Threats and intimidation on trade will never work on China, its foreign ministry said on Monday, after U.S. President Donald Trump said he was ready to impose tariffs on all $500 billion of imported goods from the country.
China also has no need to use competitive devaluation of its currency to aid its exports, Geng Shuang, a spokesman for the foreign ministry, told a daily news briefing.
U.S. Treasury Secretary Steven Mnuchin said last week the United States was monitoring the recent weakness in China’s yuan currency and would review whether it had been manipulated.
The Chinese comment seems to be a revert on the US president’s recent comment. US President Donald Trump recently reiterated his comments about the Fed’s monetary policy in a series of tweets that read:
“China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day – taking away our big competitive edge. As usual, not a level playing field…”
“….The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates – Really?>