Beijing has once again used their proxy province of North Korea to launch small two short-range ballistic missiles as leverage in the U.S. and China trade confrontation.
WASHINGTON – For the fourth time in less than two weeks, North Korea has fired projectiles into the Sea of Japan, a U.S. official said.
The two projectiles, fired on Tuesday morning local time, were assessed to be similar to the short-range ballistic missiles tested by North Korea last week, the official said. (read more)
Moments later President Trump and Treasury Secretary Steven Mnuchin fired a counter-missile directly into the heart of Beijing’s trade currency manipulation:
(Treasury) The Omnibus Trade and Competitiveness Act of 1988 requires the Secretary of the Treasury to analyze the exchange rate policies of other countries.
Under Section 3004 of the Act, the Secretary must “consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.” Secretary Mnuchin, under the auspices of President Trump, has today determined that China is a Currency Manipulator.
As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions. (more)
And so the dance with the dragon continues…
Chairman Xi devalues Chinese currency… Trump hits Chairman Xi with tariffs…. Beijing launches DPRK rockets…. Trump hits Chairman Xi with IMF/WTO designations….
Unfortunately for Chairman Xi Jinping, President Trump has bigger economic missiles than Beijing. Kyle Bass outlines the scale of what economic weapons President Trump has in his arsenal that are far more devastating than little Kim’s rockets. WATCH: