Trump to Withdraw US From Postal Treaty, Squeezing China

Trump’s plans to withdraw from UPU could cause “postal chaos”

Trump pulling U.S. out of international pact on postal rates

The reports are meant to address concerns that foreign countries could depress their currencies to hurt US businesses by making their exports less expensive.

While no countries were officially given that designation, Treasury Secretary Steven Mnuchin cautioned that China was "of particular concern" to the White House, especially pertaining to its lack of currency transparency and the recent weakness of the Chinese renminbi.

In its semi-annual currency report, the US Treasury Department said a recent depreciation of China's yuan currency would probably exacerbate the US trade deficit, but US officials found Beijing appeared to be doing little to directly intervene in the currency's value.

National Association of Manufacturers President and CEO Jay Timmons said President Trump "deserves tremendous credit for the administration's focus on eliminating the anti-U.S. manufacturer subsidy China receives from the U.S. Postal Service".

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The US government has refrained from naming China or any other trading partner as a currency manipulator, as it leans on import tariffs to try to cut a trade deficit with China.

Instead, the administration has accused Beijing of various trade infractions and imposed billions of dollars of tariffs on Chinese goods coming into the United States. It also comes amid an escalating trade dispute between Beijing and Washington that has resulted in US imposition of tariffs on about $250 billion worth of Chinese goods and the Chinese retaliating with similar punitive taxes on about $110 billion in American products. The Trump administration contends that China is using predatory practices to challenge American technological dominance.

The U.S. and China are already locked in a trade war.

America incurred a goods deficit of $375.9 billion with China previous year, the largest imbalance with any nation.

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In its first paragraph, the Times paints the treaty simply as something that undercuts American competitors and floods the market with cheap consumer goods, but that's a byproduct of the glacial pace at which the 192-member organization moved as China became a global ecommerce force.

The United States is withdrawing from a treaty that lowered costs for Chinese companies to ship packages here, part of President Trump's efforts to punish China. "But Trump's Treasury secretary has chosen to rely on criteria created by previous administrations to ensure no action is taken".

It is not clear whether China will retaliate if the United States pulls out of the treaty. "All parties should pay the same parcel delivery rates for the same services from the U.S. Postal Service, regardless of whether the country of origin is foreign or domestic".

The UPU acknowledged on Wednesday that it had received a letter the same day from the United States to withdraw from the union a year from now.

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