US Treasury secretary remains concerned about weak China currency

US Treasury secretary remains concerned about weak China currency

China then hit back with tariffs on about $60 billion of USA imports. Otherwise, China's export performance as of September is steady, and a bit disappointing in the case of non-Japan Asia. -China trade war and remove a source of anxiety for emerging markets.

Beijing's exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive US tariffs of up to 25 per cent. "With stable fuel demand, we have been scooping up crude oil, pushing up premiums of some crude grades", the source said, but some local refiners have begun to worry about where oil prices are headed, expecting slimmer profit margins as a result.

Treasury Secretary Steven Mnuchin said Friday that President Donald Trump respects the independence of the Federal Reserve and the president's recent comments were simply a reflection of the fact that he favors low interest rates.

The jibe hits at a sensitive area for the United States and other Western nations long concerned with protecting intellectual property and preventing improper technology transfer to China lest Beijing gain a competitive advantage.

China will remain on a monitoring list for currency manipulation because of its significant trade surplus with the USA, the people said.

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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 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.

The president and Vice President Mike Pence in recent weeks have also accused Beijing of trying to meddle in November's midterm elections to hurt Trump because he is putting pressure on China over trade.

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The Treasury department's staff findings match broader consensus on the yuan's depreciation.

The IMF has also lowered estimates for the United States and the global economy as a whole.

But the meeting would only happen if there is enough progress in the trade discussions, he said.

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

Treasury Secretary Steve Mnuchin said any trade talks between the USA and China must include discussions about currency issues.

"We are seeing more and more - China included - countries that actually let their currency fluctuate, and that certainly has been the case over the last three years as far as China is concerned", Lagarde said. In April, he tweeted the claim three days after Treasury released a report finding that no major trade partner was gaming its currency.

President Trump has taken a hard line stance against China, vowing to increase tariffs until a fair trade agreement can be reached. "It's semantics until then".

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