Trump administration says no U.S. trading partners manipulate currency: HumSub.TV
Trump administration says no U.S. trading partners manipulate currency: HumSub.TV: U.S. President Donald Trump’s administration declined to name any major trading partner as a currency manipulator in a highly anticipated report on Friday, backing away from a key Trump campaign promise to slap such a label on China.
The semi-annual U.S. Treasury currency report did, however, keep China on a currency “monitoring list” despite a lower global current account surplus, citing China’s unusually large, bilateral trade surplus with the United States.
Five other trading partners who were on last October’s monitoring list – Japan, South Korea, Taiwan, Germany and Switzerland – also remain on the list, ensuring that the Treasury would apply extra scrutiny to their foreign exchange and economic policies.
The Treasury report recognized what many analysts have said over the past year, namely that China has recently intervened in foreign exchange markets to prop up the value of its yuan currency, not push it lower to make Chinese exports cheaper.
Trump, who on the campaign trail blamed China for “stealing” U.S. jobs and prosperity by cheapening its currency, repeatedly promised to label the country as a currency manipulator on “day one” of a Trump administration – a move that would require special negotiations and could lead to punitive duties and other action.
The report did call out China’s past efforts to hold down the yuan’s value, saying this created a long-term “distortion” in the global trading system that “imposed significant and long-lasting hardship on American workers and companies.”
The Treasury also warned that it will scrutinize China’s trade and currency practices very closely and called for faster opening of China’s economy to U.S. goods and services and a shift away from exports to more domestic consumption.
“China will need to demonstrate that its lack of intervention to resist appreciation over the last three years represents a durable policy shift by letting the RMB (yuan) rise with market forces once appreciation pressures resume,” the report said.
The report shows the Trump administration is taking an approach to foreign exchange based on data rather than politics, said Nathan Sheets, a former U.S. Treasury under secretary for international affairs during the Obama administration.
“This isn’t the report that Donald Trump had in mind on Nov. 8,” said Sheets, who is now with the Peterson Institute for International Economics in Washington. “But it lays out legitimate complaints. It’s a clear statement to the Chinese that they need progress.”
The Treasury did not alter its three major thresholds for identifying currency manipulation put in place last year by the Obama administration: a bilateral trade surplus with the United States of $20 billion or more; a global current account surplus of more than 3 percent of gross domestic product, and persistent foreign exchange purchases equal to 2 percent of GDP over 12 months.
No countries were determined to have met all three of these criteria, but Japan, South Korea, Taiwan, Germany and Switzerland all met two of them.
The Treasury warned Japan against resuming currency interventions, saying that these “should be reserved only to very exceptional circumstances with appropriate prior consultations, consistent with Japan’s G-7 and G-20 commitments.”
Trump administration says no U.S. trading partners manipulate currency: HumSub.TV
Trump administration says no U.S. trading partners manipulate currency: HumSub.TV
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Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
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To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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