Trump’s China tariffs massively backfire as trade deficit smashes record high

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

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

"Their economy has gone down very substantially".

"We need to do work in advance to be sure there are changes and we can have a more balanced trading relationship", the Treasury secretary said.

The US Energy Department said it would make it more hard to ship nuclear technology to China, one of the few growing markets for new plants as the Asian economy tries to meet rising electricity demand through low-carbon sources.

US President Donald Trump has said that his tariff policies have hurt the Chinese economy and that he has "a lot more to do" to the country.

China retaliated last month by putting tariffs ranging from 5 to 10 percent on $60 billion worth of American goods, coming into effect the same day as the American measures.

-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. "I can't say 100 per cent certainty, but there is no question everybody is looking at it".

The direct impact and indirect influence caused by ongoing trade frictions is "controllable", the General Administration of Customs said Friday, according to a report in the state-run China Daily.

China is not backing down as tensions escalate with the U.S., issuing a mock-proposal yesterday that the trade deficit would be easily closed if America sold expensive military equipment to Beijing.

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Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported. The US dollar has strengthened against a range of currencies this year as American interest rates have risen.

Mnuchin met Thursday with Yi Gang, head of China's central bank. In the past, Treasury has placed China on a watch-list but found that Beijing did not meet the threshold to be labeled a currency manipulator.

"I am concerned about the weakness in the currency".

Mnuchin said in the discussions he had with the Chinese they had made clear that they did not see a further weakening of the Chinese yuan as being in their interests.

September marked the second straight record Chinese monthly trade surplus with the United States after August's $31 billion.

President Trump has taken a hard line stance against China, vowing to increase tariffs until a fair trade agreement can be reached. The review was prompted by China's accelerated efforts to acquire US intellectual property to the detriment of USA businesses and military interests, they said.

The currency has slid more than 9 percent against the dollar in the last six months, raising speculation that China has been deliberately weakening its currency as tensions with the USA escalate.

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