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China stocks, yuan tumble after bigger-than-expected Trump tariffs

China's yuan dropped to its lowest level in seven weeks and stock markets slumped on Thursday after U.S. President Donald Trump unveiled a sweeping set of reciprocal tariffs that were particularly heavy on China and its main trading partners. While investors had been bracing for these tariffs over the past week, Washington's latest punitive measures turned out to be more aggressive than expected. Countries in China's supply chain were hardest hit, with Vietnam, Cambodia and Laos facing tariffs between 46% and 49% respectively.