The daily business briefing: January 14, 2020

U.S. declares China is no longer a currency manipulator, the federal deficit hit $1 trillion in 2019, and more

The yuan
(Image credit: FREDERIC J. BROWN/AFP via Getty Images)

1. U.S. removes China from list of currency manipulators

The Trump administration on Monday lifted China's designation as a currency manipulator. The move was considered a significant concession to Beijing as President Trump prepares for the Wednesday signing of a "phase one" trade deal aiming to dial back his trade war with China. The Trump administration labeled China as a currency manipulator in August. Trump has long accused Beijing of weakening its currency to boost exports by making Chinese goods cheaper overseas. But the Treasury Department's newly released currency report said China had made progress addressing the issue. "China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability," Treasury Secretary Steven Mnuchin said in a statement.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.