US Treasury secretary remains concerned about weak China currency

13 October, 2018, 05:28 | Author: Corey Lynch
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"I have a lot more to do if I want to do it".

Communist officials have ordered companies to stop buying American soybeans - the biggest US export to China - and find alternative suppliers and export markets for other goods.

"We expect the dynamic to change once we get a bit deeper into this, but for now China is trying to outrun the next round of tariffs", he said.

Fresh concern about a trade war with China and rising interest rates have in part sparked a broad US stock market sell-off, with the S&P 500 on Wednesday falling the most since February.

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.

With China and the United States opening the door to a meeting next month between Presidents Xi Jinping and Donald Trump, hopes are rising for a potential easing of tensions in the trade war between the world's two largest economies.

Imports of American goods increased 9 percent to $12.6bn, down from 11.1 percent. "I said it's over". "It's had a big impact", Trump said in an interview with Fox & Friends.

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.

The Wall Street Journal, citing officials in both countries, reported that the two leaders will meet at the G20 summit in Argentina late next month.

The Treasury Department's congressionally mandated twice-a-year report assessing whether trade partners are manipulating their currencies is on track for release next week, the people said.

But as U.S. interest rates have risen, the United States dollar has strengthened further, which makes American exports more expensive. The central bank has tightened controls on currency trading to head off further declines. They also expressed concern about use of the technology in weapons.

But new figures suggest that the plan may not be working as the United States trade deficit with China reached a new high of £26billion ($34.1billion).

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

The yuan has lost almost 10 percent of its value against the USA dollar this year.

Mnuchin has said since July that Treasury is concerned about the yuan's recent drop.

China-U.S. relations have also been roiled by Beijing's heated objections to U.S. support for Taiwan, the self-governing island democracy it claims as its own territory, as well as China's claim to virtually the entire South China Sea, where the U.S. says a Chinese destroyer came aggressively close to a U.S. Navy ship late last month, forcing it to maneuver to prevent a collision.



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