Mohamed A. El-Erian , Columnist

So the U.S. Called China a 'Currency Manipulator.' Now What?

It’s an escalation of trade conflict, and that war is likely to get worse before detente.

August 6, 2019 at 9:00 PM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

The trade war is no longer just about trade.
Source: AFP, via Getty Images

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The surprise announcement by the U.S. Treasury labeling China a “currency manipulator” raises a lot of questions. The answers to two of them in particular shed light on how trade tensions are likely to play out between the two largest economies in the world.

Is the label justified?