Will the US-China tariff tit-for-tat ever end?

Treasury Secretary Stephen Mnuchin then invoked Section 3004 of the Omnibus Foreign Trade and Competitiveness Act of 1988 to officially label China as a “currency manipulator” and petitioned the International Monetary Fund (IMF) “for the purpose of ensuring that such countries regularly and promptly...

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Bibliographic Details
Published inJournal of commerce (Newark, N.J.)
Main Author Ross, Susan K
Format Newspaper Article
LanguageEnglish
Published New York IHS Maritime & Trade 15.08.2019
Subjects
Currencies
Currency
Economic conditions
Economic forecasting
Economics
Foreign exchange rates
International trade
Markets
Powell, Jerome
Tariffs
Trump, Donald J
Beijing China
Los Angeles California
United States > US
China
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Summary:Treasury Secretary Stephen Mnuchin then invoked Section 3004 of the Omnibus Foreign Trade and Competitiveness Act of 1988 to officially label China as a “currency manipulator” and petitioned the International Monetary Fund (IMF) “for the purpose of ensuring that such countries regularly and promptly adjust the rate of exchange between their currencies and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair advantage,” as stipulated in the act. According to a report from CNBC, the PBC responded, “This fluctuation is driven and determined by the market … [according to Governor Yi.] Whether it is from the fundamentals of the Chinese economy or from the balance of market supply and demand, the current RMB [yuan renminbi] exchange rate is at an appropriate level. When announcing the latest interest rate cut on July 31, Federal Reserve chairman Jerome Powell said the general US economic outlook “remains favorable, and this action is designed to support that outlook.