WASHINGTON — The Trump administration is eagerly embracing a trade war with China, but on Wednesday, it opted once again not to label that nation a currency manipulator despite President Trump’s repeated complaint that Beijing is weakening the renminbi.
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; however, its status remained unchanged largely for technical reasons.
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.