US President Donald Trump has accused the European Union and China of “manipulating their currencies” shortly after he threatened to slap tariffs on all Chinese imports.
The remarks by Trump came in a pair of tweets on Friday the same day the president told CNBC that he is “ready” and willing to slap tariffs on every single Chinese item imported to the US should the need arise.
China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field...— Donald J. Trump (@realDonaldTrump) July 20, 2018
In another tweet, Trump said that the US “should not be penalized because” it is doing so well.
“Tightening now hurts all that we have done. The US should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals,” he tweeted.
The US president said on CNBC that Washington is “down a tremendous amount” in terms of trade with Beijing, reiterating his views that China's trade surplus with the US amounts to “unfair” trading practices.
Beijing, in response, blasted American unilateralism and filed a complaint with the World Trade Organization (WTO) against the new US-proposed tariffs.
The US administration has already imposed 25 percent tariffs on $50 billion in Chinese goods, prompting blow-for-blow retaliation from Beijing.
US Trade Representative Robert Lighthizer proposed the new tariffs last week and said they would not take effect until at least September.