Trump says China won't be labeled a currency manipulator

Kari Scott
April 14, 2017

"It's very, very hard to compete when you have a strong dollar and other countries are devaluing their currency", he said.

"He promised that on day one he would make China a currency manipulator", Schumer told reporters on a conference call Tuesday. Yesterday, President Trump walked that back.

Trump has gradually become more supportive of North Atlantic Treaty Organisation after it ramped up efforts to increase USA and European intelligence sharing regarding terrorism. "It's very early", he said when asking about her reappointment.

The comments were a fresh reminder of the president's protectionist trade rhetoric, which has been a source of concern for dollar bulls. "But actually, it's a very good thing".

"We think it is very important", to have a community banker on the Fed board, Mnuchin said. But I think China fears that if the US starts putting restrictions on imports from China, that could affect how other countries perceive China as well.

"The dollar's already under pressure, so I think any excuse for further pressure is likely to bring the greenback even lower", Lien said.

Then he lauded his "outstanding" relationship with the country after a meeting last week with its president, Xi Jinping.

ANTHONY KUHN, BYLINE: Good morning, Rachel. Where do we stand right now relative to the Chinese renminbi? For its part, China was spared being named a currency manipulator by the US which could have led to eventually a trade war. China wanted the summit itself early on in the Trump administration in order to stabilize ties with Washington and they got that.

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Trump has given heft to the US demand with shows of force.

"I would doubt that would happen", Stephen Schwarzman, chairman of Blackstone Group, told Bloomberg Television in an interview, when asked about China being designated in the Treasury Department's next foreign-exchange report.

Another result of the diplomatic wrangling: a surprising Chinese abstention on a United Nations resolution condemning a Syrian chemical weapons attack. Now, China has generally voted with Russian Federation on that yesterday on this issue but yesterday they did not. "It is no longer obsolete", the president said Wednesday. In an unexpected move, China abstained rather than joining traditional ally Russian Federation in vetoing a resolution that would have condemned the chemical weapons attack in a northern Syrian town last week.

Trump hailed China's abstention.

So, you know, as you mentioned, it's interesting. President Trump said in that clip that he established some personal rapport with Xi and that may have helped to narrow the differences between them.

"The Art of the Deal" appears to have edged out the "The Art of War" for now, as the presidents of the USA and China spoke of agreements reached at their summit at President Trump's resort in Palm Beach, Fla., last week, including an apparent deal to cooperate in grappling with the North Korean nuclear issue.

Therefore, Cheng says, China still has many points of leverage over North Korea, from finance and tourism to the many North Koreans working in China. Treasury officials developed three criteria to decide if countries are being unfair: an economy having a trade surplus with the US above $20 billion; having a current-account surplus amounting to more than 3 percent of its gross domestic product; repeatedly depreciating its currency by buying foreign assets equivalent to 2 percent of output over the year.

Other reports by Guamnewswatch

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