North Korea Rolls Out Missiles During Founder's Birthday Celebrations
- Author: Leroy Wright Apr 16, 2017,
Apr 16, 2017, 2:02
North Korea unveiled what could be a new intercontinental ballistic missile at a giant military parade in Pyongyang on Saturday, but the nation did not carry out a major weapons test.
Trump's policy reversal on China sends a signal to global finance chiefs ahead of next week's meeting in Washington, D.C., that Trump could soften the aggressive trade positions he staked out during his campaign.
Before the elections, President Trump had vowed to label China a currency manipulator on Day One of his administration.
The Treasury report said that for a decade China engaged in one-way large-scale interventions to hold down the currency, and then only allowed it to strengthen gradually - a practice that imposed "significant and long-lasting hardship on American workers and companies".
Five other trading partners who were on last October's monitoring list - Japan, South Korea, Taiwan, Germany and Switzerland - also remain on the list, ensuring that the Treasury would apply extra scrutiny to their foreign exchange and economic policies.
Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion previous year.
Trump said during the WSJ interview that the US and China would instead work on improving their trading relationship if Beijing will help with the nuclear threat in North Korea.
The Treasury also warned that it will scrutinise China's trade and currency practises very closely.
While China has been criticized for years by other countries for its heavy-handed efforts to keep the yuan undervalued, Beijing has lately been doing the opposite, by trying to prop up its currency.
The last time the USA designated a country a currency cheater was China in 1994 under President Bill Clinton.
A switch from liquid to solid fuel would be important because it could change North Korea's so-called "second-strike" ability to respond to a preemptive attack.
The US Department of Treasury yesterday concluded that no major trading partner of the US met the Congressional standards for currency manipulation in the second half of 2016.
The USS Carl Vinson supercarrier leaves a port in Busan, South Korea, March 20. Its surplus with the United States totaled $65 billion past year.
But in his interview with The Wall Street Journal, Trump said he had decided that China hadn't recently been manipulating its currency after all.
China opposes even limited USA military action against its ally and neighbor, which risks dragging both sides into a broader conflict and send refugees clambering toward its border.
The North is aiming its message at China as well as the USA, analysts said.
"All the brigandish provocative moves of the USA in the political, economic and military fields pursuant to its hostile policy toward the DPRK will thoroughly be foiled through the toughest counteraction of the army and people of the DPRK", the KCNA state news agency said, citing a spokesman for the General Staff of the Korean People's Army.