U.S. shies away from calling China a currency manipulator

US President Donald Trump

"If negotiations are successful, the administration is prepared to rescind the notice of withdrawal and remain in the UPU", she said.

Part of the treaty also allows China and other countries to ship packages to the United States at lowered rates. USA companies can pay two to four times that amount to ship a similar package from Los Angeles to NY and much more for packages sent to China.

While the USA dollar has strengthened along with the entire domestic economy - which grew at a rate of 3.2 percent over the first half of 2018 - China's renminbi, also known as the yuan, has continued to fall in value. Government officials estimated the Universal Postal Union agreement costs the U.S. Postal Service about $170 million to $300 million per year and enables unfair foreign competition. The treaty sets fees that national postal services charge to deliver mail and small packages from other countries.

Washington has slapped punishing tariffs on about half of all China's goods exports to the United States, with talks to resolve the matter at an apparent impasse. Efforts will continue to renegotiate the rates during the year, but The New York Times reported the USA will "self-declare" new rates to be charged on shipments from China to this country.

The president argues the US loses as much as $800 billion in cash going to China every year as a result of the trade imbalance between the two countries.

UPU Director General Bishar Hussein said in a statement Wednesday that he "regrets the decision" and welcomed the opportunity to talk further with US officials.

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The postal treaty irked leaders from both parties long before Trump took office, Taub said. Poor and developing countries are assessed lower rates than wealthier countries, an arrangement that has benefited China.

Packages from China surged as the country morphed over the past decade into an e-commerce powerhouse with the world's largest online retail market, which logs approximately $354 billion in annual sales. The yuan fell to 6.9411 per dollar at mid-morning and has declined by nearly 10 percent against the dollar since April as China's economic growth cooled and US and Chinese interest rates went in opposite directions.

"American companies should not pay more for package delivery within the United States than what the U.S. Postal Service collects to deliver packages from overseas", he said in a statement.

China's Ambassador to the U.S. Cui Tiankai told "Fox News Sunday" host Chris Wallace that there is no trade war between the two countries, but then seemed to contradict himself by claiming America started it. President Trump has accused China of such conduct. "These pose major challenges to achieving fairer and more balanced trade and we will continue to monitor and review China's currency practices including through ongoing discussions with the People's Bank of China", Mnuchin said in a statement accompanying the report.

So far, that plan hasn't materialized. The Department of State will also file notice that the United States will withdraw from the UPU.

"Threats to withdraw may in fact be counterproductive", she said, "as USA allies may prefer a more consensus-seeking approach".

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