https://www.yahoo.com/news/u-holds-off-huawei-licenses-210704605.html
Timeline of escalation:
The US would impose 10% additional China tariffs on 1 September 2019.
China retaliated by suspending US agricultural purchases and also stopped its support for RMB-US $7 level.
The US withheld Huawei licences.
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We can see that the trade war has metastasized. The escalation pattern is usually depicted in the following 4 stages.
Trade war -----> Currency war -----> Financial war ------> Economic war
We are currently at the beginning of stage 2 (currency war).
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