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Trump Accuses Japan and China of Currency Manipulation, Threatens New Tariffs

The U.S. president claims unfair currency practices harm American manufacturers and suggests tariffs as a potential solution.

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U.S. 100-dollar banknotes, Chinese 100-yuan banknotes, and a Japanese 1000-yen banknote, are seen in a picture illustration in Beijing, China, January 21, 2016. REUTERS/Jason Lee/File photo
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Overview

  • President Trump alleges that Japan and China are deliberately devaluing their currencies to gain an unfair trade advantage over the United States.
  • In remarks at the White House, Trump suggested that imposing tariffs on imports from Japan could address the issue quickly and effectively.
  • Japanese Finance Minister Katsunobu Kato denied the accusations, stating that Japan is not pursuing currency depreciation policies.
  • Trump also confirmed that new tariffs of 25% on imports from Canada and Mexico, and 10% on Chinese imports, would take effect on Tuesday.
  • Trump highlighted the challenges faced by U.S. manufacturers, such as Caterpillar, in competing globally due to what he described as currency manipulation by foreign nations.