Treasury doesn't name any countries as currency manipulators

That’s just one of several recent comments offering insight into what looks like a moderate makeover for an immoderate president

But as the days pass, some supporters and critics of Trump's tough talk on trade are losing patience.

Officials at Treasury, the agency that is responsible for issuing currency reports every six months, confirmed that China won't be named a currency manipulator. "Failing to name China is a missed opportunity".

One of Donald Trump's most prominent trade advisers has rounded on the president for his U-turn on branding China a currency manipulator. Chuck Schumer (D-N.Y.), the Democratic leader, said in a statement Friday.

"They're not currency manipulators", he told The Wall Street Journal.

"When the President fails to label them a currency manipulator, he gives them a green light to steal our jobs and wealth time and time again", he said.

On the other hand, to boring the effect of rising dollar Trump's only hope is to use import duties to make foreign goods less competitive.

The charge exasperated economists, who overwhelmingly say that while China did manipulate its currency several years ago, it has not done so anytime recently.

Although Beijing has allowed the yuan to slowly appreciate in recent years and actively fought depreciation recently, its past interventions "imposed significant and long-lasting hardship on American workers and companies".

"Treasury also places high importance on greater transparency of China's exchange rate and reserve management operations and goals", said the report.

"While China now meets only one of the three criteria for currency manipulation listed in the report, the text makes clear that China's large bilateral trade surplus with the USA is by itself enough to warrant careful scrutiny of China's trade and currency practices", Prasad said.

China held down the value of its currency, called the renminbi, RMB or yuan, to help its exporters for roughly a decade.

In fact, the president's trade stance on China has taken an even softer tone since he met last week with President Xi Jinping.

Separately on Wednesday, at a joint news conference with NATO Secretary General Jens Stoltenberg, Trump said the United States was prepared to tackle the crisis surrounding North Korea without China if necessary.

But after the encounter, he characterized the meeting in another tweet as one of "goodwill and friendship". China says President Xi has stressed the need for an end to North Korea's nuclear weapons program in a phone discussion with Trump that followed tweets from the USA president urging China to play a more active role. "That's worth having not as good a trade deal as I would normally be able to make", he said.

No major USA trading partner met Congressional standards for currency manipulation in the 2nd half of 2016.

However, it put China, China's Taiwan, Japan, South Korea, Germany, and Switzerland on its Monitoring List, saying their foreign exchange policies bear close monitoring.

"In this status, China will have to prove that the lack of intervention to curb the growth rate of the national currency within three years has been a sustainable policy", the U.S. Treasury Department emphasized.


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