USA keeps Taiwan on currency monitoring list

USA keeps Taiwan on currency monitoring list

During his campaign and after the election Mr Trump said that he would instruct the Treasury to label China a currency manipulator, accusing Beijing of making its exports more competitive by weakening the renminbi.

"China has a long track record of engaging in persistent, large-scale, one-way foreign exchange intervention", the Treasury Department said in its semiannual report on the foreign-exchange policies of major USA trade partners. Treasury finds that six major trading partners warrant being placed on the Monitoring List for special attention: "China, Germany, Japan, Korea, Switzerland and Taiwan", it said.

Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion previous year.

US President Donald Trump had repeatedly accused China of indulging in currency manipulation to boost exports.

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.

The Treasury report said that for a decade China engaged in one-way large-scale interventions to hold down the currency, and then only allowed it to strengthen gradually - a practice that imposed "significant and long-lasting hardship on American workers and companies".

The Korea International Trade Association welcomed the U.S. decision not to label South Korea a currency manipulator, calling it a "rational outcome".

With a trade surplus in goods with the United States of US$347 billion (RM1.53 trillion) past year, and continued policies that restrict free trade, "Treasury will be scrutinising China's trade and currency practices very closely".

The decision was expected after President Donald Trump this week reversed himself and said China was not a currency manipulator.

The report also called on Japan to do more "to revive domestic demand and combat low inflation while avoiding a return to export-led growth".

Speaking with the Journal, Trump said he changed his mind because China hadn't been manipulating its currency for months, and that such a move could harm ongoing talks with Beijing on containing the nuclear threat from North Korea. "It's a clear statement to the Chinese that they need progress". But the US Treasury concluded China was doing the opposite, preventing its yuan from falling against the dollar and other currencies. The dollar's strength in the past two years has been a drag on USA exports. The U.S. may try to limit the dollar's rise against the yen in its first economic dialogue with Japan, scheduled for Tuesday. China was labeled a currency manipulator between 1992 and 1994. The administration has also put forward a draft proposal on renegotiating the North American Free Trade Agreement with Mexico and Canada that dropped some of the tougher positions Trump took during the campaign.



Related Posts

McDonald's Order Trips Up Cleveland Facebook Slaying Suspect
Stephens shot himself in the head after police made contact with the back of the Fusion to bring the vehicle to a halt. There was reportedly no finger pointing or blame, just mutual grief over the ordeal.

Gina McCarthy Named To Connecticut Green Bank Board
I am discovering that there is a need and urgency for more green banks in cities, counties, and states across the nation". McCarthy previously served as commissioner of the Connecticut Department of Environmental Protection under former Gov.

Australia to Scrap Temporary Skilled Workers Visa
Prime Minister Malcolm Turnbull said new arrivals must prize "Australian values " and prove their commitment to the nation. But Shorten said Turnbull had been forced by the most conservative elements of his government to propose the changes.

O'Reilly Still Denies Harassment Allegations After Fox News Ouster
Fox News addressed O'Reilly's departure on Wednesday night, as the show that used to bear his name debuted as simply The Factor . Martha MacCallum, who has been hosting a seasonal special called The First 100 Days , is expected to continue at 7 p.m.

Right time to invest? - Starbucks Corporation (SBUX), Schlumberger Limited (SLB)
BlackRock Institutional Trust Company N.A. increased its position in Schlumberger 0.3% in the third quarter. Following the completion of the sale, the director now directly owns 7,750 shares in the company, valued at $631,935.

Simon Mignolet wants Liverpool to keep improving after West Brom win
West Brom manager Tony Pulis admits Albion must still prioritise survival ahead of cracking the Premier League top six. Klopp told that with West Brom that's not just set pieces, as they have excellent footballers on the pitch.

N Korea poses 'most dangerous' threat to Asia-Pacific - Pence
Pence said Trump was hopeful China would use its influence in the region to pressure the North to abandon its weapons program. Pence cited China's decision to return coal imports from North Korea as an example showing U.S. strategy is bearing fruit.

James Harden has one argument left against Russell Westbrook
With the Thunder's win on Sunday, they knocked the Nuggets out of the playoffs, and made the Blazers the West's No. 8 seed. It also marked the third time Westbrook scored 50 points in a triple-double this season.

Perry scores in OT, Ducks take 3-0 series lead over Flames
Shea Theodore had two goals, Nate Thompson had a goal and two assists, and Nick Ritchie also scored for the Ducks. Collectively, we've got to look forward to the next game. "Specifically myself, I can't remember one such event".

"Isola dei Famosi", incidente hot per Alessia Marcuzzi
Raz Degan ha confermato la sua vena di uomo solitario anche dopo la fine del programma. " In lei si sono immedesimate tutte le donne ", ha raccontato.

© 2015 Vivere Milano. All Rights reserved.