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China Uses Currency to Escalate Trade War, Rattling Markets

Aug 05, 2019 - The New York Times

WASHINGTON — The trade war between the United States and China entered a more dangerous phase on Monday, as Beijing allowed its currency to weaken, Chinese enterprises stopped making new purchases of American farm goods and President Trump’s Treasury Department formally labeled China a currency manipulator.

The escalation shook world markets as nervous investors looked for safe places to park their money. Wall Street suffered its worst day of the year, with the S&P 500 closing down...