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Asian tag, but expect more pressure on trade

Fixing trade imbalances will be an issue for the U.S. in its dialogues with China and Japan, while the manipulator threat has been put on the backburner," a Japanese government official told Reuters.
The semi-annual U.S. Treasury currency report released on Friday did not name any major trading partner as a currency manipulator, although it seemed to leave open the option for action in the future.
Trump has softened his rhetoric against China's trade practices as Beijing has intervened in foreign exchange markets to prop up the value of its yuan, and as he looks to China for help dealing with rising tension on the Korean peninsula.
"I think the United States decided to forego (labeling China a currency manipulator) this time because it wants China's cooperation on North Korea," said Takeshi Minami, chief economist at Norinchukin Research Institute in Tokyo.
"Depending on how the North Korean situation develops, we don't know what will happen in half a year (when the next currency report is due to be published)."
NEW LANGUAGE
New language in the Treasury report citing a history of currency intervention in China, South Korea and Taiwan is in line with what experts say could be eventual changes to the criteria aimed at deterring future manipulation.
With Washington pushing a trade agenda aimed at reducing deficits, experts say the most logical option is to lengthen the time period for reviewing currency market interventions from 12 months to several years.
"One thing we noticed was the report touched on the previous history of (currency manipulation). They're telling us not to do so in the future and we have no intention of doing so," a senior South Korean finance official said.
"SCRUTINIZING" CHINA

The report showed the high priority the administration puts on addressing trade imbalances and said it would be "scrutinizing China's trade and currency practices very closely".

Why?

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