Trump admin. declines to brand China a currency manipulator

President Donald Trump’s strategy isn’t exactly a departure from long-standing US policy

President Donald Trump’s strategy isn’t exactly a departure from long-standing US policy

And Sunday morning, Trump tweeted in defense of his decision not to label China a currency manipulator, saying "they are working with us on the North Korean problem".

How President Trump responds to North Korea's push to develop a nuclear missile capable of striking the United States could be the "first real test" of his administration, Sen.

On Friday, the Treasury Department issued its first report on the currency practices of America's trading partners.

China, Japan, South Korea and Taiwan remained on a list for special monitoring of currency practices, China by virtue of a massive trade surplus with the United States.

Presidents have often used these semiannual reports as a diplomatic tool while engaging with countries that are seen as having exchange rate policies that harm and economic growth.

While China has been criticized for years by other countries for its heavy-handed efforts to keep the yuan undervalued, Beijing has lately been doing the opposite, by trying to prop up its currency.

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"China now has an extremely large and persistent bilateral trade surplus with the United States, which underscores the need for further opening of the Chinese economy to American goods and services", as well as quicker reforms to boost household consumption, according to the Treasury report.

All six countries had been named by Obama's Treasury Department as well.

This week, in an interview, Trump had indicated that he was backing away from his campaign threat because he felt China hadn't been manipulating its currency in recent months and because labeling it as such now could jeopardize Beijing's cooperation in confronting North Korea. All told, it put six trading partners on watch, along with Japan, Korea, Switzerland and Taiwan.

"The United States can not and will not bear the burden of an global trading system that unfairly disadvantages our exports and unfairly advantages the exports of our trading partners through artificially distorted exchange rates", the report stated. The designation requires intensive talks between the United States and the designated country and can lead to penalty tariffs imposed by the United States. An official at the monetary authority, who asked not to be identified, said last Saturday that the central bank is in continued contact with the USA and has good communication channels with Washington.

"If they are unable to do so, the US, with its allies, will!" the president said.

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