Traditionally, one could expect protectionist tariffs to appear to prevent flooding the market with imported Chinese goods. So that would be the “strategy” one would normally expect Biden build back better 46th USA president shirt. But these are not ordinary times. The political stage is quite complicated and getting to be more so. For the moment the US congress is distracted by the treaty with Iran to limit their development of the nuclear industry in hope that they will also be curtailed in anything that might lead them to a nuclear arms capability. But they have also (if my memory is correct, and it often is not) they have given the administration the authority to “fast track” the Trans-Pacific Partnership Free Trade Agreement (the TPP) with China. Tariffs are unlikely to appear any time soon. Entering the final stages to this answer, I would note that India is a direct competitor of China in terms of low-cost labor resulting in both low-cost goods and services. India is more likely to react with tariffs. As I said, these are “interesting times” so the actual reaction to the move to adjust the RMB value could bring about entirely unpredictable reactions. The panic on Wall Street, with a thousand point drop in the Dow, is a gross overreaction to the Chinese currency move and has even reversed some optimism that the Fed will not raise rates at their next meeting. Of course, that has two sides to that coin, some flip one way, some flip the other depending on who you want either a change or status quo.
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