Trump warns he could do ‘a lot more’ on China trade

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

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

Mnuchin said he viewed the market turbulence as a "natural correction after the markets were up a lot" rather than a sharp plunge triggered by bad news on the economy.

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 had a constructive discussion around currency", Mnuchin said.

China's trade surplus with the U.S. grew 10 percent in September from a record $31bn in August, according to China's customs administration - a 22 percent jump from the same month previous year.

The US tariffs cover a broad range of Chinese consumer goods, while China's were aimed mainly at American liquefied gas, machinery and electric equipment.

The United States is tightening controls on China's imports of civil nuclear technology to prevent use for military or other unauthorized purposes, the U.S. Department of Energy said on Thursday amid increased trade tensions.

The second round of tariffs that the Trump administration imposed on China came into effect only on September 24, so the increase in exports last month might have been the result of Chinese companies rushing to sell their products before the additional duties were added.

The direct impact and indirect influence caused by ongoing trade frictions is "controllable", the General Administration of Customs said Friday, according to a report in the state-run China Daily. "I said it's over".

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The Wall Street Journal and the Washington Post both cited officials saying Trump has chose to proceed with the meeting with Xi. The US dollar has strengthened against a range of currencies this year as American interest rates have risen. "Markets tend to go too far in both directions and they have natural corrections".

Mnuchin met Thursday with Yi Gang, head of China's central bank.

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. She pointed to the dollar's strength as the main culprit for the weaker Chinese currency. "And, obviously, that would be very costly for them to do".

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

China's surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose 13 per cent from a year earlier to $46.7 billion, down slightly from August's 13.4 per cent growth.

"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.

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

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