Trump says he has 'a lot more to do' on China trade

Trump says he has 'a lot more to do' on China trade

Trump says he has 'a lot more to do' on China trade

He said they've had a "big impact" in damaging China's economy, claiming Washington's trade deficit with Beijing has gone down substantially.

China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted USA stock gains, with the Dow Jones Industrial Average down more than five percent for the week.

"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".

US President Donald Trump has said that his tariff policies have hurt the Chinese economy and that he has "a lot more to do" to the country. In 2017, the United States had a deficit with China of $376 billion, excluding services, out of a total goods deficit with the world of $832 billion.

"If the U.S. sold four Ford-class aircraft carriers priced at $15bn (£11.4bn) each, it would easily make up for the $60bn trade deficit with China", said the editorial in The People's Daily, a Chinese state media outlet and Communist party mouthpiece.

Imports grew 14.3 percent to $195 billion, down from the previous month's 20.9 percent rate.

Trump is pressing China to improve trading conditions for USA products and to end what U.S. businesses say is widespread theft of their intellectual property.

"The big picture is the Chinese exports have so far held up well in the face of escalating trade tensions and cooling global growth, most likely thanks to the competitiveness boost provided by a weaker renminbi (yuan)", said Julian Evans-Pritchard, China economist at Capital Economics. The Chinese currency has been falling in value against the dollar in recent months, raising concerns that Beijing is devaluing its currency to make Chinese goods more competitive against USA products.

In an interview with Bloomberg News on Thursday, Mnuchin declined to comment on the report.

But US Treasury Secretary Steve Mnuchin said Friday he is not "losing any sleep" over the prospect of China selling its stockpile of US government bonds, CNBC reported.

"I expressed my concerns about the weakness of the currency". In the past, Treasury has placed China on a watch-list but found that Beijing did not meet the threshold to be labeled a currency manipulator.

China enjoyed a record high $34.1 billion trade surplus with the U.S.in September, taking the surplus for the year to date to $225.8 billion, according to Chinese statistics released on Friday.

The Chinese yuan has lost almost 10 per cent of its value against the dollar this year.

"That would be very costly for them", Mnuchin said.

Washington announced the nuclear technology controls a day after the U.S. Justice Department said it had arrested and indicted a spy for China's Ministry of State Security on charges of economic espionage.

Related news



[an error occurred while processing the directive]