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Trump accused Europe and China of manipulation of exchange rates

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Trump accused Europe and China of manipulation of exchange rates
July 03
13:00 2019

The odious American president Donald Trump once again “distinguished himself” on Twitter. The leader of the United States wrote that, in his opinion, Europe and China were manipulating exchange rates. He also said that America was going to respond adequately to those actions.

Trump has stated that China and Europe are playing their own game. They funnel funds into their systems in order to confront the United States. “We must respond adequately to this, otherwise we will stay away. We will not silently watch other countries play their games.”

Similar statements were made by the American leader last week. Then he expressed claims to Mario Draghi, President of the European Central Bank. According to President Trump, the depreciation of the euro against the dollar has made it much easier for Europe to compete with the United States. It should be noted that the depreciation was caused by Draghi’s statement about possible stimulus measures for the eurozone.

Earlier, Trump expressed similar accusations against China and Russia. US President said that the countries were engaged in artificially lowering the quotes of their currencies.

In May, Commerce Secretary Wilbur Ross proposed to impose countervailing duties on imported goods. Such a move would protect American workers and businesses from manipulating rates.

The head of Russia’s Central Bank Elvira Nabiullina has already responded to the allegations. She said that the currency rate was floating, and the Ministry was not interested in intervening aimed at keeping the currency at a certain level.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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