Treasury Dept. focusing on trade deficits

OAN Newsroom
UPDATED 12:38 PM PT — Wednesday, May 29, 2019

Treasury Secretary Steven Mnuchin testifies before the House Committee on Financial Services on Capitol Hill in Washington, Wednesday, May 22, 2019. (AP Photo/Carolyn Kaster)

The Treasury Department is scrutinizing nine trading partners as the Trump administration addresses “chronic trade deficits.”

On Tuesday, Treasury Secretary Steven Mnuchin said the department is working to protect U.S. workers and companies from “unfair foreign trade practices.”

Germany, South Korea, and Japan are still on the watch list. The Treasury also reported the Chinese are getting extra attention because of alleged currency manipulation. Officials in Beijing have denied the claims.

“We have always said that we hope the United States can respect objective facts, respect market rules, and not politicize the exchange rate issue. At the same time, we have suggested many times that the United States handle matters according to multilateral rules, and not make unilateral assessments of other countries’ exchange rates. Whether a country is manipulating its currency is not determined by the United States.”

— Lu Kang, spokesperson – Chinese Foreign Ministry 

The Treasury is also keeping an eye trade deficits with Ireland, Italy, Malaysia, Singapore and Vietnam.

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