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20 Jul, 2018 14:25

Trump slams currency manipulation by Brussels & Beijing

Trump slams currency manipulation by Brussels & Beijing

US President Donald Trump stepped up attacks on China and the European Union on Friday, accusing them of manipulating their national currencies and interest rates.

The US, which is currently doing well, should preserve its right to recover what was lost through such practices as illegal currency manipulation and trade deals that were not profitable for the US, the president tweeted.

The latest attack by Trump comes amid escalating trade disputes between the US and its trading partners.

Shortly after taking office, Trump withdrew from the Trans-Pacific Partnership (TPP), which he said would steal millions of jobs from Americans, while the North American Free Trade Agreement (NAFTA), signed by Canada, Mexico, and the United States, is currently being renegotiated.

Trump has also pledged to narrow the US’ trade deficit with China. He accused Beijing of stealing intellectual property, manipulating the yuan, and exposing illegal export subsidy practices. Last month, the White House slapped tariffs on $34 billion of Chinese products, which China met with retaliatory duties on US goods.

Trump has also targeted steel and aluminum exports from the EU and has threatened to tax European cars sold on the American market.

The US dollar weakened against the euro, yen and yuan after the president's tweets. The dollar index, which measures the greenback against a basket of global currencies, was off nearly 0.5 percent before the stock market opened in New York.

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