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

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

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

"For decades China has maintained a concerted, central government-run strategy to acquire nuclear technology to gain economic advantage", a United States official said on condition of anonymity.

Credit rating agencies are becoming increasingly concerned about the potential impact of the escalating trade war between the United States and China as it looks to be more protracted and deeper than some had hoped.

Fresh concern about a trade war with China and rising interest rates have in part sparked a broad US stock market sell-off, with the S&P 500 on Wednesday falling the most since February.

Mr Trump lashed out as as senior White House figures accused China of trying to destabilise United States democracy and presenting the most serious threat to its security.

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

Last month, Fitch Ratings cut its GDP growth forecast for China by 0.2 per cent to 6.1 per cent next year and cut its global forecast by 0.1 per cent in 2019, saying that the ratings agency does not "expect further policy easing to fully offset the drag from new United States tariffs" on the Chinese economy. 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.

"The way the US 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.

Despite concerns from some officials about the yuan's depreciation, U.S. Treasury staff have not recommended labeling China as a currency manipulator in a coming report on foreign exchange rate practices, according to media reports on Thursday.

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On Thursday, the USA said it would restrict exports of nuclear technology to China given worries it was being diverted to support the military.

Trump should take notice of the statistics, said Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing. That's significantly higher than the $196 billion recorded between January and September previous year.

But the robust numbers reported on Friday by China's customs agency - the last ones from China before U.S. congressional elections on November 6 - could prompt a reaction from U.S. President Donald Trump.

In an interview with Bloomberg News on Thursday, Mnuchin declined to comment on the report. The amount was 10,000 bpd higher than the August import rate and was also the third monthly increase in a row as teapot refiners prepare for winter.

China has gained substantial economic strength, Bolton added, by neglecting worldwide norms they were expected to comply with and has committed frequent violations since joining the World Trade Organization.

The growing trade war prompted the International Monetary Fund on Tuesday to cut its global economic growth forecasts for 2018 and 2019. It also slashed China's growth forecast for next year to 6.2 percent from 6.4 percent. Their economy has gone down very substantially. An official survey also confirmed a further manufacturing weakening. Otherwise, China's export performance as of September is steady, and a bit disappointing in the case of non-Japan Asia.

"He won't be happy with these figures but it proves that tariffs don't help curb exports", he said.

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