US stocks fell in the worst trading day of the year on Monday after China allowed the value of the yuan to sink to an 11-year low. The devaluation of the yuan was the latest step in the US-China trade war.
It followed a threat by US President Donald Trump on Friday that the US would impose another $300bn in tariffs on Chinese imports. Beijing is also moving to stop companies from buying US farming products.
The currency move, along with US tariff threats, sparked renewed global growth fears.
The US has since said it will engage with the IMF to eliminate “unfair” competition from Beijing.
Al Jazeera’s Kimberly Halkett reports from Washington DC
Al Jazeera’s Scott Heidler reports from Beijing
Financial analyst Tarra Jackson talks to Al Jazeera.
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