Trump: China, Russia currency cheats
President Trump accused China and Russia Monday of devaluing their currencies against the U.S. dollar, three days after the Treasury Department declined to label China a currency manipulator.
“Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable,” the president tweeted.
The president is pressuring China with the threat of tariffs to fix Beijing’s unfair trade practices. He said during the 2016 campaign that he would call out China as a currency manipulator.
But on Friday, the Treasury Department issued a semiannual report that did not find China was devaluing its currency, called the renminbi.
Treasury’s report is the third straight under Mr. Trump to avoid labeling China a currency manipulator.