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Trump admin. declines to brand China a currency manipulator

To Garrett, branding China as a currency manipulator is one of several misleading observations about Chinese economy by Americans, along with the hype about the slowdown of Chinese economy and the overemphasis on the US trade deficit with China.

Eric Trump said the U.S. president "will do what it takes" to ensure the safety of the USA and the world.

During the 2016 campaign, the then-Republican presidential nominee often said that China was manipulating its currency to boost exports, a policy that cost American manufacturing jobs.

Treasury finds that six major trading partners warrant being placed on the Monitoring List for special attention: "China, Germany, Japan, Korea, Switzerland and Taiwan", it said.

The report uses three criteria - a significant bilateral trade surplus with the U.S.; a material current-account surplus; and involvement in persistent one-sided intervention in the foreign-exchange market - to determine whether a trading partner is to be named a currency manipulator.

China and Germany are not manipulating the value of their currencies to gain an unfair trade advantage, but both should do more to reduce their large trade surpluses with the United States, the Treasury Department said Friday.

- Reuters picBEIJING, April 15 ― Asian countries escaped the currency manipulator label in the latest US Treasury report, but remain wary of possible trade friction as President Donald Trump maintains his administration will seek to address trade imbalances.

North Korea attempted a failed missile test over the weekend, and has threatened a preemptive nuclear strike if it believes the US will attack. The Treasury notified Seoul that it was closely monitoring its currency intervention practices. Part of the reason for that is a reality check: China is now stabilizing its currency to protect its value in a way that economists say is helpful to global markets; its efforts to boost exports through a cheaper yuan fell off years before Trump announced his campaign.

In fact, in recent years the Chinese government has intervened to prop up the currency, economists say.

A few minutes after his tweet related to North Korea on Sunday, Trump sent out a second one.

"They're not currency manipulators", he said in an interview.

Trump is the first US president in over 40 years to not release his tax returns. Chinese leaders have sought a US relationship based on the two powers respecting each other's spheres of influence and not intervening in one another's internal affairs. Though Russia critics welcomed Trump's newly hardened tone, there's less enthusiasm from America's allies in Asia, who fear the USA could overlook China's more aggressive posture toward its neighbors.

"Well they, I think they're grand champions at manipulation of currency".

During the campaign, Trump had repeatedly called China a manipulator, saying, "They're killing us" by devaluing their currency to make it harder for American companies to compete against Chinese products.

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