It should be noted that a central bank with a floating currency is constrained in its control of interest rates the more it controls foreign exchange and vice v

It should be noted that a central bank with a floating currency is constrained in its control of interest rates the more it controls foreign exchange and vice versa. Using tariffs to constrain the actions of foreign central banks is really quite interesting. While China has succeeded in offsetting tariffs with inflation for now, they are paying for it by giving up policy flexibility, whereas the US can effectively control the price of the yuan with tariffs.