The Chinese yuan fell in value as election results began to come in earlier tonight, and as analysts began to see a greater chance of victory for President Donald Trump.
Currency markets showed the official currency of China tanking as more states, including the critical swing state of Florida, began to swing in Trump’s direction.
As of writing, the New York Times is giving Trump the edge in Georgia, North Carolina, and Florida.
Chinese yuan tanking pic.twitter.com/dtmJRQiIap
— Mike Bird (@Birdyword) November 4, 2020
A tough-on-China approach has been a key element of Trump’s policy platform. In the first term of his administration, he imposed tariffs on the Communist-run country.
As Breitbart News’ John Carney reported earlier this week, Trump made good on his promise to curb bad trade deals with China:
In the summer of 2017, U.S. Trade Representative Robert Lighthizer announced an investigation into China’s policies that might be hampering U.S. property rights, innovation, or technology development.
The devastating report found China was stealing U.S. technology by forcing U.S. companies to handover tech to Chinese-controlled joint-ventures. The Trump administration responded with a $50 billion list of 1,333 Chinese products on which it intended to impose 25 percent tariffs.
After China published its own list of U.S. products—from cars, to aircraft, to agricultural goods—that it would subject to forthcoming 25 percent tariffs as retaliation, Trump told Lighthizer to put a 10 percent tariff on $200 billion of additional goods.
In the summer of 2018, U.S. imposed the 25 percent tariff on the first list of $50 billion of goods. Trump threatens to impose tariffs on all US imports from China, which totaled $504 billion in 2017.
By September 2018, the 10 percent tariffs on $200 billion of Chinese products take effect.
Trump declared a trade truce in December 2018, but said if talks did not produce an agreement, the 10 percent tariffs would rise to 25 percent.
China and the U.S. spent much of 2019 in stop and start negotiations. In May, the U.S. raised the 10 percent tariff to 25 percent and then makes plans to raise tariffs on all remaining Chinese goods.
The currency’s nosedive continued as more election results came in across the U.S.
Allum Bokhari is the senior technology correspondent at Breitbart News. His new book, #DELETED: Big Tech’s Battle to Erase the Trump Movement and Steal The Election, which contains exclusive interviews with sources inside Google, Facebook, and other tech companies, is currently available for purchase.