WASHINGTON: US President Donald Trump accused Russia and China on Monday of devaluing their currencies while the United States raises interest rates. “Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates. Not acceptable!” Trump said in a Twitter post. Trump´s tweet referred to what he sees as unfair trading advantages: If a country´s currency is artificially low, its exports are more competitive. Higher US interest rates would generally increase the value of the dollar, making US exports more expensive. Since Trump took office in January 2017, the dollar has weakened substantially against most currencies, including the Chinese yuan and, until the United States imposed sanctions on Russia in the last few weeks, the ruble. Against the yuan, the dollar has fallen by 8.6 percent since Jan. 20, 2017, while it has appreciated 4.5 percent against the ruble. Until the United States announced sanctions on Russian oligarchs earlier this month, however, the dollar had weakened by nearly 4 percent against the Russian currency. That gain was entirely erased by a two-day drop of 8.4 percent in the ruble on April 9 and 10. More widely, the US dollar index, which measures the greenback’s value against a basket of major trading partner currencies, has declined by 11.2 percent since Trump became president. The US Treasury, in a semiannual report on Friday, again refrained from naming any major trading partners as currency manipulators. The report came as the Trump administration pursues potential tariffs, negotiations and other restrictions to try to cut a massive trade deficit with China.
Liberal Justice Elena Kagan on Sept. 13, 2016. — Slate website WASHINGTON: U.S. Supreme Court justices, wading back...
A representational image of inmates behind jail bars. — Unsplash/FileMOSCOW: A Russian court on Wednesday ordered...
Sudanese soldiers guard the surrounding area of the UNMIS compound in El-Fasher, the administrative capital of North...
US quietly shipped ATACMS missiles to Ukraine. — Report news agencyWASHINGTON: The United States in recent weeks...
US President Joe Biden during his address in California. — AFP FileWASHINGTON: President Joe Biden signed a...
The World Meteorological Organisation flag. — AFP FileGENEVA: Global temperatures hit record highs last year, and...