November 30, 2023

The Queens County Citizen

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Trump said his aides had rejected his request to adjust the value of the dollar through Reuters

© Reuters. US dollar notes appear in this photo illustration

DAYTON, Ohio (Reuters) – When US President Donald Trump on Monday asked officials to adjust the exchange rate of the dollar, China repeatedly resisted explaining its yuan’s currency manipulation.

Speaking to thousands of supporters at a political rally in Dayton, Ohio, Trump said his policies are saving jobs on the political battlefield after years of inaction to counter China’s aggressive behavior in world markets.

“I go to my guys and say, ‘What about making a few moves on the dollar?’ He said, but they resisted that it was not possible. “” Sir, we can not do that. It must float naturally. ”

The Republican president, who wants to be re-elected for a second term in a November 3 national poll, has reiterated his argument – which China has denied – that Beijing is deliberately changing its currency value to take advantage of competition in global markets.

The Central Bank of China has condemned the intervention to weaken the yuan and reduce the cost of exports to the United States. The yuan has been firm for eight weeks with a softening dollar.

Trump gave no details on his conversation about adjusting the value of the dollar and no immediate comment was available from the U.S. Treasury Department, which is expected to release a semi-annual currency report several weeks late in the coming weeks.

The United States, like most global economies, allows its currency to float, which means it is determined by the foreign exchange market based on supply and demand compared to other currencies.

Trump overturned the course in May and supported the “strong dollar” as a factor that undermined American competitiveness for years against the relative strength of the dollar.

A few days before the signing of the Phase 1 trade agreement by US and Chinese officials, the Treasury Department fell in January to label China as a “currency manipulator”, saying Beijing had agreed to stay away from competitive devaluation.

Washington’s unexpected decision in August 2019 to label China as a “currency manipulator” escalated trade tensions between the world’s two largest economies, but was widely criticized for not relying on the fact.

Prior to this, the Treasury had not printed China as a currency manipulator since 1994.

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