China says in 'communication' amid report of Trump-Xi meet

Dwayne Harmon
October 13, 2018

"The United States can not ignore the national security implications of China's efforts to obtain nuclear technology outside of established processes of US-China civil nuclear cooperation", Energy Secretary Rick Perry said in a statement. "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.

One of the goals of the President's trade war was to sell more US-made products to China than Chinese companies export to America.

Ryan Hass, a China expert at the Brookings Institution, said: "President Trump is on track this year to preside over the new record for the largest trade deficit in the history of US-China relations, beating the record that was set under his watch last year".

The reported meeting would take place during the G-20 summit in Argentina in late November.

"The big picture is the Chinese exports have so far held up well in the face of escalating trade tensions and cooling global growth, most likely thanks to the competitiveness boost provided by a weaker renminbi (yuan)", said Julian Evans-Pritchard, China economist at Capital Economics.

Mnuchin suggested that the two leaders could meet next month if the Trump administration felt trade discussions were moving in a positive direction.

The Wall Street Journal and the Washington Post have cited officials as saying Trump has chose to proceed with a meeting with Xi. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

In an interview with Bloomberg News on Thursday, Mnuchin declined to comment on the report.

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Mnuchin met Thursday with Yi Gang, head of China's central bank.

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.

A cargo ship is seen at a port in Qingdao in China's eastern Shandong province on Friday.

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

"That would be very costly for them", Mnuchin 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.

"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.

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