BREAKING: The Trump administration has designated China as a currency manipulator, ratcheting up its trade war by slapping the world’s No. 2 economy with a label no U.S. president has used since 1994
The Trump administration designated China as a currency manipulator, ratcheting up its trade war by slapping the world’s No. 2 economy with a label no U.S. president has used since 1994.The move by the Treasury Department, following a series of sharp tweets from President Donald Trump earlier Monday, comes after China allowed the yuan to tumble — triggering a sharp sell-off in the U.S. stock market.
The new duties are scheduled to take effect on Sept. 1 unless the two sides are able to patch things up before then. But on Monday, that possibility seemed increasingly remote. U.S. officials had no immediate comment on the Chinese Commerce Ministry statement. However, U.S. farm sales to China are already down sharply this year a result of the trade war.
He's also been heaping pressure on the Federal Reserve to cut interest rates to boost the U.S. economy. Last week, the Fed cut its key interest rate by a quarter of a percentage point, citing the uncertainty caused by Trump's trade policies as one reason for the move. Lower interest tends to drive down the value of the dollar.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Box Office: ‘Nezha’ Is 10th-Highest Grosser Ever in China After Two WeekendsChinese animation “Nezha” has proven itself China’s surprise hit of the summer, and is on track outstrip “Avengers: Endgame” to become China’s third highest-ever grossing film. It continued to smas…
Read more »
US Treasury designates China as a currency manipulatorChina added its currency to the weapons it is willing to use in the trade war, and now it's up to President Trump to make the next move.
Read more »
Brazil to keep neutral in relation to China-U.S. trade war: ministerBrazil's Agriculture Minister said on Monday that the South American countr...
Read more »
At Long Last, China Bears Draw BloodChina's yuan weakened to its lowest level in more than 10 years. What's next?
Read more »
U.S. Designates China as Currency ManipulatorThe U.S. Treasury labeled China as a currency manipulator after its central bank let the yuan depreciate, sharply escalating the trade conflict and stoking fears that the widening clash could disrupt America’s economy.
Read more »
China reportedly halts US agricultural imports in retaliation for Trump's tariff increaseMarkets were sent on a whirlwind late last week after tensions between Washington and Beijing re-escalated.
Read more »