Trump defends about-face on labeling China a currency manipulator

Erica Roy
April 18, 2017

"Why would I call China a currency manipulator when they are working with us on the North Korean problem?"

President Trump addresses the nation following the USA launching a military strike on a Syrian government target on April 6, 2017 in retaliation for their chemical weapons attack on civilians earlier in the week. At the same time, the president also sees China as essential for resolving the North Korea problem that has puzzled world leaders for decades.

"We will see what happens!" he added.

Since the president took office, North Korea has conducted five missile tests and launched eight ballistic missiles.

On Saturday, thousands of protestors in a dozen USA cities took to the streets to protest Trump's decision not to release his tax returns. The US and its Asian allies had been on heightened alert for provocative moves from the rogue state during an important holiday on Saturday.

China is the largest source of the USA trade deficit, and Trump has previously criticized China for unfairly devaluing its currency to give it an unfair competitive advantage in worldwide markets.

"They're not currency manipulators", Trump told The Wall Street Journal, explaining Beijing had not manipulated the yuan for months. Part of the reason for that is a reality check: China is now stabilizing its currency to protect its value in a way that economists say is helpful to global markets; its efforts to boost exports through a cheaper yuan fell off years before Trump announced his campaign.

Protesters at a rally in Raleigh, North Carolina, said they suspect that Trump's returns might show he has paid little or nothing to the government he now heads, or that he was indebted to Russian, Chinese or other foreign interests.

The US hopes China - North Korea's largest trading partner - can apply pressure to Pyongyang to curtail its nuclear ambitions.

Trump last week also said he has "great confidence that China will properly deal with North Korea".

Other reports by VideoGamingPros

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