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Trump administration labels China a currency manipulator

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  • Trump administration labels China a currency manipulator

    The Trump administration on Monday designated China a "currency manipulator," after the country's central bank allowed its currency to weaken amid the ongoing trade dispute.

    The move comes hours after Trump accused Beijing of depreciating its currency on Twitter, adding later that such measures have been used to "steal our business and factories, hurt our jobs, depress our workers' wages and harm our farmers' prices. Not anymore!"
    The People's Bank of China allowed its currency to fall below 7 yuan to the American dollar, which is considered to be a psychologically important marker, for the first time in a decade. The move was seen as a retaliatory measure following Trump's threat to slap a 10% tariff on $300 billion of Chinese goods.
    The yuan's depreciation comes amid a longstanding trade war between Washington and Beijing as each side has slapped economic penalties alongside on-again, off-again negotiations.Presidents have often used the twice-a-year currency report as a diplomatic tools while engaging with countries that are seen as having exchange rates that harm US jobs and economic growth.
    https://www.cnn.com/2019/08/05/busin...ump/index.html
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  • #2
    "Democracy is a form of worship. It is the worship of jackals by jackasses." H.L. Mencken

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    • #3
      Kinda our bread and butter of things.
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      • #4
        The USA is not capable of the kind of currency manipulation that China just performed. In fact, China devalued its currency as a show of power...it responded to Trump's threats with a show of what it can do to us that we have no way of countering.

        Devaluing their currency takes the bite out of his tariffs. We can now buy Chinese goods at reduced cost overnight, defraying the effect of Trump's tariffs.

        Sure, Chinese people with savings just got royally screwed, but when you get into trade wars, screwing your own people is part of the process.

        Pete (is actually a little bit impressed with China's resolve here)

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