When President Trump held a reception for conservative media at the White House in April, he was asked whether he was being tough enough on China. Beijing was dumping steel, his interlocutor said, and should also be designated a currency manipulator.

Trump responded, according to several attendees, with a certain incredulity, asking why he would label China a currency manipulator while it is helping to contain North Korea’s increasingly belligerent behavior. It’s a variant of a line he debuted on Twitter earlier in the month.

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