Trump accuses Europe and China of manipulating currencies
President Donald Trump on Wednesday said the U.S. should “match” Chinese and European currency manipulation, as he defended the yet-undisclosed costs of the “Salute to America” scheduled for July 4.In a tweet, Trump accused China and Europe of “playing [a] big currency manipulation game and pumping money into their system in order to compete with USA.
It was Trump’s latest jab at other nations and apparent call for a weaker dollar DXY, +0.07% . In June, the president took aim at the euro EURUSD, -0.1063% “and other currencies” he said put the U.S. at a disadvantage. In its latest foreign-exchange report, the Trump administration decided not to label China or any other country a currency manipulator, but put China and eight other nations on a monitoring list.
Trump’s tweet came a day after he announced two picks for the Federal Reserve, Judy Shelton and Christopher Waller. Trump has criticized the Fed for raising interest rates. Higher rates generally increase the value of a country’s currency.Trump in another tweet said the cost of the July 4 event “will be very little compared to what it is worth.”
As the Washington Post reports, administration officials have consistently refused to say how much taxpayers will have to pay for the expanded celebration on the Mall this year. The National Park Service is diverting nearly $2.5 million in entrance and recreation fees primarily intended to improve parks across the country to cover costs associated with the event.Robert Schroeder Robert Schroeder is the White House reporter for MarketWatch. Follow him on Twitter @mktwrobs.
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