US, China trade war might end soon, Asia expert says

The yuan has fallen more than 9% against the dollar in the past six months

China's trade surplus with the United States widened to a record $34.1 billion in September as exports to the US market rose by 13 percent over a year earlier despite a worsening tariff war.

58 Years of What? He has imposed tariffs on an estimated half of all Chinese goods imported to the U.S., worth some 250 million dollars.

But he said re-launching trade talks would require China to commit to taking action on structural reforms to its economy.

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

The company was indicted a year ago along with a naturalized USA citizen on charges of conspiring to develop sensitive nuclear material with United States know-how without going through the required approval process.

The tariffs are set to rise to 25 percent in January if the trade dispute is not resolved by then, and Trump has vowed to impose tariffs on the remaining $267 billion worth of Chinese imports.

China's overall trade - what it buys and sells with all countries including the United States - logged a $31.7 billion surplus, as exports rose faster than imports.

Imports of American goods increased 9 percent to $12.6bn, down from 11.1 percent.

Trump told Fox News on Thursday that previous U.S. administrations had allowed China to pursue unfair trade for too long and that it was time for him to stop it.

However, he declined to comment on whether the US Treasury would declare Beijing a "currency manipulator" in a report due out next week.

US laws mandating the report require the Treasury to enter special negotiations with an offending country to correct their practices, a process that could eventually lead to trade sanctions.

"We expect both to soften in the coming quarters", he said.

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.

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.

"They want to negotiate, they want to negotiate badly, but I told them, 'You're not ready yet".

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

In Bali, Indonesia, where he's attending global finance meetings, Treasury Secretary Steven Mnuchin said, "We are having discussions about a potential meeting".

China has steadfastly denied that it has manipulated the yuan to cope with the tariffs.

Washington has long argued that China keeps its currency artificially low to make its exports more competitive but in recent years the yuan or renminbi (RMB) has strengthened and is viewed by economists as more in line with fundamentals.

Related News:

  • 'Changed Forever': Florida Panhandle devastated by Michael

    'Changed Forever': Florida Panhandle devastated by Michael

    Emergency officials in SC are reporting no injuries or deaths so far as Tropical Storm Michael moves across the state. Patients were evacuated from damaged hospitals and nursing homes in Panama City, a town with a population of 35,000.
    Usain Bolt scores two goals in trial game for Central Coast Mariners

    Usain Bolt scores two goals in trial game for Central Coast Mariners

    Playing in a central striking role, Bolt struggled for touch early in the match but flourished after halftime. And it wasn't long before McCormack - who's on loan Down Under from Aston Villa - to open the scoring.
    DUP threatens 'serious action' over Brexit

    DUP threatens 'serious action' over Brexit

    The de-facto Deputy Prime Minister was pressed on the DUP's support when he appeared on ITV's Peston on Wednesday night. Negotiators in Brussels remain tight-lipped, but it sounds like a deal on the withdrawal agreement is close.
  • Creative genius Kanye West's iPhone passcode is 000000

    Creative genius Kanye West's iPhone passcode is 000000

    The two men were getting ready for lunch with National Football League great Jim Brown , Ivanka Trump , and Jared Kushner . West said he made the hat in his speech, and photos from the Trump meeting show him wearing the revised hat and grinning.
    International Monetary Fund  cuts global growth forecasts

    International Monetary Fund cuts global growth forecasts

    China was the fastest growing economy in 2017 as it was ahead of India by 0.2 percentage points. It is the first time the fund has cut its forecast in more than two years.
    Fox hires ex-Trump aide Hope Hicks

    Fox hires ex-Trump aide Hope Hicks

    This summer he named former Fox News co-president Bill Shine as assistant and deputy chief of staff for communications. She was considered one of Trump's most trusted advisers during a chaotic first year for the president.
  • Yet another royal wedding: 5 memorable moments from Princess Eugenie’s big day

    Yet another royal wedding: 5 memorable moments from Princess Eugenie’s big day

    The stunning royal looked radiant in her elegant gown by Peter Pilotto as she emerged from St George's Chapel after the ceremony. The one notable absence will be the Duchess of Cornwall, who is attending a longstanding engagement at a Scottish school.
    Melania Trump Claims Donald Trump Cheating Rumors Are Just Gossip

    Melania Trump Claims Donald Trump Cheating Rumors Are Just Gossip

    Melania Trump was in the country to promote her Be Best initiative, which specifically addresses online bullying. I know", she adds, pointedly. "It's not always correct stuff", she added in the clip released Friday.
    Keep Jimmy Butler away from the Lakers

    Keep Jimmy Butler away from the Lakers

    With Taylor upfront about his desire to make a quick deal for Butler , one meeting attendee said, "The owner's trading him". The team hasn't followed through yet, but may feel the heat to get something done with more practices like this one.
  • ‘More awareness needed on mental health’

    ‘More awareness needed on mental health’

    That is why we are making education about mental health and resilience a mandatory part of the national curriculum. Youth are also affected: one in five aged 13-18 experience a severe mental disorder.
    JU closes due to Hurricane Michael

    JU closes due to Hurricane Michael

    Forecasters said Michael could be near a very unsafe Category 4 by landfall, with further strengthening expected overnibght. Kieserman told reporters that he wouldn't be surprised more than 20,000 people were in shelters by Thursday or Friday.
    First Image of Ruby Rose as Batwoman Reveals a New Caped Crusader

    First Image of Ruby Rose as Batwoman Reveals a New Caped Crusader

    The annual Arrow-verse crossover will begin production Tuesday in Vancouver, B.C., according to Entertainment Tonight. The Arrowverse three-way crossover begins Sunday, Dec. 8 at 8/7c on The CW . "I didn't change.


Most liked

Man Utd boss Mourinho actively consider re-signing Ibrahimovic
And according to a report from Mundo Deportivo , there's a very good reason why nothing likely will. I think they've got the right man who can handle that sort of situation".

Death toll from Hurricane Michael reaches 6
As of Thursday morning, the storm was centered about 40 miles west-northwest of Columbia, South Carolina, and is headed northeast. A Panhandle man was killed by a tree that toppled on a home, Gadsden County Sheriff's Office spokeswoman Anglie Hightower said.

This Bollywood actor cancelled ‘Housefull 4’ shooting amid Sexual harassment allegations
Then I realised, why should I let go of an opportunity because a man can't keep his d**k in his trousers . The filmmaker has denied the allegations, called them "a fashion to malign anyone".

Astronauts safe after failed rocket launch, emergency bail-out
Officials are also investigating the odd hole recently found in a Soyuz spacecraft aboard the International Space Station . He didn't say if he suspected any of the current crew of three Americans, two Russians and a German aboard the station.

Turkish prosecutor seeks 10-year jail term for U.S. pastor
He is one of thousands caught up in a Turkish government crackdown following a failed 2016 coup against the Turkish government. He was transferred to house arrest in July because of poor health, but US officials had expected him to be freed at that time.

How Jurgen Klopp addressed his Liverpool players for the first time
After starting the season with seven straight victories, Liverpool have now failed to win any of their past four matches. However, Guardiola admitted his plan for a slower tempo to stop Liverpool springing onto the counter-attack had worked.

Selena Gomez receiving mental health treatment after ’emotional breakdown’
Representatives for the singer/actress/model have yet to confirm, but Gomez has been on a social media hiatus for several weeks. The source added that, in the past, it was hard for Gomez to put her career obligations on hold in order to look after herself.

Devastation in Florida, flooding elsewhere — WHAT'S HAPPENING
The major storm will also make some locations in the Florida Panhandle and close-by areas uninhabitable for weeks or months. The hurricane damaged hospitals and nursing homes in Panama City, and officials worked to evacuate hundreds of patients.

Turkey Claims Saudis Killed, Chopped Up Journalist — NY Times
On his first global trip as president, Trump visited Saudi Arabia and announced $110 billion in proposed arms sales. Mr Khashoggi was visiting the consulate to finalise his divorce so he could marry his fiancée, Hatice Cengiz.

Google to bring Pixel 3 smartphones to Singapore in November
David Ruddock, the managing editor of Android Police, recently tweeted and insisted Google has a Pixel Slate tablet in the works. Google declined to address that further Tuesday, though executives emphasized privacy and security throughout the event in NY .

Samsung plans to bring 4 cameras to its Galaxy A9 Star Pro
Dubbed as the Samsung Galaxy A9 , it comes with a four-lens rear camera setup which offers a total of 47MP. The 128GB of storage is impressive, with the microSD card slot able to tack on up to an additional 512GB.

UPMC confirms 3 suspected cases of rare disease that paralyzes children
In Washington state, the Department of Health is investigating at least five cases this year that have sent kids to the hospital. " UPMC Children's Hospital of Pittsburgh is taking care of three children with suspected Acute Flaccid Myelitis ".

Ronaldinho endorses far-right Brazilian presidential candidate
The last indigenous person elected was Mario Juruna, who won a seat in 1982 from Rio de Janeiro to much fanfare. Bolsonaro's rightist critique of Brazilian society is far more scathing.

Paul Pogba reveals he never wanted to be a captain
As a leader you can talk on the pitch, but I have seen leaders who do not necessarily speak. "The armband has never been a goal". Yes, I think there are things that should not be done from the players' side and from the manager and above.

Google Unveils Pixel 3 Phones, Pixel Slate, and Home Hub
Google says the Pixel Visual Core chipset that handles imaging is back but we are not sure if this is the same or an upgraded one. Google launched its line of high-end phones two years ago to better compete against Apple, Samsung and other device makers.