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Forex

Trump singles out Japan, China, Germany for currency attack

Real aim may be to boost bargaining power in trade talks

TAKESHI KAWANAMI, Nikkei staff writer | China

WASHINGTON -- President Donald Trump and his deputies have lashed out at China, Germany and Japan for alleged currency devaluation. But if Trump's aim is to address the U.S. trade deficit, his approach could backfire by destabilizing the currency market.

The U.S. president took aim at Asia during a meeting with American business leaders Tuesday. "You look at what China's doing, you look at what Japan has done over the years: They play the money market, they play the devaluation market and we sit there like a bunch of dummies," Trump said. Peter Navarro, head of America's new National Trade Council, accused Germany of doing the same with the euro, according to the Financial Times.

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