This is CBSI on the world.

I'm John Batchel with Gordon Chang at Gordon G. Chang, my colleague and co-host and friend,

New York Times.

After Trump's tariff threat is a China currency war next, subhead.

While China could offset American tariffs by letting its currency fall, that might endanger

Beijing's recent efforts to stabilize the economy. We're

very pleased with all these complicated words to be joined by

Fraser Howie, our good colleague, co-author of Red Capitalism,

the fragile financial foundation of China's extraordinary

rise. Fraser, a very good day to you. A currency war. What does that look like and what is the

benefit for either China or Europe? Good evening to you. Good evening, John. Well, to some extent, we've been, we've seen

this movie before, of course. We know that for much of the past 20 years, there's been a

vocal body of people saying that China's currency has been too weak, that they've kept it weak

to drive their export economy. And so that if they employ

that strategy again in the face to try and minimize tariffs or take the edge of the tariffs,

that's only going to encourage even greater tariffs or perhaps even harsher measures. At least with

a tariff, you pay it and you get your goods in. You could even, I could see envisage this scenario where there's just an outright ban of

certain Chinese goods.

So I don't think a currency war is really going to be the solution.

It's certainly not going to be a solution if you're talking about tariffs of 60% or more.

And I think it certainly could be more in the case of China.

You know, China may devalue its currency 5% or something like that, but they're not going

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