Tuesday, 20 November, 2018

Mnuchin says Trump respects the independence of the Fed

The yuan has fallen more than 9% against the dollar in the past six months Trump warns there is 'a lot more' he can do to China
| 13 October, 2018, 05:26

But global trade would continue to face challenges as the U.S.

"The fundamentals of the USA economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

China's trade surplus with the United States hit a record $34.1 billion last month, according to official figures released in Beijing on Friday, news that is likely to further inflame the trade dispute with the United States.

Japan's Nikkei 225 index gained 0.5 percent to 22,694.66 after sinking early in the day and following a almost 4 percent loss on Thursday.

Overall, China's global exports rose 14.5 percent over a year earlier, up from August's 12.2 percent growth.

"With global growth likely to cool further in the coming quarters and United States tariffs set to become more punishing, the recent resilience of exports is unlikely to be sustained", he said.

Kudlow said that so far, the administration viewed China's negotiating offers as "rather unsatisfactory" but that "maybe talks between the two heads of state will bear fruit".

Trump began imposing tariffs on hundreds of billions of dollars worth of Chinese imports in January 2018, with Beijing retaliating by slapping tariffs on U.S. goods in response.


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

China's record high surplus with the U.S. could add to tensions in the trade relationship between the world's two largest economies.

"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday. That prompted suggestions Beijing might weaken the exchange rate to help exporters.

The United States said Thursday, October 11, that it will increasingly restrict civilian nuclear exports to China as President Donald Trump vowed a hard line on trade, bluntly warning not to think Americans are "stupid". The US dollar has strengthened against a range of currencies this year as American interest rates have risen.

Washington, Europe and other trading partners complain those violate Beijing's free-trade commitments and US officials worry they might erode American industrial leadership. "Their economy has gone down very substantially and I have a lot more to do if I want to do it".

"It's obvious that the immediate effects of the trade war are the exact opposite of what the Trump administration had been planning", Andrew Polk of Beijing-based research firm Trivium China tells the Post.

Trump has made similar accusations, although security experts say they didn't know of any Chinese influence operations comparable to Russian activities during the 2016 presidential election.

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