President Donald Trump says his administration will not label China a currency manipulator, backing away from a key campaign promise. Ryan Brooks reports.
UNITED STATES / CHINA (REUTERS / HOUSE TV / KRT / 58TH PRESIDENTIAL INAUGURAL COMMITTEE HANDOUT / BUREAU OF ENGRAVING AND PRINTING) – Backing away from a key campaign promise, Donald Trump says he won’t brand China a currency manipulator – a label he said he’d slap on Beijing on his first day in office as part of a plan to reduce Chinese imports to the U.S.
Speaking to the Wall Street Journal on Wednesday (April 12), Trump said he changed his mind as China hasn’t been manipulating its yuan for months.
He also knows he needs to keep Beijing on side in the face of a growing threat from North Korea.
The president says the U.S. dollar is getting too strong, and that could take a toll on the economy.
In his words, that’s partially because people have confidence in him.
He also says it’s hard to compete with a strong dollar while other countries are devaluing their currencies.
The greenback took a tumble after Trump’s comments forced down by his comments on the strong dollar and the fact that he says he wants interest rates to stay low – another statement at odds with his speeches on the campaign trail.