Donald Trump's 2011 Speech in Las Vegas: "Listen you mother fucker [China], we are going to tax you 25%... Everybody knows they're manipulating their currency. We are gonna charge 25%. Now the real number based on their manipulation is so severe that it should be 45%. Let's start with 25. We can always raise it. If I run and if I win...we will have a great country again."
If the yuan sinks to 7.50, "their tariffs go to 50%," says Michael Every, head of financial markets research for Rabobank in Hong Kong, according to Kenneth Rapoza, Forbes, 2019-5-24. Overly bearish Rabobank sees the yuan depreciating to 8.50 against the dollar to compensate for tariffs. The yuan is currently trading at 6.89 to the dollar.
Source: https://www.c-span.org/video/?299259-1/donald-trump-speech-las-vegas