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‘FORCEFUL’ RETALIATION: China punches back as yuan hits 17-year low

After plenty of mud-slinging, China has announced a massive manoeuvre to hit back at Donald Trump after its currency dipped dramatically.

President Donald Trump speaks at the National Republican Congressional Committee (NRCC) dinner. Picture: Pool via AP

President Donald Trump speaks at the National Republican Congressional Committee (NRCC) dinner. Picture: Pool via AP

After plenty of mud-slinging, China has announced it will raise its tariff on US goods from 34 per cent to 84 per cent starting tomorrow.

The increase matches the additional 50 percent tariff recently added by the Trump administration.

It comes as the yuan ended domestic trading today at 4.3498 to the dollar, the lowest it has been in 17 years.

China’s Foreign Ministry spokesperson Lin Jian promised “firm and forceful” measures to combat the US today, shortly after China’s commerce ministry vowed to “fight them until the end”.

Author: Benedict Brook , Natalie Brown and Alex Blair

Source: News Corp Australia Network:

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