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

US Secretary of the Treasury Steven Mnuchin said there were several factors behind the recent fall in the Chinese yuan or renminbi, including economic issues in China

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.

-China trade dispute. Pillsbury said this meeting presents a chance to squash the tit-for-tat tariff fight that the world's two biggest economies have been engaged in since July.

58 Years of What?

When Mr Trump then extended those tariffs to a further $200 billion of goods in September, Beijing promptly hit back with tariffs on a further $60 billion of United States goods.

China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted United States stock gains, with the Dow Jones Industrial Average down more than five percent for the week.

On Wall Street, the Dow Jones Industrial Average jumped 305 points, or 1.2 per cent, in late-morning trading, and the Nasdaq composite surged 138 points, or 1.9 per cent.

Meanwhile, China is ramping up exports before the Trump administration's tariffs take full effect.

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".

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Yi told an investment audience on Thursday that China's monetary policy was on an opposite cycle to that of the Federal Reserve, which has been raising rates amid a strong economy, people who attended the closed-door session said.

Mnuchin would not say what the report would reveal, but in the past Treasury has placed China on a watch-list but said it did not meet the requirements to be labeled a currency manipulator.

Mnuchin said he expressed his concerns over the weakness of Asian nation's currency and reiterated the US push for market reforms as well as opening up trade between the two countries.

Although economists expect the American tariffs to eventually have an impact, the trade statistics reinforce the widely-held notion here that there will be no quick end to the trade war between Washington and Beijing. That prompted Mr Trump to threaten to extend the tariffs to nearly all China's $500 billion of exports.

"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. "I don't want to do it but they have to come to the table".

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

US Treasury Secretary Steven Mnuchin - in comments published in the Financial Times this week - warned China against engaging in competitive currency devaluations.

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