Treasury Secretary Steve Mnuchin, the point man on currency manipulation issues (Manuel Balce Ceneta/AP)

Trump's promise to label China a currency manipulator didn't happen on day one, and potentially won't happen at all. Instead the Trump Administration is considering designating the practice of currency manipulation as an "unfair subsidy when employed by any country," The Wall Street Journal reports.

The truth about this: It is already the position of the government that currency manipulation is bad, so this would take a symbolic act and make it even more symbolic. The labeling of a country as a currency manipulator simply requires the Administration to begin negotiations with that country on the subject, and subsequently bring action against the country at the International Monetary Fund if no remedies are made.

What's next: The Journal writes that after the move, "U.S. companies would then be in a position to bring anti subsidy actions themselves to the U.S. Commerce Department against China or other countries." But if the Trump Administration is reluctant to elevate these complaints, it's difficult to see how they will materially affect trade balances.

Go deeper

Ina Fried, author of Login
22 mins ago - Technology

Amazon wants to flood America with Alexa cameras and microphones

Photo: Amazon

In a Thursday event unveiling a slew of new home devices ahead of the holidays, Amazon made clearer than ever its determination to flood America with cameras, microphones and the voice of Alexa, its AI assistant.

The big picture: Updating popular products and expanding its range to car alarms and in-home drones, Amazon extended its lead in smart home devices and moved into new areas including cloud gaming and car security. The new offerings will also fuel criticism that the tech giant is helping equip a society built around surveillance.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Oil's turbulent long-term future

Illustration: Aïda Amer/Axios

The oil sector is facing risks from all sides.

Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.

Meadows on Wray's voter fraud dismissal: "He has a hard time finding emails in his own FBI"

White House chief of staff Mark Meadows dismissed FBI Director Chris Wray's testimony that the U.S. has never historically seen evidence of widespread voter fraud, including by mail, during an appearance on "CBS This Morning" on Friday.

Why it matters: Meadows' statement highlights the Trump administration's strategy to sow doubt in November's election results by challenging the legitimacy of mail-in ballots, which are expected to skew heavily in Democrats' favor.

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