Trump administration drops its designation of China as a currency manipulator, as the two nations prepare to sign Phase 1 of the trade agreement on Wednesday
A Benjamin Franklin US 100 dollar banknote and a Chinese 100 yuan banknote with late Chinese Chairman Mao Zedong are seen in this picture illustration in Beijing, China, January 21, 2016.
Even while removing China from its currency black list, the Treasury Department does name China as one of 10 countries it says require placement on a watch list that will mean their currency practices will be closely monitored. In addition to China, the countries on that list are Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore, Switzerland and Vietnam.
The Treasury Department is required to report to Congress twice a year in April and October on whether any countries are manipulating their currencies to gain unfair trade advantages against US businesses and workers. When a country manipulates its currency to keep it artificially low, its goods become comparatively less expensive overseas — and other countries' goods become relatively more expensive.
The designation was largely symbolic. It obliged the United States to enter into negotiations to resolve the currency problem that could ultimately lead to the imposition of economic sanctions such as higher tariffs on Chinese goods — something the Trump administration was already doing in its tit-for-tat trade war with China.
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