In the biannual report which he gives to the congress about the behavior of the trading partners of America, the secretary of the United States has said that China isn’t a currency manipulator any longer and the reports have downgraded China to the Monitoring List of the economies which have been kept under surveillance to ensure that the policies of trade were not detrimental and unfair to the interests of United States.
Italy, Ireland and Germany are the three countries in Europe which are on this list of being currency manipulators potentially.
These three countries had been the member of the eurozone ever since a common country had been created two decades ago. They also do not have one central bank which is going to intervene in their market of foreign exchange which is one of the three criteria which the United States bases their decision on for declaring them as the manipulators of currency.
Experts feel though that Washington does have a point as the arguments which were made in the report of the U.S. Government clearly stating that for Italy and Germany, the document may be written by the officials of the European Central Bank.
The same points indeed are being made repeatedly in the last few years for urging the two countries to reform their economic models which are troublesome.
United States though looks at it from the point of view of their own interests as Germany has a major surplus of trade with the United States which is $67 billion for the year that ended in the month of June in the year 2019 which the President of United States says has come from their lackluster demand.