What consequences if an exchange-rate war breaks out?

If the United States declare s an exchange-rate war with currency interventions by the US Treasury and rate cuts, other countries will probably react: lower interest rates and resumption of quantitative easing in the euro zone, currency interventions in China, rate cuts in all countries whose currencies are linked to the dollar. The world's monetary policy will therefore become even more expansionary with the resulting risks, without exchange rates fluctuating markedly at equilibrium.