‘Currency Manipulation Game’: Trump Blasts China, EU for ‘Pumping Money Into System’ to Rival US

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from Sputnik News:

The remarks come amid the ongoing trade dispute between China and the US, which began last year when President Donald Trump slapped 25-percent tariffs on $50 billion worth of Chinese goods ostensibly in a bid to fix what he called Beijing’s “unfair trade practices”. Since then, the sides have exchanged several rounds of duties.

US President Donald Trump has taken to Twitter to accuse China and Europe of “playing big currency manipulation game and pumping money into their system in order to compete with USA”.

“We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!” he tweeted.

The remarks came a day after Trump stated that a trade deal between Washington and Beijing is already in the works and that negotiations are underway via phone.

This preceded Trump and his Chinese counterpart Xi Jinping meeting on 27 June on the sidelines of the Osaka G20 summit and agreeing to resume trade talks, which had been paused since a breakdown in May.

“We’re going to work with China where we left off,” Trump said at the time, also vowing for the “time being” to hold off on his plan to impose tariffs on some $300 worth of billion Chinese imports.

He also said that Xi Jinping agreed that while the negotiations on the trade dispute between the two countries are ongoing, China will begin buying agricultural product from US farmers. He added that he was “in no hurry” in trade talks with China.

In September 2018, Ministry of Commerce spokesman Gao Feng pledged that Beijing is not going to use its national currency as an instrument for a trade war with Washington.

The official said that in strict observance of “the spirit of the G20 communique, China would “not engage in competitive devaluation, or turn the renminbi into a tool for responding to trade disputes or other external events”.

The world’s two biggest economies have been embroiled in a trade war since Trump slapped tariffs on $250 billion worth of imports of Chinese goods in 2018, citing concerns that Chinese trade practices were hurting American companies while demanding an adjustment to the terms of trade between the two countries.

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