Trump: 'Russia And China' Are Playing The US, Devaluing Currency
Treasury Secretary Steven Mnuchin during an appearance in Missouri last month.
On Monday, Trump sent out a Twitter message saying, "Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates".
U.S. President Donald Trump's Twitter post on currencies in China and Russian Federation was a warning to those countries against devaluing their currencies, Treasury Secretary Steve Mnuchin said on Tuesday in an interview with CNBC. "Not acceptable!" Trump had tweeted on Monday. His own Treasury Department doesn't think so.
The attack adds fuel to the brewing trade dispute between the US and China, while also targeting Russian Federation which the White House recently imposed sanctions on and clashed with over Syria.
The tweet referred to what Trump sees as unfair trading advantages: If a country's currency is artificially low, its exports are more competitive.
Mnuchin noted that China had engaged in such manipulation in the past.
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In the interview, Mnuchin was asked to clarify Trump's message, because it contradicted a report issued on Friday by the Treasury Department, which said China's currency recently moved in a way that would benefit United States exporters.
Before the presidential election, Trump vowed to label China a currency manipulator on Day 1 of his administration.
The rebuke from Trump added a layer to an escalating trade dispute between the United States and China. In May 2017, in fact, he said China had stopped manipulating its currency, and he personally took the credit.
Democrats and Republicans in the past have accused Beijing of improperly devaluing its currency in a way that makes Chinese exports more attractive to foreign buyers, but China has recently moved away from this in the face of huge worldwide pressure.
"Based on analysis in this report, Treasury also concludes that not major trading partner of the United States met the standards ... for currency manipulation in the second half of 2017", the Treasury found.
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