Trump admin. declines to brand China a currency manipulator

Trump admin. declines to brand China a currency manipulator

During his presidential election campaign, Trump had indicated that he would be less willing than some of his predecessors to conduct military operations against other countries.

Trump said during the WSJ interview that the US and China would instead work on improving their trading relationship if Beijing will help with the nuclear threat in North Korea.

Donald Trump authorized the launching of 59 Tomahawk cruise missiles at the sovereign Syrian state. Because of these actions, many economists and investors had already suspected that China wouldn't meet Treasury's criteria.

Nor has the threatened 45 percent tariff on Chinese goods materialized.

President Obama did not heed USA defense leaders' advice to more forcefully challenge China's militarization of the South China Sea and North Korea, and Chinese muscle and money have encouraged key US allies, the Philippines and Malaysia, to shift their favor toward Beijing.

The recent climb-downs suggest a new president learning that go-it-alone trade policies don't easily work.

Then, after the bombing, Trump also learned that foreign policy hawks from both the Democratic and Republican parties will support him if he takes bold action against a notorious bad actor.

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"The best way to get China to cooperate with North Korea, is to be tough on them with trade, which is the number one thing Chinas government cares about", he said.

Those imbalances include its $65 billion goods trade surplus with the United States past year, and what the department calls "the world's largest current account surplus at close to $300 billion".

Instead, the administration's first twice-yearly currency review singled out China and five other countries as needing to be monitored for their currency practices.

A currency manipulator designation is largely symbolic and triggers negotiations between the United States and any country determined to be manipulating its exchange rate.

Messrs. Trump and Xi reached no substantive agreement to curb North Korea's nuclear program and on trade, the two leaders initiated a 100-day review process whose ultimate objective is unclear.

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

The U.S. stopped short of branding China a currency manipulator, but urged the world's second-largest economy to let the yuan rise with market forces and embrace more trade.

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The Trans-Pacific Partnership (TPP) would have established a higher benchmark, including on state-owned enterprises, which would have pressured China to accept a higher standard.

Putin told Russian TV in an interview Wednesday that under Trump, the relationship between Washington and Moscow had "worsened".

"When the President fails to label them a currency manipulator, he gives them a green light to steal our jobs and wealth time and time again", he said.

But he quickly found out that China would not negotiate issues related to sovereignty such as the self-ruled island, and Trump later backed down in a call to Xi Jinping in February. -China economic relations at the conservative American Enterprise Institute, says Trump's opposing characterizations of China are both justified.

"I like to think of myself as a very flexible person", Mr. Trump said during a meeting with King Abdullah II of Jordan.

Regardless, the president appears to have decided that "needlessly antagonizing China over an issue that doesn't exist is not a particularly fruitful strategy", Brookings' Meltzer said. As a candidate, Trump attacked the agency as useless, and many conservatives have called it a hub of crony capitalism. Trump also noted that the bank "actually makes money" for taxpayers. Without addressing the bilateral trade deficit, Mr. Trump can not deliver 3 percent to 4 percent growth.

On the other hand, it hurts American exports and directly threatens Trump's campaign pledge to correct the U.S. trade deficit, particularly in the manufacturing sector, which has withered from Chinese and Mexican competition.

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