The U.S. is dropping its designation of China as a currency manipulator in advance of this week's signing of the first phase of a trade pact.
FILE - In this April 25, 2018, file photo, attendees visit the Ford booth during Auto China 2018 show held in Beijing, China. China’s government says it will postpone planned punitive tariffs on U.S.-made automobiles and other goods following an interim trade deal with Washington. Sunday, Dec. 15, 2019’s announcement came after Washington agreed to postpone a planned tariff hike on $160 billion of Chinese goods and to cut in half penalties that already were imposed.
The preliminary pact that the two sides are set to sign includes a section that’s intended to prevent China from manipulating its currency to gain trade advantages. Treasury Secretary Steven Mnuchin said the administration had dropped China’s designation as a currency manipulator because of commitments in the Phase 1 trade agreement that President Donald Trump is to sign with China on Wednesday at the White House.
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