Presidential candidate Trump: China devaluation will devastate US
[WASHINGTON] Republican presidential candidate Donald Trump on Tuesday said China's devaluation of the yuan would be "devastating" for the United States.
"They're just destroying us," the billionaire businessman, a long-time critic of China's currency policy, said in a CNN interview.
"They keep devaluing their currency until they get it right. They're doing a big cut in the yuan, and that's going to be devastating for us."
Earlier on Tuesday, China devalued its currency following a series of poor economic data in the yuan's biggest fall since 1994. Some said this could signal a long-term slide in the exchange rate.
China has been a frequent theme for Mr Trump since he entered the 2016 presidential campaign, promising to be a tougher negotiator with Beijing in order to bolster the US economy.
"We have so much power over China," he told CNN.
"China has gotten rich off of us. China has rebuilt itself with the money it's sucked out of the United States and the jobs that it's sucked out of the United States."
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Sterling rises after UK economy beats expectations and exits recession
China’s car exports hit record high in April, as domestic sales fall
UK exits recession with fastest growth in nearly three years
Europe’s rush for rate cuts shifts global market power away from US
China’s push for greener aluminium hit by erratic rains, power cuts
Saudi crown prince to visit Japan