The yuan is likely to slump further as President-elect Donald Trump is set to slap tariffs on Chinese exports, potentially sparking a trade war, according to Goldman Sachs Group Inc.

Chinese leader Xi has responded by hitting the gas on manufacturing, pushing Chinese companies to pump out a surfeit of goods that are pouring into foreign markets and propping up the economy at home.

President-elect Donald Trump readies for a new tariff war with China, making balanced trade books, not free trade, the leitmotif of his presidency.

The world is entering an era of protectionism” as the U.S. turns to aggressive tariffs, warns one China expert. How nasty will it get?

This was reported by Financial Times, citing advisers to Beijing and international risk analysts. The Chinese government, led by Xi Jinping, was once caught off guard by Trump’s victory in the 2016 elections and by his subsequent actions to impose higher tariffs,

Beijing has enacted sweeping laws since US president-elect’s first term that would allow it to retaliate if threatened