Editor’s note: Sen. Baldwin is correct to place the focus on currency. We will need to fix not only manipulation but the overly strong dollar though the market access charge. Sign the petition here.
Sen. Tammy Baldwin (D-WI) is urging the administration to label China a currency manipulator in a biannual report slated to be released by the Treasury Department next week.
[October 13, 2018 | Inside US Trade]
“Since your Administration’s tariff actions began in the spring, the Chinese yuan has fallen nine percent,” Baldwin wrote in an Oct. 11 letter to President Trump. “I ask that you use your upcoming report to make good on your promise to name China a currency manipulator and begin the statutorily-required process to encourage China to correct its undervaluation.”
The Treasury Department is expected to release its report on the “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States” by Oct. 15. In its April 2018 report, Treasury said it did not find China was manipulating its currency.
During his presidential campaign, Trump repeatedly promised to name China a currency manipulator. But in the three currency reports since Trump was sworn in, Treasury has not found that any country meets all three of its criteria for a currency manipulator.