The Financial Express

Trump accuses China of 'manipulating' its currency

| Updated: August 22, 2018 17:38:09

Trump accuses China of 'manipulating' its currency

US President Donald Trump has again accused China of manipulating its currency to combat US tariffs.

The accusation, made in an interview with Reuters, resembles claims Mr Trump made during his 2016 campaign and repeated last month.

The two countries are preparing to meet in Washington this week to discuss their trade fight, says a report on BBC on Tuesday.

Many doubt that the talks, which involve lower-level officials, will be successful in defusing the tensions.

Mr Trump told Reuters he did not expect much from the meeting, which follows failed negotiations this spring.

He also said he had "no time-frame" in mind to bring the clash between the economic giants to a close.

Analysts have already voiced fears that the trade war between the US and China could become a currency war as well.

In July, the two countries imposed a first round of tit-for-tat tariffs affecting trade worth $34 billionn (£26.5b).

The US plans to impose import duties on a further $16 billion in Chinese trade on 23 August. China has promised to retaliate in kind.

The administration is also preparing additional tariffs on $200 billion worth of Chinese goods, which are the subject of hearings in Washington this week.

This month, the administration announced that Mr Trump had asked his staff to consider taxes of 25 per cent, instead of the 10 per cent initially proposed.

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