While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.

Trump announced plans to impose 10% tariffs on Chinese goods “above any additional tariffs,” after blaming the country for the inflow of illegal fentanyl into the U.S.

Responding to Trump's threat, the Chinese embassy in Washington said: “Nobody wins in a tariff or trade war.” Read more at straitstimes.com.