Trump administration labels China a currency manipulator

[edpc]

Washington D.C. (CNN Business)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.

https://www.cnn.com/2019/08/05/business/china-currency-manipulator-donald-trump/index.html

[edpc]

It’s only taken a few years.

Trump vows to declare China a currency manipulator on Day One

https://www.politico.com/story/2015/11/donald-trump-china-currency-manipulation-215679

[dfwgator]

It’s only taken a few years.

Trump vows to declare China a currency manipulator on Day One

https://www.politico.com/story/2015/11/donald-trump-china-currency-manipulation-215679

No other POTUS had the guts.

[edpc]

No other POTUS had the guts.

Neither did he, since the promise was ‘day one.’

[TomSea]

We are in some treacherous waters, we need to stay the course, one "expert" earlier said this won't do a whole lot BUT... it tells the Chinese we are not going to be pushed around.

[TomSea]

Gordon G. Chang
@GordonGChang
·
3h
Too many jobs gone, too many communities wrecked, too many lives lost. No more.

David Keith Keene
@DavidKeithKeen1
 Â· 3h
Replying to @GordonGChang and @TuckerCarlson
America has paid a very high price for low Chinese prices.

https://twitter.com/GordonGChang

I know, I know, Gordon has made some predictions that missed the mark by quite a bit. He still seems to be noted as an authority, maybe on Tucker Carlson tonight per above?

Gordon G. Chang
@GordonGChang
·
4h
Designation of #China carries no practical consequences--Treasury is required only to start negotiations--but it demonstrates Washington is no longer showing deference to the Chinese. We now have a whole new approach, and we aren't going to be pushed around anymore. Good.
https://twitter.com/GordonGChang

He's probably right. Big issue, important story, maybe to get stickied tomorrow... we will see how it goes!

And this is why the stock market nosedived today by conventional wisdom is my understanding. Maybe I'm wrong.

[Sighlass]

Blast from the past ... with Duncan Hunter on this subject...

https://www.wsj.com/articles/SB111560358188227872

[InHeavenThereIsNoBeer]

Kind of hard to take the high ground when we are the largest currency manipulator in the world.

I mean, it's not hard on tweeter, when your audience is the "they took our jobs" unwashed masses, but in the real world what in the world do people think the whole point of the Fed is?

[thackney]

No other POTUS had the guts.

Except Bill Clinton in 1994.

https://www.bbc.com/news/business-49244702