BREAKING: US Treasury Dept. designates China a currency manipulator.
US Treasury Secretary Steven Mnuchin speaks on regulatory issues associated with crypto currency in the briefing room at the White House in Washington, DC, on July 15, 2019.The U.S. Treasury Department on Monday designated China as currency manipulator, a historic move that no White House had exercised since the Clinton administration.
The formal designation — the first since President Bill Clinton's administration in 1994 — came after China on Monday allowed its currency to breach a psychological level. "This is another step in the currency war," he added. "This also makes trade more difficult. This is probably bi-partisan. Many Republicans and Democrats think china is taking advantage of us."took to Twitter to voice his opinion, accusing Beijing of manipulating its currency as the trade war between the world's largest economies intensified.
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