Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.