The US classifies China as “manipulative currency”. The United States officially named China as a currency manipulation country on Monday
It also, accused Beijing of weakening the yuan at a time of escalating trade war between the two countries.
The US classifies China as “manipulative currency”
China’s currency was steady on Tuesday.
Trump reaction after china action:
The US move came after China earlier allowed its currency to drop to its lowest level against the dollar in almost a decade.
So It made the President Donald Trump to launch a barrage of angry tweets.
The Treasury Department said in a statement:
“With the approval of President Trump, China as “manipulative currency””
What is the reaction of china after imposing raise tariffs on it?!
The yuan fell below 7 against the dollar on Monday, days after Trump announced plans to raise tariffs on more imported Chinese goods worth 300 billion dollars.
As, The US accused Beijing of not meeting its commitments in negotiations to end the year-long trade dispute between the two countries.
Read Also: Donald Trump: 25% Tariffs on Chinese imports
A sudden shift in US policy:
Trump had campaigned with promises to declare China as “manipulative currency”, but since he took office he has refrained from doing so – until Monday.
According to the Treasury Department:
As a result, Menuhin will call on the International Monetary Fund to
- “eliminate the unfair competitive advantages created by recent Chinese measures.”
In its latest reports, the Treasury Department has included a watchdog list of watchdog countries closely monitored for its currency practices.