The Trump administration has dropped its formal designation of China as a currency manipulator, signaling improved relations between the two countries just days before officials are set to sign a preliminary trade deal
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But commitments in the phase one deal, including an agreement to make some information related to exchange rates public, led Treasury to remove the designation, the report says. The deal also promises $200 billion in Chinese purchases over two years. Still, the currency decision sparked some criticism from lawmakers on both sides of the aisle, who accused Trump of giving in to Chinese President Xi Jinping without getting much in return.
Sen. Rick Scott added that “just because we’re negotiating a trade deal doesn’t mean we should ignore Communist China’s bad acts.”
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