Deal could include penalties for China if it manipulates its currency to increase exports
WASHINGTON—As part of a prospective deal on trade, the U.S. and China have agreed to measures that American officials say will deter Beijing from currency manipulation by requiring greater disclosure of economic actions, according to current and former officials familiar with the negotiations.
The deal could also include penalties for China if it manipulates its currency to increase exports, which is in violation of international guidelines, these people say.
“The fundamental issue on currency across the board is we want to make sure people meet their obligations, that they don’t devalue their currency for competitive purposes,” Treasury Secretary Steven Mnuchin said in an interview. “That’s the objective.”
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