President Donald Trump on Monday accused Russia and China of devaluing their nation’s currencies.
"Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!”
did now designate any of its major trading partners as currency manipulators in the Treasury Department’s semi-annual currency report.
However, it did remark about “the increasingly non-market direction of China’s economic development.”
Earlier this month, The White House announced plans to hike tariffs by 25 percent on Chinese manufacturing imports.
It cited decades of allegedly unfair trade practices.
One day later, China’s Commerce Ministry announced duties on the $14 billion worth of soybeans China imports from the U.S. each year..