What are china's immediate consequences, particularly for the country's economy, as the final us election results came in and donald trump cinched a historic second term? of course, the yuan, or rmb, dropped sharply against the chinese economy.
Despite global markets soaring, offshore rmb trading on wednesday dropped at one point, but also due to trump's 60% tariff, which was not triggered by the global economy's volatility but also by the global economy's soaring.
The united states is the top destination for exports from china and imports more than $400 billion usd.
Smaller manufacturers in china, especially the elderly ones, will be the brunt of trump's upcoming tariffs.
If an additional 60% tariff be introduced in place, it has been predicted that china's gdp growth will be down 2.5 percentage points next year, which is likely to be the reason for the long-awaited fiscal stimulus.
Despite being expected since the chinese government declared another trade war this week, it has long been speculated that by the chinese government with the possibility of another trade war.
Despite the government's pledge that us-china trade will continue to grow at a 5% annual rate this year, it appears china is still aiming for a 5% gdp increase target this year.
Although pundits aren't positive that it will be sufficient, it appears china is still aiming for a 5% gdp increase target this year.
It is likely that trump's presidency will spark more conflict between the two countries than ever before.