Here Come The China Downgrades [Forbes]
COSCO SHP HLDG UNSP/ADR (CICOY)
NASDAQ:AMEX Investor Relations:
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Source: Forbes
Here Come The China Downgrades Red good. Green bad. A Chinese man stands in front of a stock ticker board in Shanghai. Investment firms started cutting their growth forecast for China as the trade war escalated on Friday, May 10. (Photo by Long Wei/VCG via Getty Images) photo credit: VCG via Getty Images China's economy is being downgraded on account of new tariffs that went into effect on Friday. The Chinese yuan fell slightly on Friday as well, now trading at 6.826 to the dollar and expected to weaken further. China’s decision against immediate retaliation supports the theory that this latest escalation is due to a miscalculation of Trump's rhetoric, and not a deliberate choice to blow up negotiations. Tariffs were initially scheduled to go from 10% to 25% on $200 billion worth of Chinese imports on May 1 but were put on pause as a good faith measure to continue trade talks for another 60-days. Higher U.S. tariffs are paid for by American companies at the ports, and not by the Chi
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