S&P 500 into a
correction, 10 percent off the highs. That’s why as soon as we saw
China let its currency weakened, it sparked all sorts of concerns, not just about
the escalation of the trade fight, but about what’s really happening
beneath the surface in China. When countries devalue their currencies, it
leads investors to wonder, is their economy suffering
worse than expected? Are they going to have to deal
with capital flight, a scary prospect where people take money out
of their economy. We’re not talking about in a small
emerging market like Turkey, where we had these concerns. We’re talking about China, one of the
biggest markets in the world and the second biggest economy in the world. When you have other countries stepping in,
then to fight to protect their economies and their currencies, it’s this notion
of a race to the bottom on interest rates and on currencies. And that is what spooked markets. The fact that it’s going to be unpredictable,
it’s going to be a source of tension and ultimately it’s going to
kill growth because tensions put up walls between countries. Trade slows down. Tensions emerge. And that’s sort of been the theme of
what we’ve been seeing on trade and now currencies in 20 19.

Tony wyaad



  1. 漢仔 Posted on August 26, 2019 at 4:21 am

  2. Nick Name Posted on August 26, 2019 at 4:27 am

    americans are dumb people, they are also uneducated and it's very easy for US government or the deep state to control them, but now USA is in very bad situation, they have enormous debt, the US economy is going in recession, the people are divided,  they have clown-lunatic for president, so what US needs is to find some imaginary enemy to unite the people. Russia is already too well-known and it has weapons which can destroy USA so it's dangerous to play with it, and here it comes China, China is the new "enemy", it's the modern USSR, and as everyone can see the government officially considers China as enemy N1, it started trade war, soon maybe and cold war, but however all americans should unite against China, at least that's the plan of US deep state, but unfortunately they have problems to do it, especially outside USA.
    so i expect next year after the elections, there'll be a huge problem with US economy, it may even collapse and there'll be riots as in Hong Kong or maybe a civil war in USA.

  3. SonicSP Posted on August 26, 2019 at 4:32 am

    All countries manipulate currencies to a point. Thats kind of the whole point of a monetary policy.

  4. changgyu chung Posted on August 26, 2019 at 5:44 am

    Japan is doing the exact same thing as the US to China. The purpose is to stifle technology development of South Korea, because Japan feels threatened.

  5. elfacisco Posted on August 26, 2019 at 6:31 am

    worst fake eyelashes ever, and nothing new to learn.

  6. Doogie Chen Posted on August 26, 2019 at 6:44 am

    Buy your local products to increase job opportunity. Don't buy made in China products

  7. sivan ferna Posted on August 26, 2019 at 6:51 am

    If you weaken your currency you are hurting your citizens income and savings. There is a big price to pay

  8. Ecology Rocks Posted on August 26, 2019 at 7:35 am

    After so many rounds of tariffs, China would be manipulating their currency if the Yuan does not fall. You just cannot wish to hit them hard and expect them doing great.

  9. Nichole Posted on August 26, 2019 at 9:23 am

    The music doesn’t match.

  10. Payam Bagheri Posted on August 26, 2019 at 9:54 am

    Thank you Sara , well presented .

  11. Zicheng Zhang Posted on August 26, 2019 at 10:09 am

    Nice journalism CNBC

  12. Net Surfer Posted on August 26, 2019 at 10:21 am

    What America has been doing to China in this evil war is simply bullying. Every country can see that. The world is returning to the order of the forest – violence, robbery, bullying, and more to come.

  13. joe vetri Posted on August 26, 2019 at 1:03 pm

    We should reinstate the gold standard

  14. Shawn Greenaway Posted on August 26, 2019 at 1:14 pm

    Every news network is trying to re spin the story on companies leaving China.China is kicking US companies out.Trump has very little to do with that besides being the instigator.Trump knows he will not finish out his term if China follows through.

  15. Anthony Lidstrom Posted on August 26, 2019 at 1:29 pm

    What rules does donald trump break?? Give me examples when you say that!

  16. Denzo D Posted on August 26, 2019 at 1:40 pm

    Pres. Trump should not postpone the scheduled tariffs on Chinese goods while they are talking, as this is only a ploy by china to delay any mutually beneficial trade deal.  Make note that China, under the CCP, cannot be trusted.  They formerly agreed to the terms of the initial trade negotiations with the US only to renege on that agreement in the end.  They also promised NOT to militarize their illegally reclaimed artificial islands in the Spratly archipelago (in the South China Sea), but had already installed surface-to-air and anti-ship missiles on those structures.  They agreed with the UK to maintain the current system of government and laws in Hong Kong until 2047, but they have slowly curtailed some of the people's rights and liberties, resulting in the continuous protest rallies of the people against the communist regime's initiatives.  There is an old saying that goes:  "You fooled me once, shame on you.  You fooled me twice, shame on me."

  17. Subaru STi Posted on August 26, 2019 at 1:44 pm

    The way the currency shifted, looks good if US dollars is changed to the Chinese Yen (RMB) Americans can buy more in China.
    If Chinese shoppers, business men, or STUDENTS comes to the US, They have to spend more to get the same amount.

  18. Alex Mercer Posted on August 26, 2019 at 2:10 pm

    IDK, what's with Americans, honestly.
    Trump is just doing what's right for America, What's wrong with the Nation and Citizens first policy?
    How does one right the unemployment then??

  19. Jim Jones Posted on August 26, 2019 at 5:32 pm

    Have many rules has China broke – the Whole Book

  20. GAMEZSTAA Posted on August 26, 2019 at 6:05 pm

    How will the US-China trade war turn out for the Americans?

  21. 苏冀 苏冀 Posted on August 26, 2019 at 6:14 pm

    Huang Xiangmo's Leo Liau had taken his own life,Chinese billionaire gave $100,000 cash to NSW Labor 和髸产党黄向墨收买澳大利亚政客的Leo Liau自杀了,豚王毅杨洁篪习近平

  22. 查理不会冲浪 Posted on August 26, 2019 at 7:24 pm

    We want to buy your high-tech products to make up for the trade surplus. Do you sell them? We trade dollars at the expense of the environment, and the U.S. government just prints dollars.

  23. Matthew Shields Posted on August 26, 2019 at 7:33 pm

    There's a difference between something being in the rulebook in other words being precedent or tradition and something actually being a rule

  24. Blake Marshall Posted on August 26, 2019 at 8:22 pm

    As soon as any of this matters to me, let me know.

  25. ABHISHEK AGGARWAL Posted on August 26, 2019 at 8:26 pm

    The host is cute

  26. JTD98 4theGamers Posted on August 26, 2019 at 10:13 pm

    I had to stop watching as she attached Trump. It's good to put the right info but also attaching the President at the same time is bad journalism. The bias needs to stop what happened to just facts

  27. Jason Jean Posted on August 26, 2019 at 10:22 pm

    What? No mention that the U.S. has three criteria for identifying a currency manipulator and that China only meets one of these criteria (a trade surplus with the U.S.). No mention that the IMF and the rest of the international community claims that China is not manipulating their currency? No mention that the U.S. dollar is presently artificially inflated in value so of course other currencies would lower in value relative to it unless they manipulated their currencies in order to peg them to the dollar? (The yuan is pegged to the Euro, not the dollar). Nice reporting, almost missed all the important points of discussion.

  28. Zoya Spencer Posted on August 26, 2019 at 10:53 pm

    Why can't all currencies be exactly the same world wide?

  29. Fairytale Posted on August 27, 2019 at 5:32 am

    The truth is if China doesn't manipulate the currency, Chinese Yuan would drop even more due to more and more manufacturers move out of China… that is definitely not something the US wants to see…

  30. Miguel Arredondo Posted on August 27, 2019 at 5:51 am

    Sometimes in the end stages of something, it lashes out

  31. adalycean Posted on August 27, 2019 at 6:42 am

    Good bye US farmer

  32. z h Posted on August 27, 2019 at 8:18 am

    Who started this trade war in the first place? THE USA! The world economy is only better when the US has sensible and not bullying policies.

  33. Hinglish Investor Posted on August 27, 2019 at 11:58 am

    Buy Bitcoin, OBVIOUSLY

  34. James Chanbonpin Posted on August 27, 2019 at 12:59 pm

    "When you can't beat a nation mentally, try and start a war with them." The US and it's depraved people are just waiting for God's wrath.

  35. Armando Garza Posted on August 27, 2019 at 1:29 pm

    The Crypto Era begins🌟

  36. akka Posted on August 27, 2019 at 1:36 pm

    Don't be misleading. China does not devalue its currency, it just stop popping it up and let the market decides how much the yuan is worth. The IMF already said that much. Trump on the other hand wants to manipulate the dollar lower. Who is the currency manipulator?

  37. dude 57 arizona Posted on August 27, 2019 at 1:41 pm

    Dollar will be useless

  38. SHUBHAM SHARMA Posted on August 27, 2019 at 2:14 pm

    USA and CHINA are both SHADY countries…
    They will do everything in there power to destabilise other countries for there own gains…

  39. Alex Huh Posted on August 27, 2019 at 3:01 pm

    currency manipulator? Plaza Accord u mean? oh it's on paper so it's not a maniulation.

  40. Shuai Zhang Posted on August 27, 2019 at 3:17 pm

    In the meantime, Federal Reserve has refused Trump's requests for reducing the interest rate to devalue US dollar for several times and Trump condemned FRS for it on Twitter. But I didn't see any US citizen call the chair of FRS a traitor.

  41. Garry champion Posted on August 27, 2019 at 5:29 pm

    okay have those folks in the background shut up and just bequiet.

  42. Innova 35 Posted on August 27, 2019 at 5:39 pm

    Motive behind weakening currency is to make currency as reserve currency for emerging economies
    It is called economic rule manipulation

  43. lucis leesion Posted on August 27, 2019 at 7:03 pm

    I heard nothing but blaming to China!

  44. Chat2 RB240z Posted on August 27, 2019 at 9:57 pm

    We as citizens will hurts the most god damn!!!!!

  45. tsusho49 Posted on August 27, 2019 at 11:11 pm

    Good less money for stock brokers and investors and more for the people

  46. Raoul Duke Posted on August 28, 2019 at 5:46 am


  47. Lone Wolf Posted on August 28, 2019 at 9:16 am

    Glory to China

  48. Factory of Gaming Posted on August 28, 2019 at 10:53 am

    Not necessarily. A weaker US dollar would mean that US residents cant purchase as many imported products, because these will become more expensive. This will however depend on the elasticity of imports amongst US consumers and producers. Infact a weaker US dollar might actually help to reduce the defecit on the BOP that the US has with other countries, China being a prime example. The purchasing power of the US dollar on a domestic level is ofcourse greatly dependent on inflation. A weaker dollar may cause an increase in inflation due to higher Aggregate demand (as a result of cheaper exports), but this is unlikely to have a huge impact on US consumer spending power. The Fed will use contractionary monetary and potentially fiscal policy to make sure this doesnt happen.

  49. Antonio Barrios Posted on August 28, 2019 at 3:13 pm

    Does anyone know the background music?

  50. John Bettle Posted on August 28, 2019 at 4:43 pm

    Huawei logo is copy cnbc

  51. Dariune Posted on August 28, 2019 at 8:28 pm

    Whats in it for me, is stuff from china gonna get even cheaper?

  52. typelogin Posted on August 29, 2019 at 4:39 am

    this is why Cryptocurrencies will thrive, because can't manipulate a public ledger

  53. john smith Posted on August 29, 2019 at 9:27 am

    Why would you want a weak currency when you import everything

  54. smani kandan Posted on August 29, 2019 at 5:14 pm

    You look so beautiful
    I love you baby
    I am India 😘😘😘😘😘😘😘

  55. liu luis Posted on August 30, 2019 at 1:22 am

    Us rises tariffs to 10% meanwhile by coincidence that RMB devaluated 10%

  56. Jack London Posted on August 30, 2019 at 3:33 am

    Democrat liberal socialist push trade war woes and recession talk just doubling most economist portfolio's to include mine. Thanks for the new sailboat.

  57. amanvds Posted on August 30, 2019 at 5:44 am

    if you devalue your currency your exports become cheaper ….. but on the other hand your imports get more expensive …. countries like china can benefit from it because they export more then they import ….. but countries like USA who are a big importer docent benefits from devaluing their currency

  58. Ron Jefferson Posted on August 30, 2019 at 9:21 am

    We support President Trump.

  59. Trackstar35 Posted on August 30, 2019 at 1:39 pm

    Well a positive to having a strong, stable currency is everyone will run to it come a recession.

  60. 82boulou Posted on August 30, 2019 at 5:53 pm

    I ll tell you why this ain't going to produce any positive outcome , America is not asking for fairness and they never actually cares about playing any game fairly … America is simply telling China : We will not allow you to raise to the top spot we want to bring you down by any necessary mean . How do you expect China to respond to that other than fighting tooth and nail ? America is asking the impossible and expecting conplaiance !

  61. Sam Khemera Posted on August 31, 2019 at 2:21 am

    Are you trying to say we should eat a loss and be happy about it?

  62. yesismemom nahjustyouimagination Posted on August 31, 2019 at 2:48 am

    This is actually good reporting.

  63. 1000 Comments with under 400 subs challenge Posted on August 31, 2019 at 8:08 am

    We already knew they we’re a currency manipulators for a long time.
    But now it’s official.
    Don’t just try to turn everything into a anti-Trump message.

  64. Andy Lau Posted on August 31, 2019 at 4:01 pm

    It just like a market. If one store lower its prices on all products, other stores either follow or lose Competitiveness.
    The question is who is cheating while doing business, and it’s not a healthy economy.

  65. Dota 2 Player 'SenjeHang' Posted on August 31, 2019 at 5:23 pm

    Federal reserve printing dollars out of thin air, and Trump is angry that china is manipulating currency.

  66. Santiago Paz Posted on August 31, 2019 at 9:40 pm

    World stage: everybody wants a weaker currency but not everybody can have weaker currency
    Argentina: challenge accepted

  67. Dhruveel Dave Posted on September 1, 2019 at 3:23 am

    India no longer determine value of rupee. Value of rupee is decided by market itself.

  68. Eric Posted on September 1, 2019 at 4:32 am

    Ah humans… we created a “god” made of paper. We religiously follow these guidelines. Yet, something from the universe can take us all out in a heartbeat. SMH… asteroid.. do your thing.

  69. Mikel Magdirila Posted on September 1, 2019 at 8:32 am

    2:09 haha the kid

  70. 0090D Posted on September 1, 2019 at 5:50 pm

    I don't wanna be that guy, but her voice is annoying..

  71. RAM Real Estate Investing Posted on September 1, 2019 at 8:19 pm

    Great break down. Thanks for sharing!

  72. Bart Venable Posted on September 1, 2019 at 10:06 pm

    Reported by CNBC…. you will have to search for credibility because it won’t be in the reporting.

  73. Brian Johnson Posted on September 2, 2019 at 2:53 am

    How did China get so powerful economically?

  74. Azam Khan Posted on September 2, 2019 at 8:25 am

    ok then it means iran is d biggest currency manipulator 🙄

  75. Chicken Alfredo Posted on September 2, 2019 at 6:49 pm

    Trump is a master deal maker when he can bully the other guy. China can't be bullied and Trump is to stupid to see it.

  76. tony blackmon Posted on September 2, 2019 at 11:58 pm

    cnbc tried to mislead you america and the other liberal media outlets didn't do their due diligence and investigate a report before they re-reported a fraudulent story. this appears to be intended to mislead liberals and conservatives alike. their article intentionally misrepresents the white house and the nwc

    they reported that the national weather service had to correct the president

    they lied

    here is the presidents tweet

    trumps tweet is time stamped as being 9:51 am

    here is the national weather service tweet

    the nwc tweet was 8:11 am. 1 hour and 40 minutes before, so you see no possible way that it could have been intended as a correction.. the article is bogus, the rest of the liberal articles are referring to that one.

    so you have to ask yourself did these all these media outlets forget to fact check the article before they reported on it? or did they intentionally jump on the band wagon knowing that it was a lie. ?

    you decide.

  77. SALTMAR Posted on September 3, 2019 at 12:26 am

    Just saying mao is still on China’s money

  78. Ehyeh Asher Ehyeh Posted on September 3, 2019 at 1:16 am

    If China stops buying US debt instruments, the dollar will fall and the Yuan will strengthen. If China sells off US debt for Yuan, the US dollar will take a major dive. WTF does the US want?

  79. Rich Money Posted on September 3, 2019 at 1:42 pm

    Trump predicted this hahaha china squirminnnnnng

  80. Cineva spunea Posted on September 4, 2019 at 6:03 am

    America doesnt have gold to back a single dollar bill meanwhile Germany doesnt let Romania be nr 1 in monetary power with all the gold the world never has

  81. Ace beauty 679 Posted on September 4, 2019 at 11:57 pm

    Great video.

  82. Fangirlin Nicole Posted on September 7, 2019 at 2:57 pm

    Why First World countries busy with trade wars? China vs. USA and Japan vs. Korea. Developing countries can't relate.

  83. Ailer Aguilar Posted on September 8, 2019 at 3:51 am

    Been a currency for decades now good video

  84. Dionisio Layoso Posted on September 8, 2019 at 8:39 am

    China will lose in trade, economic currency war with China and will start military confrontation. …
    China will lost 3/4 of its population when war breakdown.

  85. Dionisio Layoso Posted on September 8, 2019 at 8:42 am

    China is losing companies doing business in China… mass lay-off is starting…

  86. Real X Posted on September 11, 2019 at 1:18 pm

    The world recognized China in 1945 and now they are fighting with US .

  87. Wilhelm Sarasalo Posted on September 15, 2019 at 8:12 pm

    China, US, how about EU? You would think that would be pretty big. How you measure matters of course.

  88. Alesh Posted on September 17, 2019 at 4:35 pm

    Intellectually weak analyses that doesn’t even call out the most important development: that the PRC current account has gone negative in the 1H of 2019, first time in 17 years.

  89. Dove Posted on September 18, 2019 at 3:02 am

    We threatened tariffs on Canada, European Union, China… friend and foe alike. What do we expect want them to do? Bow down? It's almost like the administration is run by incompetent children. CNBC should give the background as to why there was retaliation to begin with and explain how the fortune 500 companies tried to get Trump to stop his nonsense.

  90. Ze Mon Posted on September 18, 2019 at 4:41 pm

    If you weaken your currency your exports are cheaper? No that's not how it works. That would drive up inflation and made everything cost more so in the end you would just he paying more money with a weaker currency.

  91. PV2 Caldwell, Bret W. Posted on September 19, 2019 at 5:43 am

    anything goes

  92. M.Fakhar Posted on September 21, 2019 at 12:21 pm

    Am i only one noticing how cute this girl is? ♥

  93. MrBrettwh7 Posted on September 24, 2019 at 6:16 am

    This is literally all wrong. Blonde American women are the dumbest people on planet earth. Facts.

  94. grimm reaper Posted on September 24, 2019 at 2:52 pm

    George Soros and company suffered his second loss in hong kong in mid september. LOL

  95. uriel sabando Posted on September 26, 2019 at 10:13 pm

    China deindustrialized the US, now its time for the US to do the same to China. The people whom they call american elite screwed the American people for bowing their heads against the communist China. the result of what they did is the new military weapons made by China to establish themselves as the new super power.

  96. Kim-Jong Un 100 million subs or I declare war Posted on September 26, 2019 at 11:07 pm

    my currency is very strong

  97. Lisa Chapman Posted on September 29, 2019 at 2:08 pm

    Why attack a president that only looking after this country's interest? For decades Democrat and Republican presidents have let China roll over us and steal our intellectual property and technology cheapened its labor so much that American companies can't compete in manufacturing. And this idiot so call "journalist " says that Trump doesn't play by the rules, TAKE A HIKE SWEETHEART!!