US labels China a 'currency manipulator'
Washington: The US has officially labeled China a currency manipulator, accusing it of using yuan to gain "unfair competitive advantage" in trade, a move that could further escalate the tense trade relations between the world's two largest economies.
Washington's move came as Beijing allowed its yuan to fall below the politically sensitive level of seven to the US dollar on Monday for the first time in 11 years and Chinese firms have reportedly stopped buying US farm produce.
During the 2016 presidential elections, Donald Trump had promised to label China as a currency manipulator, but the Department of Treasury kept the country on its watchlist, declining to take the step.
On Monday night, the department announced, "Secretary (Steven) Mnuchin, under the auspices of President Trump, has today determined that China is a 'Currency Manipulator'."
Mnuchin, after this decision, will engage with the International Monetary Fund to eliminate the "unfair competitive advantage created by China's latest actions", the treasury said.
Earlier in the day, Trump tweeted, "China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the US with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!"
In a statement, the treasury department alleged that China has a long history of facilitating an undervalued currency through protracted, large-scale intervention in the foreign exchange market.
In recent days, China has taken concrete steps to devalue its currency, while maintaining substantial foreign exchange reserves despite active use of such tools in the past, it claimed.
"The context of these actions and the implausibility of China's market stability rationale confirm that the purpose of China's currency devaluation is to gain unfair competitive advantage in international trade," the treasury said.
Chinese authorities have acknowledged that they have ample control over the RMB exchange rate, it added.
The treasury referred to a statement by the People's Bank of China (PBOC) which noted that it "has accumulated rich experience and policy tools, and will continue to innovate and enrich the control toolbox, and take necessary and targeted measures against the positive feedback behaviour that may occur in the foreign exchange market."
This is an open acknowledgement by the PBOC that it has extensive experience manipulating its currency and remains prepared to do so on an ongoing basis, it alleged.
President Trump on Thursday announced that the US will impose an additional 10 per cent tariff on USD 300 billion in Chinese imports, as he accused China of not being serious in arriving at the trade deal and failing to keep its promise to buy more American agricultural products.
Trump kicked off the trade war demanding China to reduce massive trade deficit which last year climbed to over USD 539 billion. He is also insisting on China to workout verifiable measures for protection of intellectual property rights (IPR) technology transfer and more access to American goods to Chinese markets.
The 12th round of talks between top trade negotiators from China and US, the first after they broke down in May, lasted just half a day and ended last week with no sign of a breakthrough, but a willingness to continue discussions.
US Congressman Roger Marshall said once again, Trump is doing exactly what he said he would do with China, now in regard to their currency.
"US producers, workers and consumers have waited long enough for an administration who would stand up to China. I'm thankful it's finally happening," he said.
On the development, Congressman Bradley Byrne said,"We cannot sit back and allow China to continue to take advantage of our country and put our workers at a disadvantage."
"I'm proud to stand with President as we finally crack down on China," he said.
"Great work" by the president to finally hold China accountable for their corrupt actions, Byrne said, adding that a lot of presidents have "talked" about this problem, but Trump finally took action.
On Chinese reportedly stopping from buying US farm produce, Congresswoman Cheri Bustos from Illinois said it's clear as day that farmers are truly paying the price of Trump's erratic and short-sighted trade policies.
"Tariffs may sound nice to a Manhattan billionaire - but in rural Illinois, we're feeling the consequences of a trade war that may hollow out our agricultural economy for generations to come," she said.
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India harbouring big and bold dreams in space sector: Shubhanshu Shukla
Kolkata (PTI): Air Force Group Captain Shubhanshu Shukla, the first Indian astronaut to go to the International Space Station, on Wednesday said the country is harbouring “big and bold dreams”, foraying into human spaceflight after a hiatus of 41 years.
Shukla was the first Indian to visit the International Space Station as part of the Axiom-4 mission. He returned to India from the US on August 17, 2025, after the 18-day mission.
The space is a “great place to be”, marked by deep peace and an “amazing view” that becomes more captivating with time, he said, interacting with schoolchildren at an event organised by the Indian Centre for Space Physics here.
“The longer you stay, the more you enjoy it,” Shukla said, adding on a lighter note that he “actually kind of did not want to come back”.
Shukla said the hands-on experience in space was very different from what he had learnt during training.
He said the future of India’s space science was “very bright”, with the country harbouring “very big and bold dreams”.
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Shukla described his ISS flight, undertaken with support from the US, as a crucial “stepping stone” towards realising India’s ‘Vision Gaganyaan’.
“The experience gained is a national asset. It is already being used by internal committees and design teams to ensure ongoing missions are on the right track,” he said.
Shukla said the country’s space ambitions include the Gaganyaan human spaceflight programme, the Bharatiya Station (India’s own space station), and eventually a human landing on the Moon.
While the Moon mission is targeted for 2040, he said these projects are already in the pipeline, and the field will evolve at a “very rapid pace” over the next 10-20 years.
He told the students that though these targets are challenging, they are “achievable by people like you”, urging them to take ownership of India’s aspirations.
The sector will generate “a lot of employment opportunities” as India expands its human spaceflight capabilities, he noted.
Echoing the iconic words of India’s first astronaut Rakesh Sharma, Shukla said that from orbit, “India is still the best in the world”.
Shukla also asserted that the achievement was not his alone, but that of the entire country.
“The youth of India are extremely talented. They must stay focused, remain curious and work hard. It is their responsibility to help build a developed India by 2047,” he said.
Highlighting a shift from Sharma’s era, Shukla said India is now developing a full-fledged astronaut ecosystem.
With Gaganyaan and future missions, children in India will be able to not only dream of becoming astronauts, but also achieving it within the country, he said.
“Space missions help a village kid believe he can go to space someday. When you send one person to space, you lift million hopes. That is why such programmes must continue... The sky is not the limit,” Shukla said.
“Scientists must prepare for systems that will last 20-30 years, while ensuring they can integrate technologies that will emerge a decade from now,” he said.
Shukla added that he looked forward to more space missions, and was keen to undertake a space walk, which will require him to "train for another two years".
