TIL Desk/World/Washington/ Expressing concerns over China’s currency actions, a top American Senator has urged US President Donald Trump to name China as a “currency manipulator”. Raising concerns about the depreciation of the Chinese yuan against the US dollar, Senator Tammy Baldwin in a letter to Trump said that ever since his administration’s tariff actions began in the spring, the Chinese yuan has fallen nine percent.
Writing to Trump ahead of the release of the bi-annual report that identified currency manipulators, Baldwin reminded Trump about his election promise that he would declare China a currency manipulator on the very first day. “But in three previous reports you have failed to do so. I am concerned that China’s currency actions amount to manipulation, in violation of World Trade Organization (WTO) rules.
I ask that you use your upcoming report to make good on your promise to name China a currency manipulator and begin the statutorily-required process to encourage China to correct its undervaluation,” the Wisconsin Senator said. Baldwin alleged that the current misalignment makes Chinese exports nine per cent cheaper in dollar terms, while also making US exports to China nine per cent more expensive.
