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US scrutinises nine partners over currency

The US says no major trading partner currently meets its currency manipulation criteria but nine countries, including China, require attention.

The Trump administration says no major trading partner currently meets its currency manipulation criteria but nine countries, including China, require close attention as Washington seeks to address trade deficits.

The Treasury Department, in a semi-annual report to Congress, said it reviewed the policies of an expanded set of 21 major US trading partners and found that nine required close attention due to currency practices: China, Germany, Ireland, Italy, Japan, South Korea, Malaysia, Singapore and Vietnam.

"No major US trading partner met the relevant 2015 legislative criteria for enhanced analysis" as a currency manipulator, the department said.

President Donald Trump has imposed tariffs on $US200 billion ($A289 billion) worth of Chinese imports and begun the process of imposing tariffs on another $US300 billion ($A433 billion) in Chinese goods.

Talks to end the trade dispute between the two countries collapsed earlier this month, with the two sides in a stalemate over US demands China change its policies to address a number of key US grievances, including theft of intellectual property and subsidies for state enterprises.

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The Treasury Department said Washington believes direct foreign exchange intervention by the People's Bank of China has been limited in the past year.


2 min read

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Source: AAP



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