The United States Treasury officially designated the Chinese government a ‘Currency Manipulator’ this week after days of trade threats and the Trump administration’s decision to impose more tariffs on Beijing.
“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,” reports Politico.
“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, adding the US will “engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.”
Tensions between Beijing and Washington prompted a sharp decline in the Dow Jones Industrial Average Monday; plummeting nearly 750 points in a single day.
China dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.” Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!
— Donald J. Trump (@realDonaldTrump) August 5, 2019
“China dropped the price of their currency to an almost a historic low. It’s called ‘currency manipulation.’ Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!” posted the President on social media.
Read the full report at Politico.
BUCKLE UP! Bernie Sanders RIPS Joe Biden’s Policy Towards China Trade, Manufacturing Jobs
Vermont Senator Bernie Sanders directly attacked his top competitor for the Democratic nomination Thursday; saying Joe Biden’s policy towards China and manufacturing jobs is just “wrong.”
“Since the China trade deal I voted against, America has lost over 3 million manufacturing jobs. It’s wrong to pretend that China isn’t one of our major economic competitors. When we are in the White House we will win that competition by fixing our trade policies,” posted Sanders on social media.
Since the China trade deal I voted against, America has lost over 3 million manufacturing jobs.
It’s wrong to pretend that China isn’t one of our major economic competitors.
When we are in the White House we will win that competition by fixing our trade policies.
— Bernie Sanders (@BernieSanders) May 2, 2019
Sanders’ comment is referring to Biden’s statement at a stump speech in Iowa this week, saying “China is going to eat our lunch? Come on, man.”
AMERICA FIRST: The President Says Country’s with Unfair Trade Deals Will be ‘TARIFFED’
President Trump doubled-down on his administration’s aggressive international trade policies Monday; saying nations with unfair trade deals will be “tariffed” in the coming weeks.
The Commander-in-Chief praised the international tax on social media just days after threatening China with a new round of tariffs, adding “Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be ‘Tariffed!’”
Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country – and yet cost increases have thus far been almost unnoticeable. If countries will not make fair deals with us, they will be “Tariffed!”
— Donald J. Trump (@realDonaldTrump) September 17, 2018
The President’s comments come after he threatened China and other countries with upwards of $250 billion tariffs on foreign-produced goods, including aluminum, steel, and other raw materials.
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