Published: Sat, October 13, 2018
Finance | By Jaime Brady

Secretary Mnuchin says China trade talks must include currency issues

Secretary Mnuchin says China trade talks must include currency issues

"Their economy has gone down very substantially and I have a lot more to do if I want to do it", Trump said in an interview with Fox News.

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Energy Secretary Rick Perry said in a statement. Evans said he wasn't aware of "anything happening in the last couple of weeks that alter my basic take that financial stability conditions are reasonably moderate, and that we're in reasonable shape at the moment".

The September surplus with the USA was larger than China's overall trade surplus for the month.

Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose, but they also benefit from "robust US demand" and a weaker Chinese currency, which makes their goods cheaper overseas, said Louis Kuijs of Oxford Economics in a report.

Beginning past year, the National Security Council led a review of China's efforts to obtain nuclear material, equipment and advanced technology from USA companies, government officials said in a conference call with reporters on Thursday. "I said it's over".

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.

Asia expert Michael Pillsbury on Friday said he's hopeful that President Trump and China's President Xi Jinping will reach a trade deal soon, but there's still some unfinished business.

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Adjustments would occur as domestic production displaces higher-priced imports, the model shows, but in the long run, the U.S. The fund said risks to the short-term outlook for the world economy had "shifted to the downside".

The Wall Street Journal and the Washington Post have cited officials as saying Trump has made a decision to proceed with a meeting with Xi.

Reports that U.S. Treasury Secretary Steven Mnuchin has advised against labeling China as a currency manipulator - a status that could trigger penalties - were also seen as easing tensions. "Markets tend to go too far in both directions and they have natural corrections". "The president is concerned about the Fed raising interest rates too much and slowing down the economy". The central bank has tightened controls on currency trading to head off further declines.

The Treasury Department is expected to issue next week its twice-a-year report on whether China or any other country is manipulating its currency to gain trade advantages. She pointed to the dollar's strength as the main culprit for the weaker Chinese currency.

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 percent of its value against the USA dollar this year.

Hudson Institute's Michael Pillsbury on the USA trade tensions with China.

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