Treasury Declines to Label China a Currency Manipulator

Treasury Declines to Label China a Currency Manipulator

Treasury Declines to Label China a Currency Manipulator

A growing US economy and falling unemployment have also whipped up demand among US consumers for imported goods, with 2017's record US-China trade deficit continuing to widen this year - swelling 3.2 per cent to us$390 billion in the 12 months ending in June. "According to the union's rules, members will have a year to renegotiate new terms before the withdrawal becomes permanent".

US officials say the growth of transactions on the internet is facilitating a high level of counterfeit goods shipped to the USA, as well as narcotics and fentanyl, with the aid of the lower shipping costs.

State Department officials were to inform officials Wednesday at the Universal Postal Union in Bern, Switzerland, a United Nations branch that administers the treaty, of their intention to pull out of the system and "self-declare" new, higher rates on China, a USA official said.

Senior White House officials said Wednesday that the U.S. State Department will set its own "self-declared" rates for packages from overseas.

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President Donald Trump has previously accused China of keeping its currency weak to make exports more competitive.

According to the official, it's a system where America's own domestic manufacturers get hurt, the US Postal System gets hurt, and in an age of the Internet where there's been a proliferation of these so-called third-party marketplaces, this subsidy has basically facilitated the transfer of both a high level of counterfeit goods as well as the narcotic and fentanyl trade. Since 1969, poor and developing countries - including China - have been assessed lower rates than have wealthier countries in Europe and North America.

Trump does not need congressional approval to withdraw because the last version of the treaty was never put up to a vote, administration officials said. The biggest winners could be shipping carriers such as UPS. But Navarro and Trump dismissed those changes as insufficient to deal with the explosion of online free shipping offers of goods from China.

Foreign Ministry spokesman Lu Kang said the move should not be linked to China, despite arguments that the arrangement especially benefits Chinese manufacturers by making it cheaper to ship packages from Beijing to NY than from one side of the the other. He also has left UNESCO and the United Nations Human Rights Council, pulled the US out of the Paris climate accord and cut USA funding for the U.N. agency for Palestinian refugees.

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Under the current UPU agreement, foreign merchants are able to ship small packages weighing 2 kilograms (4.4 pounds) or less at a discounted rate to the US.

They argued that the treaty allows foreign postal services, especially in China but also in Germany, to take advantage of cheap shipments to the US.

It is not clear how much the disparity costs US taxpayers and retailers, in part because the Postal Service does not release detailed country-by-country shipping breakdowns. "These pose major challenges to achieving fairer and more balanced trade and we will continue to monitor and review China's currency practices including through ongoing discussions with the People's Bank of China", Mnuchin said in a statement accompanying the report. "How can my government be subsidizing China and driving me out of business?"

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