Trump warns there is 'a lot more' he can do to China

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"Their economy has gone down very substantially and I have a lot more to do if I want to do it".

China's stock market has plunged this year but the trade war has also started to erode Trump's oft-touted United States stock gains, with the Dow Jones Industrial Average down more than five percent for the week. 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 Trump administration has pivoted to a more aggressive stance toward China since the president said last month the country is interfering in US elections.

The US tariffs cover a broad range of Chinese consumer goods, while China's were aimed mainly at American liquefied gas, machinery and electric equipment.

China's record high surplus with the United States could add to tensions in the trade relationship between the world's two largest economies.

"The fundamentals of the US economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

"China-US trade friction has caused trouble and pounded our foreign trade development", customs spokesman Li Kuiwen told reporters Friday.

The new policy goes into immediate effect, and sets guidelines for reviewing all existing and future technology transfers into China, the officials said.

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The Wall Street Journal and the Washington Post have cited officials as saying Trump has chose to proceed with a meeting with Xi.

Commenting on this week's plunge in stock markets, Mnuchin called it a "natural correction", CNBC reported. 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 USA products.

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.

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

He said that in the discussions he had with the Chinese, they had made clear that they didn't see a further weakening of the Chinese yuan as being in their interests.

China's trade surplus with the United States surged to a record high of $34.13 billion in September, compared with $31.05 billion in August, Chinese customs data showed Friday.

Washington announced the nuclear technology controls a day after the U.S. Justice Department said it had arrested and indicted a spy for China's Ministry of State Security on charges of economic espionage.

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

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