Treasury doesn't name any countries as currency manipulators

WASHINGTON (AP) - The Trump administration declined Friday to label China a currency manipulator despite President Donald Trump's insistent pledge during the election campaign that he would do so as soon as he took office.

The United States has stopped short of branding China a currency manipulator, but urged the world's second-biggest economy to let the yuan rise with market forces and embrace more trade. Because of these actions, many economists and investors had already suspected that China wouldn't meet Treasury's criteria.

"The US can not and will not bear the burden of an global trading system that unfairly disadvantages our exports and unfairly advantages the exports of our trading partners through artificially distorted exchange rates", it said. The latest report's censure of China and other countries-including South Korea and Germany-could be used in the future as a pretext for new tariffs.

Economists agree that China doesn't now merit the label of currency manipulator, and has not engaged in the practice for several years.

In a statement, the Treasury department said the findings and recommendations of the report are meant to combat "potentially unfair currency practices" and support the growth of free and fair trade.

Previous administrations have used three factors to determine if a country is a currency manipulator - a trade surplus with the US of more than $20 billion; a current-account surplus totaling more than 3% of its gross domestic product; and repeatedly devaluing its currency by buying foreign assets that equals to 2% of output a year.

US 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016.

Trailer Of Sachin Tendulkar's Biopic
The movie stars Sachin Tendulkar, his son Arjun Tendulkar and Mayuresh Pem who is playing the role of Nitin Tendulkar. The trailer of the movie starts with a 10-year-old boy watching Kapil Dev lifting the 1983 World Cup.

Instead, the first currency review of the Trump administration singled out China and five other countries as needing to be monitored for their currency practices.

Before the summit, Trump tweeted that the meeting would be a "very hard one" due to China's large trade deficit and the American jobs it had cost.

In the interview with The Wall Street Journal, Trump said he had offered the Chinese better trade terms in exchange for their help on addressing the nuclear threat from North Korea.

The report comes one week after mostly positive talks between Trump and China President Xi Jinping.

Also, Seoul's financial authorities intervened on the foreign exchange market throughout 2016 in order to ease a sharp depreciation of the local currency, selling $6.6 billion over the on-year period.

"The basic message is that Japan needs to expand its domestic demand and one can read this as them telling Japan to import more American goods", said Minami of the Norinchukin Research Institute. The Treasury Department continued to call for reforms to the labor market that would improve Japanese workers' productivity, along with fiscal and monetary support for the Japanese economy.

Related Articles

  • Dismiss J&K Govt, demands Abdullah after LS bypoll win

    Dismiss J&K Govt, demands Abdullah after LS bypoll win

    The National Conference leader got 45,582 votes, which account for less than 4 per cent of Srinagar's 12.5 lakh registered voters. The Election Commission of India (ECI) on Tuesday announced re-polling on 38 polling stations on April 13.
    'Beauty and the Beast' Box Office Haul: Film Earns $1B Worldwide

    'Beauty and the Beast' Box Office Haul: Film Earns $1B Worldwide

    Of course, this kind of onslaught is par for the course for Disney, which expects to dominate at the box office at this point. James Cameron , whose films are sitting pretty in the first and second spot, probably isn't too anxious just yet.
    YouTube Has A New Dark Mode: Here's How To Get It

    YouTube Has A New Dark Mode: Here's How To Get It

    Refresh the page, if the new layout is enabled, go to your avatar, and from the menu there should be a dark mode toggle. Reddit user /u/_paul- discovered the feature and provided instructions for enabling it on PC.
  • Odisha in focus as BJP kicks off major party meet

    The Uttar Pradesh win broke that myth, Shah said, adding that the victory clearly proved that people are firmly with the BJP. The Prime Minister was received at the Biju Patnaik International Airport by the Chief Secretary and DGP of the state.
    Police arrest suspect in August killing of jogger in Princeton

    Police arrest suspect in August killing of jogger in Princeton

    Marcotte was always encouraging McNiff to get out for training runs when they lived together, often joining her for a few miles. The announcement comes almost two months after the district attorney said a DNA profile of a suspect had been developed.
    State issues mumps outbreak alert; locals already responding

    State issues mumps outbreak alert; locals already responding

    However, seeing as a vaccinated person can still catch the virus, it's important for everyone to help stop the spread of mumps . Roberts said the best preventative measure is to get vaccinated, and one mother is taking that advice seriously.
  • Panic and chaos at New York Penn Station following NJ Transit delays

    Panic and chaos at New York Penn Station following NJ Transit delays

    In a tweet Friday night, New York City Mayor Bill de Blasio reiterated that "no shots were fired at Penn Station" that evening. Two people were taken into custody for ignoring the officers' orders and one of them was tased.
    Begum Jaan Movie Review, Premier show Live Updates

    Begum Jaan Movie Review, Premier show Live Updates

    Although a commercial film, the director gives it a touch of documentary movie that is refreshing. Gopi Bhagat's cinematography captures the moods, tension and locales with equal fervour.
    Sexual abuse at boarding school went on for decades

    Sexual abuse at boarding school went on for decades

    The New York Times reported that the report said that teachers had sexually molested and in at least one case raped a student. Police were never notified and in some cases teachers were allowed to resign and then given letters of recommendation.
  • Arkansas tries to reverse execution drug ruling

    Arkansas tries to reverse execution drug ruling

    Judd Deere, spokesman for Attorney General Leslie Rutledge, said the decision was out of step with precedent from the U.S. While those court proceedings affect all scheduled executions, a third legal issue centers around the case of Bruce Ward.
    Letter asks big city mayors to end travel bans

    Letter asks big city mayors to end travel bans

    On Friday morning, the Justice Department and attorneys for North Carolina filed a joint notice of dismissal at the U.S. In fact, Washington State has indicated its ban is now lifted now that North Carolina has modified HB2.

    Rouhani to run in Iran's election

    The council normally does not approve dissidents or women for the formal candidate list. According to the Associated Press , election officials were "stunned" when Mr.