China is unlikely to face serious consequences from the Trump administration...
WASHINGTON - China is unlikely to face serious consequences from the Trump administration’s decision to label it a currency manipulator given the apparent lack of G7 and IMF support for the move, former and current U.S. and G7 officials said.
But former and current officials said the Treasury failed to make those consultations, contradicting White House economic adviser Larry Kudlow’s claim that G7 members were on board. Monday’s designation came just hours after President Donald Trump tweeted that China was manipulating its currency following a drop in the yuan below 7 to the dollar, which itself occurred a few days after Trump said he would impose a 10% tariff on an additional $300 billion worth of Chinese goods. A weaker yuan makes Chinese imports cheaper.
On Friday, the head of the IMF’s China department, James Daniel, stood by the fund’s assessment last month in a report on currencies and trade balances that the value of China’s yuan was broadly in line with economic fundamentals.“Our discussions with the U.S. Treasury are ongoing on a range of issues,” Daniel told reporters on a conference call about the Fund’s annual review of China’s economic policies.
“There’s no chance that any of the G7 countries or any other country would support the United States on this because there is no evidence that China is manipulating its currency,” he said.
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