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Current and former officials of the United States and the Group of Seven (G7) say that without clear support from the G7 and the International Monetary Fund (IMF), it is unlikely that the United States will really do anything about China even if it labels it as a currency manipulator.
Last week, the U.S. Treasury Department used this killing tactic for the first time since 1994, which shocked the financial markets and further escalated the tariff war between China and the United States.
The G7 Member States reached an agreement in 2013 requiring countries to ventilate each other before taking major exchange rate actions.
But former and current G7 officials said the U.S. Treasury failed to consult with them. In this way, Larry Kudlow, the director of the White House National Economic Council, who claims to have the support of the G7 member states, makes some faces.
A senior official from the G7 countries in Europe told Reuters that European countries were shocked by the lack of coordination. The official requested anonymity because he was not authorized to speak to the media.
The day after the U.S. announcement, German Finance Minister Olaf Scholz warned against heightening tensions as trade conflicts have hampered economic growth.
"Further escalation will only do harm," Scholz said in a statement, adding that "everyone should remain calm and tone down a little."

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