US too cautious to confront China on trade as weak yuan secures Beijing's surplus

Despite a 40% drop in US imports from China in the year to June, analysts argue the US has not won the trade war, as a weak yuan continues to guarantee Beijing a massive trade surplus. After China threatened to cut off rare-earth magnet exports, the Trump administration accepted a trade truce last October, halting further tariff escalation. Commentators say Washington is reluctant to push harder against Beijing on trade.

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