CNBC's Jim Cramer urges investors to keep the trade war in perspective.
said it could slap tariffs on U.S. agricultural products that it already bought, and pull out of U.S. agriculture completely.
Cramer said while investors shouldn't be "complacent," and that there "will be fallout" from the trade escalation, investors should be careful not to sell too quickly.China, which has historically managed its currency, let the yuan break to its lowest level against the dollar in more than 10 years on Monday.
The Treasury Department labeled China as a currency manipulator on Monday evening, following tweets by the president with that same accusation. "This is a major violation which will greatly weaken China over time," Trump said. Later in the day, he tweeted that it is "now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars.
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