WASHINGTON -- U.S. President Donald Trump swiftly abandoned his campaign pledge to instruct the Treasury Department to label China a "currency manipulator" on the day of his inauguration Jan. 20. The U.S. annual merchandise trade deficit now surpasses $700 billion, and the goods deficit with China alone makes up approximately 50% of that total.
Although Trump blamed this trade gap on China manipulating its currency to keep it artificially low, he has become more moderate in dealing with China since taking office.