Trump slams currency manipulation by Brussels & Beijing
US President Donald Trump stepped up attacks on China and the European Union on Friday, accusing them of manipulating their national currencies and interest rates.
The US, which is currently doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.
China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field...
— Donald J. Trump (@realDonaldTrump) July 20, 2018
The latest attack by Trump comes amid escalating trade disputes between the US and its trading partners.
Shortly after taking office, Trump withdrew from the Trans-Pacific Partnership (TPP), which he said would steal millions of jobs from Americans, while the North American Free Trade Agreement (NAFTA), signed by Canada, Mexico, and the United States, is currently being renegotiated.
....The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates - Really?
— Donald J. Trump (@realDonaldTrump) July 20, 2018
Trump has also pledged to narrow the US’ trade deficit with China. He accused Beijing of stealing intellectual property, manipulating the yuan, and exposing illegal export subsidy practices. Last month, the White House slapped tariffs on $34 billion of Chinese products, which China met with retaliatory duties on US goods.
Trump has also targeted steel and aluminum exports from the EU and has threatened to tax European cars sold on the American market.
The US dollar weakened against the euro, yen and yuan after the president's tweets. The dollar index, which measures the greenback against a basket of global currencies, was off nearly 0.5 percent before the stock market opened in New York.
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