President Donald Trump accused China and Russia of devaluing their currencies, opening a new front in his argument that foreign governments are taking advantage of the U.S. economy to support their own expansions.
Just three days after the U.S. Treasury ruled no country is manipulating its exchange rate, Trump took to Twitter to declare that China and Russia are playing what he called a “currency devaluation game” at a time when the U.S. Federal Reserve is raising interest rates.
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“Not acceptable!,’’ Trump wrote.
The attack adds fuel to the brewing trade dispute between the U.S. and China, while also targeting Russia which the White House recently imposed sanctions on and clashed with over Syria.
Trump has repeatedly blasted Beijing for failing to reduce its trade surplus and open its markets to American investment. China’s yuan, though, has gained about 10 percent against the dollar over the past 12 months, climbing in March to the strongest level since August 2015.
The ruble has weakened 10 percent against the dollar in the past year, with much of the decline following the U.S.’s introduction of sanctions on dozens of Russian tycoons, companies and key allies of President Vladimir Putin.
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Trump’s suggestion that a currency war is underway comes as central bankers and finance ministers from around the world prepare to gather in Washington for the Spring meetings of the International Monetary Fund.
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