China defies Trump tariffs, trade surplus soars


"Their economy has gone down very substantially". Evans said he wasn't aware of "anything happening in the last couple of weeks that alter my basic take that financial stability conditions are reasonably moderate, and that we're in reasonable shape at the moment".

The Chinese currency has been falling in value against the dollar in recent months, raising concerns that China is devaluing its currency as a way to make Chinese goods more competitive against US products.

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.

Wray said that China was trying "to get secret information about our trade, our ideas, and innovations" using "an expanding set of unconventional methods each time to achieve their goals" and warned that economic espionage from China would affect companies in all sectors of the U.S. economy.

An opportunity for talks between Trump and Chinese President Xi Jinping could come during the Group of 20 leaders' summit in Buenos Aires in late November, the Wall Street Journal reported.

"They lived too well for too long", Trump said of the Chinese during his Fox News interview. The Chinese currency has been falling in value against the dollar in recent months, raising concerns that Beijing is devaluing its currency to make Chinese goods more competitive against US products. "Markets tend to go too far in both directions and they have natural corrections". The central bank has tightened controls on currency trading to head off further declines.

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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.

"I expressed my concerns about the weakness of the currency".

Treasury issues a currency report twice a year to Congress to identify countries that are trying to artificially manage the value of their currency to gain a trade advantage.

"Until they allow their currency to float freely, they are guilty", said Dan DiMicco, a former chief executive officer for the steelmaker Nucor Corp. who was an adviser to Trump's campaign and presidential transition and now sits on an advisory committee for U.S. Trade Representative Robert Lighthizer.

But new figures suggest that the plan may not be working as the USA trade deficit with China reached a new high of £26billion ($34.1billion).

"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.