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Treasury designates China as a currency manipulator - Source Politico

Posted on Aug 06,2019
Filed Under Local Politics , Politics,
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President Donald Trump recently announced he would be setting a 10 percent tariff on another $300 billion worth of Chinese goods after earlier imposing a 25 percent tax on $250 billion worth of Chinese imports. | Chip Somodevilla/Getty Images
Source Politico

Source Politico

By DOUG PALMER and BEN WHITE

WASHINGTON, DC. - The United States took the rare step on Monday of formally labeling China a currency manipulator, as trade relations between the two countries continued to spiral downward after President Donald Trump's decision last week to impose additional tariffs on Chinese goods.

"In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past," the Treasury Department said in a statement that followed the People's Bank of China's decision to let its currency, the renminbi, fall to the lowest level in more than a decade.

U.S. Treasury Secretary Steven Mnuchin made the determination acting "under the auspices of President Trump," the department said. Mnuchin will now "engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions," it added.

Source Politico



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