News

Trump administration drops China’s ‘currency manipulator’ label

The Trump administration is dropping its designation of China as a currency manipulator in advance of Wednesday’s signing of the phase one trade agreement.

Treasury Secretary Steve Mnuchin says the trade deal includes a currency agreement stating that China will not engage in competitive devaluations to boost its exports.

President Trump slapped the currency manipulator label on China last August in order to boost the trade pressure on China. The decision to drop that label is viewed by some analysts as another step forward in de-escalating U.S.-China trade tensions.