U.S. President Donald Trump on Monday said he was rebuffed when he asked officials to adjust the exchange rate of the dollar to counteract what he described as repeated currency manipulation by China of its yuan.
Trump told thousands of supporters at a political rally in Dayton, Ohio, that his policies were saving jobs in the political battleground state after years of inaction to confront China’s aggressive behavior in global markets.
“I go to my guys, ‘What about doing a little movement on the dollar?’” he said, but they countered that was not possible. “‘Sir, we can’t do that. It has to float naturally.’”
The Republican president, who is seeking reelection to a second term in the Nov. 3 national poll, repeated his claim – which China denies – that Beijing deliberately changes the value of its currency to gain competitive advantage in global markets.