Trump ac­cuses China, Rus­sia of de­valu­ing cur­ren­cies

Business Standard - - WORLD -

Pres­i­dent Don­ald Trump ac­cused China and Rus­sia of de­valu­ing their cur­ren­cies, open­ing a new front in his ar­gu­ment that for­eign gov­ern­ments are tak­ing ad­van­tage of the US econ­omy to sup­port their own ex­pan­sions. Just three days af­ter the US Trea­sury ruled no coun­try is ma­nip­u­lat­ing its ex­change rate, Trump took to Twit­ter to de­clare that China and Rus­sia are play­ing what he called a “cur­rency de­val­u­a­tion game” at a time when the U.S. Fed­eral Re­serve is rais­ing in­ter­est rates. “Not ac­cept­able!,’’ Trump wrote. The at­tack adds fuel to the brew­ing trade dis­pute be­tween the US and China, while also tar­get­ing Rus­sia which the White House re­cently im­posed sanc­tions on and clashed with over Syria. Trump has re­peat­edly blasted Bei­jing for fail­ing to re­duce its trade sur­plus and open its mar­kets to Amer­i­can in­vest­ment. China’s yuan, though, has gained about 10 per cent against the dol­lar over the past 12 months, climb­ing in March to the strong­est level since Au­gust 2015.

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