China's trade surplus with the U.S. hit record highs in September

Anna Jefferson
October 13, 2018

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of U.S". A 2017 Commerce Department report ranked China as the second largest market for U.S. nuclear exporters, second only to Britain. Mnuchin could issue a different finding.

President Donald Trump regularly cites the United States' massive trade deficit with China as a primary justification for his decision to implement tariffs. Chinese operative Xu Yanjun also attempted to steal trade secrets from US aviation and aerospace companies, the department said. A draft report ratchets up criticism of Beijing for failing to rectify its trade imbalance, and also singles out several other countries for eroding the U.S.'s competitive edge, the people said. "We expect both to soften in the coming quarters".

The onshore yuan weakened 0.51 percent to 6.9240 a dollar as of 4:52 p.m.in Beijing, erasing the gains on Thursday. China's central bank cut its daily reference rate for a ninth day to 6.9120.

A Xi-Trump meeting, if it happens, would take place during a summit of leaders of the Group of 20 biggest global economies in Argentina in late November.

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"And, obviously, that would be very costly for them to do".

"The way the USA has structured the tariffs encourages frontloading because firms that know they're going to hit with tariffs would rather pay 10 percent than 25 percent", 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.

The U.S. equities turbulence roiled through Asian markets early on Thursday, with the benchmarks from Tokyo to Hong Kong seeing declines in excess of 3 percent. The last country declared a manipulator was China, in 1994.

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The IMF has also lowered estimates for the United States and the global economy as a whole. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

Should Mnuchin choose to follow his staff's advice about the yuan, he may face push-back within the White House. In April, he tweeted the claim three days after Treasury released a report finding that no major trade partner was gaming its currency.

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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