The Associated PressWASHINGTON (AP) — The administration of U.S. President Donald Trump has once again declined to brand China a currency manipulator, but it did target that country and five others for special monitoring for what the administration says are practices that are worsening America’s trade deficit.
In a report it must issue every six months, the administration said Friday that no country met the criteria to be labeled a currency manipulator. But six nations — China, Japan, South Korea, India, Germany and Switzerland — were placed on a watch list subjecting them to added U.S. pressure to lower trade surpluses.
India is new to the list. The five other nations had been cited in October. The report comes at a time that Trump is threatening to impose penalty tariffs on China and other nations.
Those threats have sent global financial markets on a roller coaster ride, with stocks plunging when the threat of a tit-for-tat trade war looked imminent and then rebounding when both sides cooled the tough talk.
Trump first threatened tariffs on $50 billion of Chinese goods and then asked his top trade negotiator to find another $100 billion in Chinese products to target.
In addition, the administration recently imposed tariffs on aluminum and steel imports into the United States in an effort to support U.S. producers.
No country has been labeled a currency manipulator by the United States since the Clinton administration tagged China in 1994. Such a designation subjects a country to negotiations in an effort to lower the trade gap.Speech