A notification issued by the US Treasury Department on August 6, stated that "under Section 3004 of the Omnibus Trade and Competitiveness Act of 1988, US Secretary of the Treasury Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator."

(Comment: The announcement escalates the ongoing US-China trade war several notches. Earlier, US President Trump had tweeted that the 10% tariff he had imposed on Chinese products could go up to 20 or 25%.)