US Senator Baldwin Urges Trump To Charge China With Manipulating Currency

US President Donald Trump is being encouraged to include China on a list of nations that manipulate currencies in an attempt to boost exports and curtail imports, especially with the United States, according to a letter to the president from Senator Tammy Baldwin on Monday.

WASHINGTON (UrduPoint News / Sputnik - 15th October, 2018) US President Donald Trump is being encouraged to include China on a list of nations that manipulate currencies in an attempt to boost exports and curtail imports, especially with the United States, according to a letter to the president from Senator Tammy Baldwin on Monday.

"Since your administration's tariff actions began in the spring, the Chinese Yuan has fallen nine percent," Baldwin wrote. "The current misalignment makes Chinese exports nine percent cheaper in Dollar terms while also making US exports to China nine percent more expensive."

Baldwin's letter targeted an upcoming report by the US Department of Treasury, due later on Monday, that Names Currency manipulating nations - a report that in the past has excluded China.

Citing China as a currency manipulator would initiate talks required under a 2015 US law and authorize the president to take remedial actions, the letter said.

In addition, naming China would provide incentives for Beijing to begin broader negotiations sought by the Trump administration to reduce an annual trade deficit of more than $500 billion, the letter added.

Baldwin claimed in the letter that China had earned an additional $59 billion due to the nation's underpriced currency, more than compensating for about $32.5 billion in duties imposed by the Trump administration thus far.

China has repeatedly denied that the country manipulates the value of its currency.