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.

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.

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.

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