Harder on Russia and softer on China, Donald Trump's views evolving

Trump defends about-face on labeling China a currency manipulator

Trump defends about-face on labeling China a currency manipulator

The US on Friday stopped short of branding China a currency manipulator in a much-awaited annual foreign-currency report from the Treasury Department.

In a video released Friday, Sen.

Trump may have been boxed in his campaign promises to go after China on trade and currency, and the reality of needing China's help on regional security problems, said Senator Jack Reed, Democrat of Rhode Island, also on NBC.

However, it put China, China's Taiwan, Japan, South Korea, Germany, and Switzerland on its Monitoring List, saying their foreign exchange policies bear close monitoring.

"And compared to USA bond yields, which have given up much of their gains after the election, US share prices, having gone through a limited correction, look vulnerable given potential developments in North Korea or the French election", she said.

While Trump and Chinese President Xi Jinping last week agreed to 100-day trade talks, USA business leaders in China have expressed concern about a lack of progress in gaining further access to the Chinese market despite years of negotiations.

"Treasury places significant importance on China adhering to its G-20 commitments to refrain from engaging in competitive devaluation and not to target China's exchange rate for competitive purposes".

"They will be closely, in the not-too-distant future, in a position where they can hit all 50 states in the United States with an ICBM", he said on "State of the Union", using an acronym for intercontinental ballistic missile.

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"If China can be brought to the point where they are putting pressure constantly on North Korea, there's an opportunity, I think, to try to freeze their systems and then roll them back", Reed said.

"We will see what happens!" he added.

Unlike years ago, China's currency policy has also become less of an issue on Capitol Hill in recent years. Economists such as Caroline Freund of the Peterson Institute of International Economics and Yukon Huang of the Carnegie Endowment for International Peace argue that the bilateral trade deficit does not matter. "As soon as the time turns, they will", Schumer said.

American experts pointed out that Trump no longer believes that Beijing underestimates the rate of its currency for trade advantages.

The International Monetary Fund declared the RMB as no longer undervalued in 2015. A typical example raised is the Apple iPhone assembled in China, with technology and components from all over the world, including mostly from the US.

Although U.S. allies Japan and South Korea are heartened by Trump's North Korea focus, his softer tack toward Beijing is causing concern.

If the United States does not buy from China, it will disrupt the Asian supply chains, of which the U.S. is a part. "But the US administrations focus on the trade deficit is something to keep an eye on", said Nobuyasu Atago, chief economist at Okasan Securities in Tokyo.