Trump administration: China no longer a currency manipulator
Ahead of Wednesday’s White House ceremony to sign phase one of a trade agreement between the United States and China, the Trump administration declared Monday that the United States no longer considers China a currency manipulator.
Treasury Secretary Steven Mnuchin said in a statement, “China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability.”
Senate Democratic Leader Chuck Schumer, D-N.Y., blasted the decision, Washington Trade Daily said.
“China is a currency manipulator — that is a fact,” he said. “Unfortunately, President Trump would rather cave to President Xi (Jinping) than stay tough on China. When it comes to the president’s stance on China, Americans are getting a lot of show and very little results.”
Florida Gov. Rick Scott, a Republican, also remained critical of China, The New York Times reported.
“Just because we’re negotiating a trade deal doesn’t mean we should ignore Communist China’s bad acts,” Scott said on Twitter. “They are a currency manipulator. Period.”