China has fiddled plenty with the yuan, but has let it strengthen significantly since 2005; the U.S. has brought current weakness in the Chinese currency on itself.
The Chinese government has now demonstrated an ability to control the S&P 500, even at the risk of Chinese domestic capital flight.
Because of our strong economy with virtually no inflation, we have the upper hand in the Chinese talks and, I believe, we could get a deal if we thought the Chinese were going to change their ways, not just their buying patterns.
The U.S. Treasury Department's decision to label China a currency manipulator may satisfy a long-standing ambition of President Donald Trump, but it will have little impact on actions in Beijing as it continues to hold firm against an increasingly aggressive stance on trade and tariffs from the White House.
The only reason that there is a bounce on China trade headlines is that it didn't become worse.
Though there's certainly a risk that tech stocks will fall further if trade tension keeps rising, many names are more reasonably valued than they were a short while ago.