It will be harder now in 上海419论坛next difficult financial
moment for Treasury Department pronouncements to be credited by
上海419论坛女神会所market participants. Having seen the United States label China a manipulator, the worl
d will wonder whether and how the United States will get China to change its exchange-rate policies,” Summers wrote.
“If Chinese policies do not change, we will have only demonstrated our impotence to China and the world. Why is that desirable?”上海419论坛
He ended the article by saying: “There is a final problem with the Trea
sury Department’s manipulation claims. … We have only limited capacity to shape Ch
上海419论坛女神会所inese behavior. Should we not focus on areas where our position is clearly right and the stakes are high rather than areas w
here our claims are dubious and prosecuting them damages our economy?”
Summers served as treasury secretary in the administration of presiden上海419论坛
t Bill Clinton and as an economic adviser to former president Barack Obama.
Daniel Ikenson, director of the Cato Institute’s Center for Trade Policy Studies in Washington, said on social m
上海419论坛edia: “The Chinese did not devalue their currency. The yuan has been depreciating because of the tariffs and it is n
o longer tenable for China to continue to prop up the yuan. There is no manipulation.”
Last week, Trump said he would impose a 10 percent tariff on an additional $300 billion of Chinese goods starting from Sept 1.上海419论坛女神会所
In response, the yuan fell to a low of just beyond 7-to-1 against the US dollar on Monday. Allowing the yuan to fall red
uces the relative price for Chinese imports and makes US products comparatively more expensive.
上海419论坛Trump called the action “currency manipulation” and an attempt t
o steal US jobs and depress wages. The Treasury Department designated China a currency m
anipulator, but the US can’t seek formal penalties until it attempts to strike a deal with China.上海419论坛女神会所
The major stock indexes－the Dow Jones Industrial Average, the Nasdaq c
omposite and the S&P 500－closed up more than 1 percent each on Tuesday. Afte
r Monday’s sell-off, the biggest of the year, Tuesday’s rebound of 312 points put the Dow at 26,023.
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