Trump's currency war and the end of the American-led global trading system

America's trade war with China has escalated and expanded to new frontiers in the past few days. First the Trump administration announced new tariffs on some $300 billion of Chinese goods. The Chinese retaliated by announcing a halt to purchases of all American agricultural products. Finally, the Trump administration labeled China a currency manipulator for (ironically) halting its sales of dollar-denominated assets. Those sales had been propping up the value of the Chinese currency, the renminb...