President Barack Obama used “the m-word” to describe China’s currency policies, saying the country is involved in “currency manipulation,” before retreating from the charge.
The slip came during a press conference after Obama was asked whether he would back the Senate bill to impose tariffs on Chinese imports because of its currency policies. Immediately afterwards Obama backed off from the charge, saying it is “a term of art” and defined by the Treasury Secretary.
But Obama did say that “It’s indisputable they intervene heavily in currency markets,” adding “China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States.”
He implied he would not back the Senate bill because it would draw scrutiny from the World Trade organisation.
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