China, in his words · Before politics · № 17
Told CPAC that China 'just devalued their currency' and was 'ripping you big league'
“they just devalued their currency. Now, for those that don't understand devaluation what they're basically doing is saying we're really ripping you big league.”
- Said
- , Speech at the Conservative Political Action Conference (CPAC), National Harbor, Maryland
- Subject
- currency devaluation
- Threat
- Economic threat
- Topic
- Trade & tariffs
- Era
- Before politics
What the record showed
On Aug. 5, 2019, President Trump wrote that China had 'dropped the price of their currency to an almost a historic low. It’s called “currency manipulation.”' Treasury designated China a currency manipulator the same day and said it would engage the International Monetary Fund. Treasury's next report, on Jan. 13, 2020, found that no major trading partner met the criteria for manipulation and said China had 'made enforceable commitments to refrain from competitive devaluation' in the Phase One agreement.
Sources
- Speech: Donald Trump Addresses the CPAC Convention in National Harbor, MD - March 6, 2014
- Tweet by @realDonaldTrump, August 5, 2019
- Treasury Designates China as a Currency Manipulator
- Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States