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US removes currency manipulator status label from China amid trade progress
This appeared in The Millennial Source
The United States has agreed to remove China from its internal designation as a currency manipulator ahead of the phase-one signing of a new trade deal between the two countries expected on Wednesday, January 15. While the details of the agreement are still unclear, China has reportedly agreed to crack down on the use of stolen or forced technology transfers to Chinese firms.
In the past, Chinese companies have been criticized for demanding that foreign companies hand over the full details of their products, including technological specs, as the price for doing business with them.
Some US firms claimed the practice essentially transferred American ingenuity, and years worth of hard work, to the Chinese in order to gain market access.
According to a US trade representative document, however, China has agreed to end this practice.
The United States, for its part, has agreed to a “dramatic expansion of US food, agriculture and seafood product exports,” which should further buttress China’s ever-expanding middle class.
