President Trump criticized Europe and China on Wednesday, suggesting they were intentionally keeping their currency low, while urging the U.S. to lower the value of the dollar in order to compete in the “currency manipulation game.”
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“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA,” he said. “We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games - as they have for many years!”
The dollar slid in value following the tweet. Currently, the Chinese yuan is around an exchange rate of 7, compared to the U.S. dollar. The euro is closer to an exchange rate of 1, compared to the greenback.
It’s not the first time that Trump has accused foreign governments of intentionally devaluing their currency. The president recently pushed back against the European Central Bank, claiming the European bloc was unfairly competing against the U.S. by deflating the value of the euro.
“Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA,” Trump wrote in a tweet. “They have been getting away with this for years, along with China and others.”