After U.S. President Donald Trump confirmed plans to impose new tariffs on China, the offshore yuan continued its decline, holding steady at around 7.29 per dollar.
Yuan weakens as Trump plans new China tariffs
Trump stated that a 10% tariff would be introduced, building on his earlier decision to impose a 25% tariff on imports from Canada and Mexico, effective February 1. While Trump had initially threatened tariffs as high as 60% on Chinese goods during his election campaign, he chose not to take immediate action upon his return to office. Instead, he ordered his administration to conduct further assessments.
China seeks "Win-Win" trade deal at Davos
In response, at the World Economic Forum in Davos, China’s Vice Premier Ding Xuexiang emphasized Beijing's desire for a "win-win" resolution to the ongoing trade tensions, noting the country’s aim to increase imports.
