It turns out that Steve Mnuchin will stand up to our closest allies, if for no other reason than he does not want to be the only attendee of oil-rich and dissident-journalist-poor Saudi Arabia’s Davos in the Desert. To his boss’ most implacable enemy? Not so much.
The Treasury Department’s biannual currency exchange report, the fourth of Mr. Trump’s presidency, criticized China’s trade and currency practices but still did not conclude that the Chinese government was improperly devaluing the renminbi. Doing so would have significantly ratcheted up tension between the United States and China….
Of course, good little Wall Streeter that he is at heart, Mnooks was never a big fan of this whole trade war thing, anyway. Plus, the Chinese are only fiddling with things a little bit.
The Treasury Department determined that China’s direct intervention to reduce the value of its currency had been “limited,” but it said Beijing’s practices deserved scrutiny.