I see a lot of comments looking at this from a 'X vs Y' lens and are trying to paint China/USA/Trump/Whoever as a bully, victim, or some other emotional label.

I see a lot of comments looking at this from a 'X vs Y' lens and are trying to paint China/USA/Trump/Whoever as a bully, victim, or some other emotional label. In this kind of situation, I think it is important to remember that there are not any 'bullies' and 'victims' Like most business, the rules of engagement are flexible dependent on those involved and their willingness to assume risk to gain a nominal advantage. Also like most businesses, the net outcome of increasing risk is not always in favor of the party taking the risk, however the net outcome is almost always in [someone's] favor. Thus, you can simplify the outcome of any risk into two categories: Internal Advantage & External Advantage. -- Note: I don't use the term "disadvantage" as I prefer to force myself to think of things from a advantage/standing perspective. Any loss on a countries' part is a direct result of another country gaining some relative advantage. "What is the inherent risk with Action [X], and who gains from it?" Now regarding the issue at hand, the recent moves between China & the United States: China is responding to the United States assuming a greater degree of risk, and corresponding reward, through recent tariff changes. They appear to be trying to mitigate the advantage the United States gained by their actions, and thus are responding as any rational party in this situation would by attempting to regain their original advantage. The value of the currencies is, while non-trivial from a macro-perspective, a non-issue compared to re-establishing a status quo of commerce volume and relative economic position. The question that remains now is whether the net advantages of either nation shifts as a result of this recent exchange.