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[size=36]Does this make sense? Trump is talking about China's money and loans[/size]
Economy | 09:08 - 07/12/2019
Follow-up - Mawazine News
, US President Donald Trump criticized the World Bank on Friday, calling the International Finance Corporation to stop lending to China.
"Why is the World Bank lending money to China? Could this be reasonable? China has a lot of money, and if they don't have it, they make it. Stop it," Trump wrote on Twitter.
Trump, through his stance, was reaffirming the stance long held by his administration, including David Malpas, who was an official in the US Treasury before he was elected president of the World Bank.
Treasury Secretary Stephen Mnuchin reiterated Trump's position on the World Bank in Congress, who told a House committee on Thursday that the United States had "objected" to the loan program allocated by the China Financial Corporation for years.
Although the World Bank adopted the program on Thursday, it plans to work to cut loans to China.
This program "reflects the development of our relationship with China," said Martin Raiser, director in charge of China affairs at the World Bank, adding that "our engagement will be increasingly selective."
But this cut does not seem to suffice Washington, which insists that the world's second largest economic power is able to finance itself, without relying on international loans, aimed at securing financial resources for poor countries.
Trump's public stance comes amid negotiations between Washington and Beijing to end the 18-month-old trade war between them, in which the United States is trying to pressure China to make concessions on protecting American business and cutting its trade surplus.
There is uncertainty over when a possible partial agreement will be reached, and Trump indicated in October that he was imminent.
, US President Donald Trump criticized the World Bank on Friday, calling the International Finance Corporation to stop lending to China.
"Why is the World Bank lending money to China? Could this be reasonable? China has a lot of money, and if they don't have it, they make it. Stop it," Trump wrote on Twitter.
Trump, through his stance, was reaffirming the stance long held by his administration, including David Malpas, who was an official in the US Treasury before he was elected president of the World Bank.
Treasury Secretary Stephen Mnuchin reiterated Trump's position on the World Bank in Congress, who told a House committee on Thursday that the United States had "objected" to the loan program allocated by the China Financial Corporation for years.
Although the World Bank adopted the program on Thursday, it plans to work to cut loans to China.
This program "reflects the development of our relationship with China," said Martin Raiser, director in charge of China affairs at the World Bank, adding that "our engagement will be increasingly selective."
But this cut does not seem to suffice Washington, which insists that the world's second largest economic power is able to finance itself, without relying on international loans, aimed at securing financial resources for poor countries.
Trump's public stance comes amid negotiations between Washington and Beijing to end the 18-month-old trade war between them, in which the United States is trying to pressure China to make concessions on protecting American business and cutting its trade surplus.
There is uncertainty over when a possible partial agreement will be reached, and Trump indicated in October that he was imminent.
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