Trump reverses views on Russia, China

Apr 17, 2017, 04:39

No major trading partner is manipulating its currency for an unfair trade advantage, according to the first foreign-currency report released by the US Treasury Department under US President Donald Trump on Friday.

The department, however, said that both China and Germany should do more to reduce their large trade surpluses with the US.

Taiwan, South Korea and Japan were told in the report to keep currency market interventions as limited as possible while moving toward more flexible and transparent exchange rate policies, reports said.

USA 100 dollar banknotes and Chinese 100 yuan banknotes are seen in this picture illustration in Beijing, China, January 21, 2016.

Because it had been more than two decades since any country had been named a currency manipulator, Congress in 2015 changed the law to require Treasury to put countries on a less onerous "monitoring" list.

Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion past year.

Treasury hasn't branded any nation a currency manipulator - a highly charged assertion - since the Clinton administration labeled China as such in 1994.

Vista off life support today
After full support ends today, computers running Vista will still work but they might become more vulnerable to security risks. Hence, if we try using Window Vista and internet explorer 9 together it would lead the PC to additional threats.

Possible Delayed Release Predicted; Company Facing Difficulty With 3D Sensing Technology
Currently, the most expensive model of the iPhone 7 configured with 256GB of internal storage costs £919. It seems to be the season to find issues with Apple's (AAPL) iPhone manufacturing.

One For Arthur wins Grand National for the 'Two Golf Widows'
Arthur and jockey Derek Fox never really put a foot wrong. "I don't often get a chance to ride a horse as good as that". The 8-1 favourite Blaklion, who led for much of the contest, was fourth.

In an interview Wednesday, Trump had indicated that he was backing away from his campaign pledge because he felt China hadn't been manipulating its currency in recent months and because labeling it as such now could jeopardize Beijing's co-operation in confronting North Korea.

"When our trading partners engage in currency manipulation, they impose significant, and often long-lasting hardship on American workers and businesses", he said.

"China will need to demonstrate that its lack of intervention to resist appreciation over the last three years represents a durable policy shift by letting the RMB (yuan) rise with market forces once appreciation pressures resume", the report said.

Harry Yen (顏輝煌), head of the local central bank's foreign exchange department, said that the bank has established an effective communication channel with the U.S. Treasury and will express its opinions about the department's concerns over the New Taiwan dollar and U.S. dollar exchange rate. The US trade deficit with China in 2016 was over $347 billion (327 billion euros). He publicly retreated from that position after meeting with Chinese President Xi Jinping in Florida last weekend.

"The United States can not and will not bear the burden of an global trading system that unfairly disadvantages our exports and unfairly advantages the exports of our trading partners through artificially distorted exchange rates", it said.

"The basic message is that Japan needs to expand its domestic demand and one can read this as them telling Japan to import more American goods", said Minami of the Norinchukin Research Institute.

YOU MIGHT ALSO LIKE
  • Stampede breaks out at New York City train station

    Stampede breaks out at New York City train station

    People ran out of a jam-packed Penn Station on Friday evening in a chaotic scene sparked by what they thought was a gunshot. No shots were fired, and the sound was of police using a stun gun on someone, NYPD Chief William Morris said.

    At least 4 people shot at Atlanta transit station

    The shooter got on the train just like anyone else, he said: "He was wearing headphones and just bobbing his head". One person has been killed and three wounded after a gunman opened fire on board a train in the United States.
    A few days late, Scherzer will face Phillies in season debut

    A few days late, Scherzer will face Phillies in season debut

    Mets righty Zack Wheeler is set to start a series opener against Miami, his first big league appearance since September 25, 2014. Harper and Jayson Werth lead the way with a.636 and.286 average respectively, plus two HR each against Nola.
  • Trump's Hiring Freeze Moves From Hatchet to Scalpel

    The White House is asking citizens to weigh in as the Trump administration works to slim down the executive branch. The push to reshape the government as well as the budget cuts are nearly certain to draw opposition from Congress.
    Anti-Orban Protestors Rally For Soros Funded University in Hungary

    Anti-Orban Protestors Rally For Soros Funded University in Hungary

    After a similar protest a few years ago against a government plan to tax Internet traffic, Orban scrapped the move. Protesters filling Kossuth Square outside Parliament said they want President Janos Ader to veto the legislation.
    Amnesty says Botswana executed 1 criminal in 2016

    Amnesty says Botswana executed 1 criminal in 2016

    A significant decrease in the implementation of death sentences was also recorded in Pakistan, by 73 percent. Switzerland is pursuing an ambitious goal to abolish capital punishment around the world by 2025.
  • India's Sai Praneeth enters maiden Super Series final in Singapore

    India's Sai Praneeth enters maiden Super Series final in Singapore

    In another semi-final today, another Indian badminton star, Kidambi Srikanth , will clash with Indonesia's Anthony Ginting. World No. 26 Ginting pounced on Srikanth's tentative approach at the beginning of the match and took a 9-4 lead.
    Late rally pushes Red Sox past Tigers

    Late rally pushes Red Sox past Tigers

    The Tigers led 4-3 in the eighth when Bruce Rondon (0-1) allowed a leadoff walk to Mookie Betts and a single by Chris Young . Cleveland Indians' Michael Brantley steals second base in front of Arizona Diamondbacks second baseman Brandon Drury Friday.

    North Korea says Syria airstrikes prove its nukes justified

    The pro-independence Liberty Times said Trump was "shaking hands with Xi Jinping with his left hand and launching missiles with his right" to pressure China to rein in North Korea.
  • Trump allowing states to block some Planned Parenthood money

    But the Trump administration's opposition to abortion, even potentially at the expense of women's health care, seems clear. President Trump has not yet released a statement about the signing of the bills .
    Caitlyn Jenner to Kris: You Knew I Was Trans From DAY ONE!

    Caitlyn Jenner to Kris: You Knew I Was Trans From DAY ONE!

    Apparently, Kim is used to be the center of attention and she does not like to share that with Kylie. But at the time, the trial caused tensions in the Kardashian/Jenner household.

    Alabama Governor Robert Bentley to resign amid scandal

    A year ago, all of Alabama's three most powerful public officials were under investigation for a variety of misdeeds. Hubbard had been reelected to his leadership post in 2015, even after he was indicted, with only one dissenting vote.
popular