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Trump warns there is 'a lot more' he can do to China

13 October, 2018, 05:24 | Author: Sara Gill
  • US Secretary of the Treasury Steven Mnuchin said there were several factors behind the recent fall in the Chinese yuan or renminbi, including economic issues in China

"Their economy has gone down very substantially".

The US treasury secretary is convinced there are "other buyers" for China's stock of more than $1 trillion worth of US securities.

"We are concerned about the depreciation" of the yuan, he said, "and want to make sure that it's not being used as a competitive devaluation".

The monthly trade imbalance, up 10 per cent from the previous record high of US$31.05 billion in August, showed that US President Donald Trump's tariffs on Chinese products had yet to show their desired effect of narrowing the trade deficit with China.

China has responded by imposing counter tariffs, which the Trump administration alleges show political interference by targeting products from key states in next month's congressional elections.

-China trade dispute. Pillsbury said this meeting presents a chance to squash the tit-for-tat tariff fight that the world's two biggest economies have been engaged in since July.

Mnuchin did not report any breakthroughs in his discussions with the Chinese but he indicated that Trump may meet with Chinese President Xi Jinping during a summit of leaders of the Group of 20 biggest global economies in Argentina in late November.

Trump is pressing China to improve trading conditions for United States products and to end what U.S. businesses say is widespread theft of their intellectual property. The US dollar has strengthened against a range of currencies this year as American interest rates have risen.


Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported. The central bank has tightened controls on currency trading to head off further declines.

A cargo ship is seen at a port in Qingdao in China's eastern Shandong province on Friday.

"I expressed my concerns about the weakness of the currency".

Beijing's exports have been robustly growing all year in the face of rising tariffs and increasing uncertainty over relations with Washington.

China's trade surplus with the United States widened to a record $34.1 billion in September as exports to the US market rose by 13 percent over a year earlier despite a worsening tariff war.

He blamed previous USA presidents for allowing China to pursue unfair trade practices and said he had to tell Beijing, "It's over".

The yuan has fallen for weeks against the U.S. dollar, dropping nine percent in the past six months, which mitigates the rise in the price of Chinese goods caused by punitive USA tariffs. The review was prompted by China's accelerated efforts to acquire US intellectual property to the detriment of USA businesses and military interests, they said.

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