Schumer blasts Trump administration for plan to drop Chinese currency manipulator label

WASHINGTON (Reuters) - U.S. Senator Chuck Schumer on Monday blasted the Trump administration for what he described as its decision to “back down” from labeling China as a currency manipulator.

“China is a currency manipulator — that is a fact,” Schumer said in a statement released by his office. “Unfortunately, President (Donald) Trump would rather cave to President Xi (Jinping) than stay tough on China.”

Bloomberg, citing people familiar with the matter, on Monday reported the U.S. Treasury Department would lift its designation of China as a currency manipulator in a semi-annual report due to be released soon. The United States and China are due to sign a phase one trade deal this week that includes provisions on currency manipulation.

Reporting by Andrea Shalal and David Lawder; Editing by Chris Reese