U.S. and China will not be able to resolve their long-running trade war before the U.S. presidential election 2020, expected by Goldman Sachs.
The statement came shortly after the U.S. accused Beijing of deliberately influencing the exchange rate between the yuan and the U.S. dollar to gain an “unfair competitive advantage in international trade”.
Later, the U.S. has officially called China as “currency manipulator” which intensified tensions between the world’s two largest economies.
The announcement affected the Chinese market when Yuan sharply fell down against the dollar.
Later, last week, China vowed to fight back after President Donald Trump promised to impose 10% tariffs on $300 billion worth of Chinese imports.